The Dual Creation of Value: Customer Relationship Management & Performance; A Key Factor for the Long-term Success of the Firm

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1 International Journal of Management, MIT College of Management, Vol. 3, No. 1, January 2015, pp The Dual Creation of Value: Customer Relationship Management & Performance; A Key Factor for the Long-term Success of the Firm Suvijna Awasthi 1, Deepali Gupta 2, Aradhana Bhopte 3, Anjali Bharti 4 ABSTRACT The association of customer relationship management and cost provides more differential advantage in large firm. This paper examines the technological, innovation, satisfaction, needs, resource, communication, feedback and other services factors of customer relationship management on the performance and retaining most valuable customers in long run. The researcher finds out the relationship of Customer Relationship Management on firm performance. The study shows that there is a strong relationship between CRM and performance. The purpose of present study is to find out the dual creation of value i.e. Profitability and Creation of customer as a competitive advantage to large firm in long run. Keywords: Customer relationship management, firm performance. Introduction The customer-oriented culture aim to initiate the need and create the awareness of CRM Relationship management is a customeroriented feature with service response based on customer input, one-to-one solutions to customers requirements, direct online communications with customer and customer service centers that help customers solve their questions. Today consumer market establishes a cordial relationship with the customer. IT investment arises from a narrow concentration on IT alone, the most successful programs combining technology with the effective organization of people and their skills. It follows with the greater the knowledge about how firms successfully build and combine their technological and organizational capabilities, and how CRM influences performance. Gulati and Oldroyd (2005), observe that the implementation or CRM systems must serve the purpose of getting closer to customers, and that in order to succeed the company as a whole has to engage in a learning journey learning about the customer and about the business and how its way of doing business can be improved. Customer relationship management (CRM) is a system for managing a company s interactions with current and future customers. It involves using technology to organize, automate and synchronize sales, marketing, customer service, and technical support; a computerized system for identifying, targeting, acquiring, and retaining the best mix of customers. Strong relationships are associated with customer loyalty and/or switching costs, which create barriers to competition. Setting customer objectives aim is for achieving customer satisfaction, customer loyalty, and customer value. Thus relationships provide a differential advantage by making resources directed to customers more efficient. For example, loyal customers are more responsive to marketing actions and cross-selling. Goldenberg, (2000), explored that CRM is not merely technology applications for marketing, sales and service, but rather, when fully and successfully implemented, a cross-functional, customer-driven, technology-integrated business process management that maximizes relationships and encompasses the entire organization. Customer relationship management helps in profiling prospects, understanding their needs, and in building relationships with them by providing the most suitable products and enhanced 1. Head of Department, School of Studies in Management, Jiwaji University, City Centre, Gwalior. 2. Faculty, School of Studies in Management, Jiwaji University, City Centre, Gwalior. 3. Faculty, School of Studies in Management, Jiwaji University, City Centre, Gwalior. 4. School of Studies in Management, Jiwaji University, City Centre, Gwalior.

