CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS’ PREVALENCE IN LITHUANIAN BUSINESS

Abstract

Customer Relationship Management is a widely known concept, used in the global literature; however, the Lithuanian entrepreneurs often use it in a different sense and perceive it as the abstraction or are not well aware of it in general. Customer Relationship Management (CRM) is a business management system that helps to manage and develop business relationships with existing and potential customers, thus ensuring the maximum and long-term profitability of each client. In the strict sense, CRM is a software technology that can effectively organize, automate, integrate and harmonize business processes. Companies that use these systems are striving to find new customers, attract them and achieve their loyalty as well as to maintain existing ones. Business Customer Relationship Management program covers the whole company’s business strategy, it collects and analyzes data on all customers and aims at offering the best option for each customer’s segment in order to increase profitability and reduce operating costs. When applying the Customer Relationship Management in companies, we can more easily come into contact with customers without forgetting anyone of them, segment customers and offer the best option for each segment, more easily identify loyal customers and apply loyalty programs, collect data on the partners in the system, which makes the work easier in case of changes in staff, and quickly identify problems arising in the company when the system collects customer inquiries, complaints or other comments.

DOI: http://dx.doi.org/10.5755/j01.em.18.1.4393