Differentiation between Customer Relationship Management Essay

Differentiation between Customer Relationship Management - Essay Example In the yester years banks used to invest in maintenance & development of operational systems but now they are considering their marketing campaigns (mainly offline) to boost up their overall earnings. (Rajola, 2003, p.17) Benefits that can be derived through CRM are the reporting tools that enable companies to have strategy in their businesses & also have the opportunity to keep the consumer’s contact. (Sharp, 2003, p.175) On the other hand Customer Experience Management (CEM) is an entire process of accumulating a consumer’s experience with a product or a particular company. The idea of CEM is mainly built on the orientation of the process & hence it tries to relate the relevance of a product or for that matter, the producer firm, to a customer’s life. In CEM the overall motto is not to sale the goods to any particular consumer, instead the idea is to maintain & share the experiences of the product with the consumers even after the sale. By doing this, value is created for the firm & a loyalty is built up among consumers. (Schmitt, 2003, pp 17-18) Customer Experience Management is an approach that focuses mainly on the experience of consumers. It focuses on the consumers’ purchase & usage mannerisms. Thus the customers may feel delighted with newer products while on the contrary Customer Relationship Management rarely focuses on the emotional bond with the customer. In CRM customer’s feedback regarding a product or a service is not considered. (Schmitt, 2003, pp 16-17)