2 International Journal of Management, MIT College of Management, Vol. 3, No. 1, January 2015, pp customer service. It integrates back and front office systems to create a database of customer contacts, purchases, and technical support, among other things. Berry 1(983), lays the foundation for the development of CRM is generally considered to be relationship marketing, defined as marketing activities that attract, maintain and enhance customer relationships. CRM systems are customer relationship management platforms; a platform for progressing the payments and other related query management. It creates the awareness of CRM and the importance of the main principles and values of CRM. An effective relationship building can be done only by delivering quality service to the customers. There are many dimensions of the service quality which would help in building relationship with the customer alike Assurance in delivery, Reliability in performance, Tangibles associated with the service, Empathy Responsiveness of the consumers. Bohling (2006) finds that Customer relationship management (CRM) is increasingly important to firms as they seek to improve their profits through longer-term relationships with customers. In recent years, many have invested heavily in information technology (IT) assets to better manage their interactions with customers before, during and after purchase. CRM software comes with many features and tools, (ex. Outlook, Gmail, I-Call etc.) and despite the fact that many of CRM products offer similar feature sets, there are some unique tools in each one. Jayachandran (2005), find the interaction effect showing that customer relationship performance for a diverse sample of businesses is enhanced by organizational information processes when a high level of technology is used. In other words, technology use for customer relationship management by moderating the influence of organizational information processes on customer relationship performance performs a supportive role only. Business world is fast-paced, managers need to be able to access customer s information quickly like Sales and marketing tools designed to help and maintain current clients and gain new ones. These tools help find campaigns with positive ROI and those that are not performed. Ease of use is about app s design; how well it integrates with other applications and how accessible information is. Newbert (2007), indentify the CRM capability is potentially a source of competitive advantage it takes time and effort to develop, it is rare and difficult to imitate, and is causally ambiguous. This is the essence of the resource-based view of the firm. With the development of customer strategy in which the target market is identified, differentiated strategies can be developed to deal with customers segments based on their profitability. The importance of the principles, values and the execution of CRM programs are brought, in which the focus on carrying out differentiated strategies for each customer segments. Feedback is one of the effectiveness steps to the development of customer strategy. Based on this feedback it could be a need to change the target market, the customer segmentation, or the differentiation strategies. Anton (1996), explored that CRM as an integrated approach to managing customer relationships with re-engineering of customer value through better service recovery and competitive positioning of the offer. Vargo and Lusch, (2004), explored that CRM principles and systems help organizations to focus on the dual creation of value: the creation of value for shareholders (via long-term firm profitability) and the creation of value or utility for customers. The firm is comfortable with long-term business results. It s careful not to allow the push for quarterly results to overshadow its business investment rationale or its internal operations. As the CRM initiative the firm is obsessed with delivering value to customers. The objective of this paper is to elevating the customer experience, improving customer satisfaction, and paying close attention to customer feedback and attitudes moves forward, reporting capabilities and a vehicle to communicate successes which are crucial for building and sustaining momentum. It is also likely to seek out customer insight through its qualityimprovement initiative with long-term business results. RESEARCH METHODOLOGY The study was exploratory in nature with survey method was used. Population sample include 100 respondent of Gwalior Region; Individual respondents of service industry were taken as the sample. Non Probability quota, sampling technique was used. 20 Standard questionnaires were used for customer relationship Management and 5 standard questionnaire were used to evaluate the performance for long term success. Reliability, Item to total correlation, Linear Regression tools was applied to find the relationship/effect of customer relationship management on the long term performance. REVIEW OF LITERATURE Amit and Schoemaker (1993), the researcher defines such second-order or meta-capabilities as the firm s overall ability to combine efficiently a number of resources that engage in productive activity. In other words, the lower-order capabilities such as IT, HA and BA are necessary, but not sufficient, to improve firm performance relative to competitors. Berger and Nasr, (1998), the researcher finds that marketers were quick to recognize that the value of the customer asset (i.e., the value a customer or potential customer provides to a company) is the sum of the discounted net contribution margins of the customer over time that is, the revenue provided to the company less the company s cost associated with maintaining a relationship with the customer. Blattberg and Deighton (1996), the researcher has explored that this perspective naturally evolved and expanded to consider the management of customer equity or the value of the customer base. Initially, researchers were primarily concerned with the allocation of resources between customer acquisition and retention. Boulding et al., (2005), the researcher finds that Customers are likely to be willing to reveal private information if they derive fair value from exchanges with the firm. However, firms may behave opportunistically (extracting all economic surplus),

3 International Journal of Management, MIT College of Management, Vol. 3, No. 1, January 2015, pp creating mistrust among customers, so that they act strategically when they provide information or participate in transactions with the firm. Day (2000), the researcher finds that CRM systems software that integrates relevant customer information (sales, marketing, etc.) with product and service information and CRM processes, for example, the cross-functional steps required to ensure customer retention and effectiveness of marketing initiative, such as a continuing dialogue with customers across all contact points and personalized treatment. Eckerson and Watson (2000), the researcher finds that using technology to optimize interactions with customers, companies can create a 360 degree view of customers to learn from past interactions to optimize future ones. Gulati and Garino (2000), the researcher finds that CRM offers customization, simplicity, and convenience for completing transactions, regardless of the channel used for interaction. Hackney (2000), the researcher finds that although CRM software vendors may entice organizations with promises of all-powerful applications, to date there is no 100 percent solution. Kumar & Reinartz (2003), the researcher compare traditional models that consider frequency, timing, and monetary value with models that show how managerial decision variables influence the profitability of customers over time and show that the latter are superior.nevertheless, most applications (to date) have relied on estimates of current customer profitability, rather than the customer profitability. Lehmann (2004), the researcher finds that the challenges of applying CRM principles were exacerbated as managers and researchers turned their attention to metrics or the measurement of the impact of marketing on business performance. Mithas, Krishnan et. al. (2005), the researcher studies the effect of CRM applications on customers and find out that the use of CRM systems positively impacts customer satisfaction, both directly and through improved customer knowledge. Despite this fact and the common belief that more and better customer knowledge can only benefit a firm and its customers. Mittal and Kamakura (2001), the researcher discuss the nature of the relationship (or fit) of the customer and the brand, finding that customers with different characteristics have different satisfaction thresholds, and, therefore, different probabilities of repurchase. Peppers & Rogers (1999), the researcher finds CRM is simply a technology solution that extends separate databases and sales force automation tools to bridge sales and marketing functions in order to improve targeting efforts. Other organizations consider CRM as a tool specifically designed for one-to-one. Reichheld (1996), Jackson (1994) & Levine (1993), the researchers has explored that CRM initiatives have resulted in increased competitiveness for many companies as witnessed by higher revenues and lower operational costs. Managing customer relationships effectively and efficiently boosts customer satisfaction and retention rates. Reinartz et al. (2004), the researcher has explored that consequently banks need to allocate their resources efficiently to maximize the profitability of customer relationships. In short the customer relationship profitability distribution must be worthwhile and considerable. A common finding suggests that businesses tend to overspend on customers that generate marginal profitability while the more profitable customers are not given ample attention. Rigby, Reichheld et.al. (2002), the researcher finds identified four situations that independently and together result in failed CRM systems: (1) implementing CRM without having in place a clear customer strategy, (2) assuming that CRM has to match organizations current practices, and not enhance them, (3) assuming that CRM technology and not CRM strategy matters, and (4) using CRM to stalk, not to woo customers. Srivastava, Shervani, and Fahey (1998), the researcher has explored that how market-based assets, such as customer or partner relationships, can increase shareholder value by accelerating and enhancing cash flows, lowering the volatility and vulnerability of cash flows, and increasing the residual value of cash flows. Their framework links customer relationship management with business performance metrics. Verhoef (2003), the researcher finds that these objectives are congruent because relationships represent market-based assets that a firm continuously invests in, in order to be viable in the marketplace. RESULTS & FINDINGS Reliability RELIABILITY ANALYSIS SCALE (ALPHA) N of Statistics for Mean Variance Std Dev Variables SCALE Item-total Statistics Scale Scale Corrected Mean Variance Item- Alpha if Item if Item Total if Item Deleted Deleted Correlation Deleted VAR VAR VAR VAR VAR

