Customer Relationship Mangement

8/14/2019 Customer Relationship Mangement

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INTRODUCTION

You can please some of the people most of the time and most of the people some of the time, but you can't please

all of the people all of the time It wasn't supposed to be this way. Customer Relationship

Management (CRM), which swept through the businesslandscape in the early 1990s, brought the promise of helping

sellers please most of the people most of the time. Riding thecoattails of customer satisfaction would come increasedorganizational efficiency and, better still, increased revenues.



WHAT IS CRM?• Customer Relationship Management (CRM) is about

finding, getting, and retaining customers.

•CRM is all about building long term business relationships with

your customers.

•It is best described as the blending of internal business processes:Sales, Marketing and Customer support with technology

The ultimate goal of CRM is to meet and exceed customer expectations, create a positive customer experience and build

customer loyalty.



CRM PROCESS

• Create exploration warehouse

• Execution of strategies



Elements of CRM process

• Co-relate

• Combine• Cognize

• Connect



Role of marketing in CRM• To continuously attract and retain the most valuable customers,

companies must act aggressively to increase the economicvalue of both their brand and customer relationships.

• To realize these goals, companies must continue their effortsto maximize their investments in the sales and service

technologies that help reach, understand and interactintelligently with customers.

•





Analytical marketing

Analytical Marketing drives market segmentation andidentifies your most profitable customers. Information from eachcustomer interaction channel is collected, analyzed and used todevelop predictions of your individual customer's behaviors.

Analytical marketing utilizes those processes andsophisticated technologies that allow businesses to direct their

overall marketing investment across the brand and customer. In asense, analytical marketing tools are the "nuts and bolts" of themarketing engine.



Creative marketing

• Creative Marketing relies on analytical tools and customer insightcapabilities to improve marketing programs, optimize the overall

marketing investment and deliver the brand promise. As thenumber of customer channels has exploded, so has the need for creative marketing, which involves all the activities associatedwith building and sustaining a compelling brand and ensuring thatcustomer interactions reflect a satisfying brand experience.



Operational marketing

• Operational Marketing relies on customer insight information to personalize interactions, differentiate sales and service across segments,drive continuous improvement across customer interaction processes andgenerate revenue lift.

• When these marketing disciplines work in tandem with your existing salesand service capabilities, your entire CRM effort becomes revitalized.Information becomes dynamic. Insights become powerful barometers of

customers' likes and dislikes.



Customer life cycle management

• CLCM is a three-domain business system, aligning

business processes, technologies, and the customer lifecycle. This business system must integrate sales, service,and marketing processes as well as the CRM technologyenvironment with the customer.



Transact

In the transact process, customers actually purchase the product

offering. Related Transact activities include product and Customer LifeCycle Patterns

Engage

This is where advertising or marketing efforts create initialawareness of the organization or product offering. The Engage process

is fundamentally about "funnel management," or generating leads andconverting them into customers. However, there is a very importantEngage activity that may start in the service process: cross-sell/up-sell.What may start as a service request may end as an Engage activity .



FulfillThe Fulfill category is where the offering is delivered to the client.This may consist of a product being physically shipped to thecustomer, or in the case of an electronic product, this may simply bean electronic transfer.

ServiceAnother process predominantly in the CRM domain, Service is thefinal stage of the customer life cycle and typically involves helpingthe customer work with the product offering. To do this, theorganization must provide support functions ranging fromtroubleshooting to replacement



Next stages

• Repeat customers

• Customer advocates





E-CRM

• E-CRM refers to the set of activities that enable a firm toutilize the power of the Internet and the electronic mediumto implement CRM.

• The following statistics highlight the importance and potential of the e-CRM industry.

• General Motors (GM) receives about 100,000 emails fromits customers, every day.





Key aspects of E- CRM

• Know your customer

• Reach your customer

• Grow your customer



Observations and Inferences

•A need for improved Customer Service shall be the main driver

for Industry sectors that depend on the quality of their customer interactions to retain existing customers and win new ones.

•Complete and comprehensive CRM packages such as those of Siebel and Oracle costing in the range of Rs. 1 to 2.5 Crores (andmore) are too expensive for most Indian firms. However, withsoftware vendors bringing down prices and offering relatively

affordable packages bundled with integration and consultingservices, this could soon change.

•In the Indian context, lack of customer orientation and poor existin IT infrastructure can rove ma or factors.



It used to be that one could think of marketing as totallyseparate from the rest of the business enterprise. But with theadvent of CRM or one-to-one marketing or loyalty marketing,the dynamics have changed.

CRM involves knowing your customers individually andhaving some mechanism for interacting with them or hearingfrom them, and customizing your business for them. This is an

inherently integrative operation.

Conclusion



•One of the benefits of CRM is that it would make a company’scustomers more loyal. Every time a company interacts with acustomer, the company customizes its service to be a bit more

closely suited to the customer’s needs

•The company is getting a little higher up on the customer’s

learning curve. Moreover the company is making the product moreand more valuable to the customer. The relationship with thecustomer is developing in its own context.



THANK YOU

Customer Relationship Mangement

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