Business cannot be business without one thing: relationships. Relationships between manufacturers and retailers, retailers and consumers, and consumers and manufacturers. With this cycle comes CRM, or Customer Relationship Management.
Although it covers several aspects of the consumer and their purchasing behaviors, CRM seeks to identify, integrate, and implement information gathered from every customer the company has interacted with.
Let's take Blackberry for example. Blackberry is the brand that attaches itself to the devices to which Research In Motion manufacturers. Without any formal brick-and-mortar establishments, Blackberry must maintain its relationships with the customers through integrated channels.
When we as marketers develop plans to carry out objectives, we look toward the data and information from our consumer base. This data helps us formulate detailed initiatives that can be customized according to the consumer and their specific market.
Consumer's in business today, are fearful of providing information to marketers and companies due to privacy. The important thing to keep in mind, I feel is to maintain a strong relationship with our customers and keep their trust instilled in us.
Interesting enough, the data and information collected could be even more valuable to a company than just sales. Should a company go under, and close its doors, the data stored could be deemed an asset and sold to debtors.
The bottom line here is relationship building and maintenance. Without this link any effort, whether internal or external is made in vain and destructive to the overall operations of the company.
