This process, as per the model, needs to be transformative as per the results received from the strategy development so that value is extracted and transformed into meaningful propositions.

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In text Copy (Thakur and Chetty, 2019) Bibliography Copy Thakur, Shruti, and Priya Chetty How Paynes Five Process model can help to improve CRM Knowledge Tank, Project Guru, 03 Apr 2019, Accessed 29 Apr 2021.

In text Copy (Thakur and Chetty) Bibliography Copy Thakur, Shruti, Priya Chetty (2019, Apr 03).

In text Copy (Thakur and Chetty, 2019) Bibliography Copy Thakur, Shruti, and Priya Chetty How Paynes Five Process model can help to improve CRM.

Knowledge Tank, Project Guru, Apr 03 2019, Footnote Copy Thakur, Shruti, and Priya Chetty How Paynes Five Process model can help to improve CRM, Project Guru (Knowledge Tank, Apr 03 2019), How Paynes Five Process model can help to improve CRM Customer relationship management Importance of customer loyalty programs in the hospitality industry Importance of supplier network management in CRM CRM evaluation is a cyclic process in CRM implementation The need for customer value creation Customer portfolio management for a better relationship A suitable partner selection to validate CRM implementation Customer database formation to build customer relations Lean and agile strategy for managing supply chain functions Nonprofit organizations were among the very first users of CRM CRM project foundations before implementing a new strategy Understanding different elements of the Gartners CRM model How Paynes Five Process model can help to improve CRM Understanding the different elements of the QCI model How to measure customer satisfaction and loyalty to improve business performance Importance of customer database in the current generation CRM strategies Understanding the importance of Buttles CRM value chain model Importance of CRM constituencies in the CRM ecosystem Successful implementation of a new CRM strategy All businesses cannot implement all types of CRM strategy The IDIC model of Customer Relationship Management (CRM) Misunderstanding CRM as a database marketing strategy Importance of CRM during recession Importance of CRM for customer satisfaction By Shruti Thakur and Priya Chetty on April 3, 2019 Paynes Five Processes Model helps to improve Customer Relationship Management (CRM) which makes acquisition and retention of customers a priority.

It includes processes that can help to build and maintain relationships with customers.

The model was established by Adrian Payne and Pennie Frow in 2005 to identify and assess processes relevant to CRM.

The model discusses the relevance of various processes, namely (Payne Frow, 2006): strategy development.

They have their own role and function for increased success with CRM implementation.

Payne and Frow extensively reviewed literature, along with field-based interactions, to develop a comprehensive process that would aid in developing a sound CRM strategy.

Through their research, Payne and Frow stressed the importance of having CRM at strategic level.

Figure 1: Paynes Five Process Model (Payne Frow, 2006) Strategy development and value creation process are a part of strategic CRM.

The multichannel integration process is a part of operational CRM.

I nformation management and performance assessment processes are a part of analytical CRM (DeNisi Pritchard, 2006).

Strategy development in Paynes Five Processes model The strategy development process is further divided into two parts; business strategy and customer strategy.

For business strategy, a business needs to develop a vision in relation to its offerings.

The purpose is to create a goal to establish itself as a key player in the industry (Starkey Woodcock, 2002).

This model suggests that invariably: business strategy paves the way for understanding, how customer strategy needs to be shaped and, how it should change over time in conjunction with the changing needs of the customers.

It involves understanding the choice of customers and their characteristics for developing effective products and services.

According to Payne and Frow, it is important to examine both current and potential customer base as a part of customer strategy.

It helps with appropriate segmentation and identify future actions to tackle different customer needs.

Value creation process The value creation process of Paynes Five Processes model involves identifying the value of a customer to the business and vice-versa.

The business needs to understand which customers are valuable through the process of value proposition and value assessment.

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