CUSTOMER RELATIONSHIP MANAGEMENT AND ORGANIZATIONAL PERFORMANCE (A STUDY OF SELECTED BUSINESS ENTERPRISES IN THE SOUTH-WEST OF NIGERIA)

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CUSTOMER RELATIONSHIP MANAGEMENT AND ORGANIZATIONAL PERFORMANCE (A STUDY OF SELECTED BUSINESS ENTERPRISES IN THE SOUTH-WEST OF NIGERIA)

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

In today’s dynamic and highly competitive business environment, organizations constantly seek strategies to enhance their performance and gain a competitive edge. One of the most crucial aspects of achieving this objective is the effective management of customer relationships. Customer Relationship Management (CRM) has evolved into a strategic imperative for businesses of all sizes, across various industries, as it provides a systematic approach to understanding, attracting, and retaining customers. This study explores the relationship between Customer Relationship Management and organizational performance, with a focus on selected business enterprises in the South-West region of Nigeria.

The basic reason for an organization’s existence is to satisfy the needs of the customers and through that may way for repeat patronage which will open the avenue for increased profit making. One of the factors affecting the performance of an organization is customer relationship management, which is the main focus of study.

Customer Relationship Management concerns the relationship between the organization and its customers and asserted customers are the life-blood of any organization be it a global corporation with thousands of employees and a multi-billion turnover, or a sole trader with a handful of regular customers Beks, (2008). Customer Relationship Management is the same in principle for these two examples – it is the scope of CRM which can vary drastically.

The organization and the customers both have sets of conditions to consider when building the relationship, such as wants and needs of both parties; organizations need to make a profit to survive and grow customers want good service, a quality product and an acceptable price.

Thompson (2008) illustrated that customer relationship management is an effective tool for achieving positive organizational performance and which reflects an increase in profit, goodwill, better product and service delivery. In recent times, questions have been raised as regards the interactions between organizations and their customers. But the result is that many organizations have poor relationship with their customers and this will lead to loss of goodwill and low profit earning in the organization.

Customer relationship management looks at the whole process of what an organization is involved in, whether it is a product or a service driven organization and it must involve every aspect of what they do – from suppliers through to the end application, from their internal staff through to their customer’s customer Kim Jenner, (2008).

The ultimate purpose of CRM, like any organizational initiative, is to increase profit. In the case of CRM this is achieved mainly by providing a better service to customers than competitors do. CRM does not only improve the service to customers, a good CRM capability will also reduce costs, wastage, and complaints. CRM also reduces staff stress, because attrition – a major cause of stress – reduces as services and relationships improve. CRM enables instant market research as well: opening the lines of communications with your customers gives you direct constant market reaction to your products, services and performance, far better than any market survey. Good CRM also helps you grow your business: customers stay with you longer; customer churn rates reduce while referrals to new customers increase from the increasing numbers of satisfied customers; demand reduces on fire-fighting and trouble-shooting staff, the organization’s service flows and the teams work more efficiently and more happily.

Customer satisfaction is a vital CRM variable that must not evade our empirical scrutiny. Indeed, customer satisfaction is central to successful application of the marketing concept. Many company mission statements and marketing plans are designed around the goal of increasing customer satisfaction. (Claudia, et al 2001)

The concept of relationship is very complex because it relates to different disciplines but with regards to the topic at hand, relationship or business relationship can be viewed or described as being distinct from, but related to, concepts such as Enterprise relationship management, consumer behavior and customer relationship management

Customer relationship management seeks to provide a complete and holistic model of business relationships and business relationship value over time, in order to make the various aspects of business relationships both explicit and measurable (Parvatiyar et al 2000).

A mature CRM model will ultimately support both:

· Strategic business research and development efforts,

· Tools and techniques that implement CRM principles.

As a result of the effectiveness and intensity of the concept of CRM, customers would benefit from it through experiencing enhanced product delivery and organizations themselves would gain from it through increase in customer database, increase in performance and profitability.

1.1 STATEMENT OF THE PROBLEM

Since the main goal of an organization is to satisfy the needs of customers which will lead to increased profit. This indicates that without the existence of customers business activities will be futile. Business owners often concentrate on the improvement of their products, this is one of the basic features of the production concept. Often they ignore their customer care and relationship; as a result, many of their customers move their purchasing interests to organizations who can serve them better. The problem here is that they fail to understand that customers’ value, care and concern is far above the product quality. So organizations tend to try their best as much as possible to retain their customers and even attract more.

Organizations at times are faced with the problems of

– Effectively targeting customers

– Developing strategy to achieve target behaviors.

– Behavior maintenance.

– Segmentation of customers based on customer profile and customer life-cycle stage.

Various methods and strategies have been employed by organizations in order to make sure that they will achieve the above stated. But their efforts seem futile.

It is on this premise that this study wants to examine the impact or effect of customer relationship management on organizational performance.

1.2 Statement of the Problem

The South-West region of Nigeria is home to a diverse range of businesses, spanning from small and medium-sized enterprises (SMEs) to large corporations. These businesses face numerous challenges in maintaining and enhancing their performance in the face of stiff competition and evolving consumer preferences. Customer expectations are continuously evolving, necessitating a deep understanding of customer behaviors and preferences. Many organizations in the region struggle to effectively implement CRM strategies, leading to missed opportunities for growth and customer retention. This study aims to address these issues by investigating the impact of CRM on organizational performance in this specific region.

1.3 Research Objectives

The primary objective of this research is to examine the relationship between Customer Relationship Management and organizational performance in selected business enterprises in the South-West of Nigeria. Specifically, this study aims to:

Assess the current state of CRM adoption and implementation in the South-West region.

Analyze the various components of CRM that impact organizational performance.

Investigate the challenges and barriers faced by organizations in implementing CRM.

Determine the extent to which effective CRM practices influence customer satisfaction, loyalty, and ultimately, organizational performance.

1.4 Research Questions

To guide the research, the following questions will be addressed:

What is the current level of CRM adoption and implementation in selected business enterprises in the South-West of Nigeria?

What are the key components of CRM that have the most significant impact on organizational performance?

What are the primary challenges and barriers faced by organizations in the South-West region when implementing CRM?

To what extent does effective CRM influence customer satisfaction, loyalty, and organizational performance in the South-West region?

1.5 Significance of the Study

This research holds significance for several stakeholders. Firstly, it will provide valuable insights to businesses in the South-West of Nigeria, enabling them to make informed decisions about their CRM strategies and investments. Understanding the relationship between CRM and organizational performance can help these enterprises tailor their customer management approaches to enhance their competitive advantage.

Additionally, academia will benefit from the study as it contributes to the body of knowledge on CRM and its impact on organizational performance, particularly in the Nigerian context. Researchers and scholars interested in the fields of marketing, management, and business administration will find this research valuable for further exploration and reference.

Furthermore, policymakers and governmental bodies can use the findings to develop guidelines and policies that promote effective CRM practices, fostering economic growth and business sustainability in the region.

1.6 Scope of the Study

This study will focus on selected business enterprises operating in the South-West region of Nigeria, covering various industries and sectors. The research will primarily investigate CRM adoption, implementation, and its impact on organizational performance within this geographical area. The study will not extend to CRM practices in other regions of Nigeria or beyond the borders of the country.

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