An Analytical Study on Industry Perceptions on Ecrm

Abstract

Electronic Customer Relationship Management (ECRM), a strategy that leverages very advanced technologies, is the way to cut through the 21st century business chase. We experience ECRM ourselves every day. Dining at a favorite restaurant or taking our car in for a service is an interaction with a business that leaves us with experience. Long-term relationships with customers are more important than short-term relationships. Long-term relationships, which rely on commitment and trust, lead to longer streams of revenue. Short-term customer acquisition programs, where the customers come and go, are normally more expensive to maintain. ECRM strives to identify customers that provide the greatest return to the company, and to optimize relationships with those customers. Truly loyal customers form a market share base that is unassailable to the competition.