Recently, along with the heightened interest in the lifetime value of customers, and advanced technological infrastructure to initiate new management methods, CRM(Customer Relationship Management) is emerging as the current industry buzzword for companies around the world.
With many books and mass media promoting various case examples of CRM at its finest, many industry players are installing CRM in their businesses. Nevertheless, statistics show that most businesses have failed in reaping the expected benefits.
The paper will shed light on the critical success and failure factors in deploying the new CRM paradigm. We will first survey a project group in a Korean Telecommunication company in charge of implementing CRM on what they think are the critical success and failure factors in delivering the expected results. Then, based on the survey I will propose a successful Go-to-Market CRM strategy, which will help attain the promised benefits.
A successful Go-to-Market CRM strategy requires an alignment of the strategy and the entire organization. Therefore, commitment and investment is required from top management and strong measures are called for to avoid focus only on IT or marketing department. Moreover, by incorporating companies' existing applications with the CRM application, it is critical that enterprise build an integrated technology environment that pushes critical customer information to all points in the organization that need it. Secondly, CRM is a customer centric strategy for which the purpose is to deliver substantial value to the customers. In order to deliver the benefit, understanding, acquiring and maintaining valuable and appropriate customer data is vital. To top it all, in order to successfully deploy CRM, post measurement and evaluation of the strategy is imperative. The results should reflect upon future practices of CRM to modify and improve the process.
The thesis aimed to organize and analyze the critical success and failure factors in implementing CRM based upon a preliminary investigation of internal success and failure factors in a real life Korean Telecommunications company case. To conclude, based upon the research, preliminary analysis of the project reckoned to be a critical and helpful procedure to successfully realize the project.
