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Business Review

Abstract

The purpose of this research paper is to come up with ideas on the, how Customer Relationship Management (CRM) can be used in the most effective and productive manner in order to save companies and minimize the effects of recession. The researcher has tried to focus on those strategies that are best to overcome recession and companies could adopt them in order to overcome downfall and decline in profits. This paper also explores the idea that how helpful is CRM to recover at that time. This research paper is of considerable importance as the world is experiencing global recession and by using CRM strategies, companies can map out a proper way to overcome the effects of recession, and also for those who intend to initiate the entrepreneurial projects in these difficult times. By using these CRM strategies, in accordance to the findings of this report, the effects of recession can be minimized. The scope of applying CRM in cutting recession is immense, and thus could not be studied wholly in any specific research project. Likewise many different companies have used different type of CRM strategies to overcome the harsh effects of recession, so every strategy could not be explained here due to limitation of time, resources and access to information. I have tried to suggest strategies that are best to overcome recession. CRM applications and practices are employed to make businesses more efficient and increase customer fulfillment. Although besides overcoming profit declines, there are more than enough benefits of using CRM but few of the most effective benefits of CRM are discovering new customers, increased sales volume, prompt revenue generation, customer and employee satisfaction, improved productivity, competitive edge, improved performance of HR department, balanced and proactive approach and effective business planning. This researchThis research study revolves around the three main ideas: Role of CRM to overcome the problem of decline in profits during recession, establishing better customer understandings and relations and avoiding effects of recession. Marketing research is the tool to collect the data whether about the customers or competitors, understanding customers' changing behavior, not cutting back companies marketing expenditure, getting more from CRM technology investments, re-assessing target customer portfolios are the key to success. Not only surviving in the recession period but even excelling in the business performance.

Keywords

CRM, Recession, Retention, Customer database, Focused surveys, Customer loyalty

Creative Commons License

Creative Commons Attribution 4.0 License
This work is licensed under a Creative Commons Attribution 4.0 License.

Published Online

March 02, 2021

Included in

Economics Commons

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