customer relationship management
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Customer Relationship Management (CRM)
Presented by—
Nilotpal Chakraborty
SFSP, DAVV, Indore
CRM
CRM
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Introduction
Customer relationship management (CRM) is abusiness strategy which provides with a vision forthe way an organization wants to deal with itscustomers.
CRM is both a business strategy and a set ofdiscrete software tools and technologies, withthe goal of reducing costs, increasing revenue,identifying new opportunities and channels forexpansion, and improving customer value,satisfaction, profitability, and retention.
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Customers
Supplier
Partners
Employees
Investors
Individuals
Business organizations
Government agencies
Other stakeholder
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Building blocks of CRM
1) A database that collects information about thecustomers.
2) A way to analyze the information in the database.
3) A strategy for applying the analysis to better meetyour clients’ needs and identify potentialcustomers.
4) Collecting data to ensure CRM strategy is effective.
5) Privacy issues
6) Metrics for measuring the success of the CRMprogram.
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Benefits of CRM
Effective CRM gives you the opportunity toshow the your customers that—
You know and recognize them
You understand them
You care about their needs, questions andconcerns
You want to deliver services and products theyneed the most
You appreciate their business
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Benefits of CRM
Reduced costs Increased customer satisfaction Growth in numbers of customers Maximisation of opportunities Better and more timely decisions Increased access to a source of market and
competitor information Highlighting poor operational processes Long term profitability and sustainability
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…..for the organization
Maximize repeat business opportunities byanticipating existing customers’ needs
Identify best customers
Identify potential customers
Identify complementary products that can besold to the customers
Target marketing campaigns/materials andpromotions
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…..for the customers
Make ordering or buying easier through pre-filledorder forms and e-mail reminders
Tailor the shopping experience for your customers,allow self-service, and thereby reduce customerresponse times
Develop an e-newsletter with topics that would be ofinterest to customers
Offer free or discounted complementary products tocustomers
Offer incentives for additional or future purchases
Offer a chat room or online forum where
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Implementing CRM CRM is a business philosophy, NOT a
technology.
Successful CRM system implementation iscritical to ensuring that the recipientorganization receives the features andresources required to succeed. Stayinginvolved ensures the organization receives theproduct and services expected.
Develop strategy, then select technology.
Identify products and target customers.10© Nilotpal Chakraborty
CRM Cycle
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Information Technology & CRM
Technology plays a pivotal role in CRM. Technological approaches involving the use of
databases, data mining and one-to-one marketing canassist organisations to increase customer value andtheir own profitability.
This type of technology can be used to keep a record ofcustomers names and contact details in addition totheir history of buying products or using services.
This information can be used to target customers in apersonalised way and offer them services to meet theirspecific needs.
This personalised communication provides value forthe customer and increases customers loyalty to theprovider.
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Information Technology & CRM
Some of the CRM technologies—
Cookies
Loyalty cards
CRM software
Well known CRM vendors—
Oracle
Microsoft
SAP America Inc.
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Conclusions
• Organizations need to know their customersand understand their needs and interests.
• Streamline interaction between theorganization and its customers helps in fastand better quality services.
• Helps in retaining and improving customerbase.
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THANK YOU
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