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The New Technological Trends in Customer Relationship Management (CRM) to Unveil Opportunities for Developing Countries

The New Technological Trends in Customer Relationship Management (CRM) to Unveil Opportunities for Developing Countries

Cagla Seneler (Yeditepe University, Turkey) and Rana Kadioglu (Yeditepe University, Turkey)
Copyright: © 2021 |Pages: 10
DOI: 10.4018/978-1-7998-3473-1.ch146
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Abstract

The main theme of the thesis is how new technological trends will shape the future of Customer Relationship Management (CRM) and to provide opportunities for developing countries. CRM is the whole set of methods that companies use to make the most efficient, most effective, and ultimately profitable relationship they have with existing or potential customers. The concepts of internet of things (IoT), artificial intelligence (AI), cloud CRM and social CRM which are frequently heard today are examined in this thesis. For developing countries, these trends will create various opportunities in particular were explained with examples from Turkey. Although CRM is not a completely understood concept, companies will create the future of CRM by following the new trends.
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Background

Elaborated Definition of CRM

Globalization is a concept that leads to the borders of countries to disappear deeply affects firms and puts them into competition environment. In this competitive environment, people want to buy products and services that fulfill their own demand rather than being offered to them. Kumar and Reinartz (2012, p. 5) defined CRM as “... the strategic process of selecting customers that a firm can most profitably serve and shaping the interactions between a company and these customers. The ultimate goal is to optimize the current and future value of the customers for the company...”. Better quality and affordable products and services provided to the customer can help companies to have loyal customers, while at the same time providing a competitive advantage to firms. Thus, CRM is a huge competitive advantage that allows organizations to keep their customers in the long term.

Key Terms in this Chapter

Artificial Intelligence (AI): AI is the ability of a computer or robot that work and react like humans.

Customer Relationship Management (CRM): CRM is a technology or strategy that helps your company to manage its relations with customers.

Internet of Things (IoT): IoT is a system of interrelated objects, devices, vehicles, etc. that have ability to send and receive data over a network.

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