In addition,
strong CRM capabilities will enable a firm to capture accurate and timely insights
pertaining to customer needs. Thus, firms with such capabilities might achieve
first-mover advantage by responding quickly to real time customer needs with new
product development or up-selling. Empirical studies have shown that successful CRM
implementation can help firms achieve a 270 per cent increase in business unit profits
(Ryals, 2005) as well as increases in stock price (Fornell et al., 2006), customer loyalty
and customer satisfaction (Anderson et al., 2004).