CRM strategies and systems for growth companies

Abstract

Customer Relationship Management (CRM) strategies are crucial for growth companies, which in this study are defined as companies that have operated for less than five years, are not publicly traded, and generate an annual revenue growth of fifteen percent. This study explores how CRM strategies are reflected by the following three research questions: “What are the central components of an effective CRM strategy for growth companies, and how are priorities determined?”, “At what growth stage is it most appropriate for a growing company to implement a CRM strategy?” and, “In what ways can growth companies adapt their CRM strategy to address the challenges and opportunities that arise in a rapidly expanding organization?”. Five individuals involved in the management and decision-making of CRM systems participated in semi-structured interviews using a qualitative inductive methodology. The theoretical framework emphasizes fundamental CRM models and ideas with an emphasis on feedback loops, strategic alignment, and improvements. In order to identify trends regarding CRM adoption and its impacts on customer engagement, sales efficiency, and scalability, interview data was examined. The results show that cross-functional cooperation and centralized data improve CRM performance. CRM strategies must be implemented early in order to manage the complexity of expansion. The main obstacles were found to be scalability, interaction with sales and marketing, and resource limitations. The study's limitations, which emphasize the need for more extensive and long-term research, include its limited sample size and exclusive focus on growth enterprises. The results provide useful advice for efficiently utilizing CRM and highlight the significance of matching CRM methods with company culture and goals in order to promote customer loyalty and long-term growth.