A STUDY ON IMPLEMENTING EFFECTIVE CUSTOMER RELATIONSHIP MANAGEMENT: BEST PRACTICES AND CASE STUDIES WITH REFERENCE TO ICICI BANK

Abstract

Customer relationship management is one of the most widely used and innovative business strategies, and its importance has increased. Because consumers are now more aware of and respect their own likes and preferences, the situation has fundamentally altered. Manufacturers have shifted their attention from the product to the client as a result of these conditions. In the past, they gave the product first priority and showed little concern for the inclinations and tastes of their clients. These conditions, which also make the business more challenging and lead to new ideas entering the market daily, make customer relationship management essential and transform customers into switchers. CRM is the only tool in today's cutthroat market that can transform loyal consumers into profitable ones and entice them to come back to the company. CRM emphasises not just on retaining current clients but also on attracting new ones, addressing client concerns, and bolstering the company as a whole. However, there is a dearth of research on the relationship between CRM operations and organisational performance.