4 International Journal of Management, MIT College of Management, Vol. 3, No. 1, January 2015, pp VAR VAR VAR VAR VAR Increased productivity & return Cost effectiveness & efficiency Firm performance & reward Market share Retaining of customers VAR VAR VAR VAR VAR Reliability Coefficients N of Cases = N of Items = 5 Alpha =.7150 RELIABILITY ANALYSIS SCALE (ALPHA) N of Statistics for Mean Variance Std Dev Variables SCALE Item-total Statistics Scale Scale Corrected Mean Variance Item- Alpha if Item if Item Total if Item Deleted Deleted Correlation Deleted VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR Regression VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR VAR Model Summaryb b Information technology Comprehensive database Relationship of buyer & seller Great care Customer satisfaction surveys Technical suport Customer knowledge Responsive manner Customized service Knowledge learning Sales & marketing Customer expectation Customer needs Cooperation between teams Time & resources Communication Employee performance & reward Customer feedback Organization structure Innovation Reliability Coefficients N of Cases = N of Items = 20 Alpha =.8756 INTERPRETATION It is being considered that reliability should be more than 0.7 as we can see that the reliability through cronbach alpha test is more than the standard value, hence questionnaire is highly reliable. Item item correlation was identified between each item and a scale score that excludes that item ranges from i.e (85%- 95%), hence items is having good correlation with other items & the no questionnaire were dropped from further studies. Change Statistics Model R R Square Adjusted R Square Std. Error of the Estimate R Square Change F Change df1 df2 Sig. F Change Durbin-W atson 1.821a a. Predictors: (Constant), CRM b. Dependent variable: FP

5 International Journal of Management, MIT College of Management, Vol. 3, No. 1, January 2015, pp Model 1 Regression Residual Total a. Predictors: (Constant), CRM b. Dependent Variable: FP Model 1 (Constant) CRM a. Dependent variable: FP b. Dependent Variable: FP Sum of Squares Anova b df Mean Square F Sig a Coefficients a a Unstandardized Standardized Coefficients Coefficients Collinearity Statistics B Std. Error Beta t Sig. Tolerance vif ANOVA indicates the value of F ( ) is significant at.000% level of significance and the F value is significant at 5% level of significance (t= , significant at.000%). The beta value (.821) indicates significant relationship between customer relationship management and performance. Results of the regression clearly show that the factors of CRM affect the performance. This implies that CRM has a positive relationship with long term success. It has significant impact on profitability and thus helps much in predicting future growth. 3. The industry should be flexible to bend its rules & procedures in the clients favour. 4. The industry can communicate and develop stronger customer bonding social and financial benefits. CONCLUSION Customer Relationship Management is a very good tool which has brought lot of success for many firms; it helps the firm to build a very good relation with the customers but also helps the firm to treat different customers differently. The paper finds out the various factor of Customer Relationship Management which affects the firm performance in long-run. CRM focuses on technology, innovation, satisfaction, communication, feedback and other services and performance focus on retaining most valuable customers. The results show that there is a strong relationship between CRM and performance. Thus, a proper usage of CRM not only increases the market share of the firm but for the firms, it is easier to keep the existing customers than to search for new customers. REFERENCES SUGGESTIONS 1. There should be more and more emphasis given by the company for satisfying the customer up to an apex limit and by providing the utility. 2. There should be more use of information technology. Amit, R. and Shoemaker, P.J.H. (1993). Strategic Assets and Organizational Rent. Strategic Management Journal (14:1): Anton, J. (1996). Customer Relationship Management: Making Hard Decision with Numbers, Prentice-Hall, Englewood Cliffs, NJ. Berger, Paul D. and Nada I. Nasr (1998). Customer Lifetime Value: Marketing Models and Applications. Journal of Interactive Marketing, 12 (1), Berry, Leonard L. (1983). Relationship Marketing. In Emerging Perspectives on Services Marketing, ed. Leonard L. Berry, G. Lynn Shostack, and Gregory Upah, Chicago: American Marketing Association : 25 28

