How to date your clients in the 21st century: Challenges in managing customer relationships in today's world |
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Institution: | 1. EM-Normandie, 30 rue de Richelieu, 76600 Le Havre, France;2. Corvinus University of Budapest, F?vám tér 8, 1093 Budapest, Hungary;3. Budapest University of Technology and Economics, Magyar tudósok körútja 2., 1117 Budapest, Hungary |
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Abstract: | Since its first entry into the literature discussion in the 1980s, customer relationship management (CRM) has found its way into nearly every company. Concepts like personalization, loyalty programs, and customer valuation are used regularly to interact with and prioritize customers. Unsurprisingly, this more widespread use has changed our understanding of CRM substantially and as a consequence, the field has seen a remarkable transformation in the past 3 decades. Yet, the CRM strategies implemented by many firms today are frequently still fundamentally based on an understanding of CRM from the early days. The purpose of this article is to outline the origins of CRM and to present the main wisdoms that firms believed to be true about customers 3 decades ago. I then discuss the key insights that academics and managers have obtained in recent years that increasingly challenge those wisdoms. The article ends with an outlook of CRM in years to come and presents some of the major challenges practitioners and researchers will have to deal with in the near future. |
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Keywords: | Marketing Customer relationship management Social influence Social media Big data |
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