6 International Journal of Management, MIT College of Management, Vol. 3, No. 1, January 2015, pp Blattberg, Robert C., and John Deighton (1996). Manage Marketing by the Customer Equity Test. Harvard Business Review, 74 (4): Bohling, T., Bowman, D., LaValle, S., Mittal, V., Narayandas, D., Ramani, G. and Varadarajan, R. (2006). CRM Implementation: Effectiveness Issues and Insights. Journal of Services Research (9:2): Boulding, William, Richard Staelin, Michael Ehret, and Wesley J. Johnston. (2005). A CRM Roadmap: What We Know, Potential Pitfalls, and Where to Go. Journal of Marketing, 69 (4): Day, George S. (2000). Capabilities for Forging Customer Relationships. Cambridge, MA: Marketing Science Institute. Eckerson, W. and Watson, H. (2000). Harnessing Customer Information for Strategic Advantage: Technical Challenges and Business Solutions, special report, The Data Warehousing Institute, Chatsworth, CA. Goldenberg, B. (2000). What is CRM? What is an e-customer? Why you need them now. Proceedings of DCI Customer Relationship Management Conference, Boston, MA, Gulati, R. and Garino, J. (2000). Get the right mix of bricks & clicks. Harvard Business Review, Vol. 78(3): Gulati, Ranjay, and James B. Oldroyd. (2005). The Quest for Customer Focus. Harvard Business Review, 83 (April): Hackney, D. (2000). Business intelligence technology and tools for CRM. Proceedings of DCI Customer Relationship Management Conference, Boston, MA, June. Jackson, D. Jr (1994). Relationship selling: the personalization of relationship marketing. Asia-Australia Marketing Journal, August,: Jayachandran, Satish, Subhash Sharma, Peter Kaufman, and Pushkala Raman. (2005). The Role of Relational Information Processes and Technology Use in Consumer Relationship Management. Journal of Marketing, 69 (4): Lehmann, Donald R. (2004). Metrics for Making Marketing Matter. Journal of Marketing, 68 (4): Levine, J. (1993), Relationship marketing. Forbes: Mithas, Sunil, M.S. Krishnan, and Claes Fornell. (2005). Why Do Customer Relationship Management Applications Affect Customer Satisfaction? Journal of Marketing, 69 (4): Mittal, Vikas, and Wagner A. Kamakura. (2001). Satisfaction, Repurchase Intent, and Repurchase Behavior: Investigating the Moderating Effect of Customer Characteristics. Journal of Marketing Research, 38 (1): Newbert, S.L. (2007). Empirical Research on the Resource-based View of the Firm: An Assessment and Suggestions for Future Research. Strategic Management Journal (28:2): Peppers, D. and Rogers, M. (1999). The One to One Manager: Real- World Lessons in Customer Relationship Management, Doubleday, New York, NY. Reichheld, F.F. (1996). The Loyalty Effect. Harvard Business School Press, Boston MA. Reinartz, Werner J., Manfred Krafft, and Wayne D. Hoyer. (2004). The Customer Management Process: Its Measurement and Impact on Performance. Journal of Marketing Research, 41 (3): Rigby, Darrell K., Frederick F. Reichheld, and Phil Schefter. (2002). Avoid the Four Perils of CRM. Harvard Business Review, 80 (2): Srivastava, Rajendra K., Tasadduq A. Shervani, and Liam Fahey. (1998). Market-Based Assets and Shareholder Value: A Framework for Analysis. Journal of Marketing, 62: Vargo, Stephen L., and Robert F. Lusch. (2004). Evolving to a New Dominant Logic for Marketing. Journal of Marketing, 68 (1): Verhoef, Peter C. (2003). Understanding the Effect of Customer Relationship Management Efforts on Customer Retention and Customer Share Development. Journal of Marketing, 67 (4):

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