customer relationship management
TRANSCRIPT
Customer Relationship Management
BYSAVITA GOYAL
ASSISTANT PROFESSORADVANCED EDUCATIONAL INSTITUTIONS
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CRM: A customer-focused business strategy designed to optimize the revenue, profitability, and customer loyalty.
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Flow of The PPT CRM Concept
CRM Features
Objectives of CRM
Evolution of CRM
Types of CRM
Future of CRM
CRM Architecture
Conclusion
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CRM Concept: Customer Relationship Management is a business philosophy towards customers to focus on their needs and improve customer relationships, with a view to maximize customer satisfaction. It encompasses the variety of technology employed to streamline customer interaction to find, acquire and retain customers. It is “an integrated effort to identify, maintain and build up a network with individual consumers and to continuously strengthen the network for mutual benefit of both sides, through interactive, individualized and value added contacts over a long period of time”.
We can define CRM as Customer Relationship Management as a comprehensive marketing strategy to improve marketing productivity which can be achieved by increasing marketing efficiency and enhancing marketing effectiveness through a process of acquiring, retaining and partnering with selective customers to create superior mutual value for the parties involved.
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CRM Features:• It is an integrated information system.
• It is a customer-focused business strategy.
• It is art as well as science.
• It is a comprehensive marketing strategy.
• Anytime-anywhere.
• It creates a business web.
• It works on multi-way communication.
• Discovery of price replaces fixed 'price‘.
• Experience replaces 'product'.
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Objectives Of CRM
To simplify marketing and sales process.
To make call centers more efficient..
To provide better customer service.
To discover new customers and increase customer revenue.
To aid marketing department
To cross sell & up sell the products more effectively.
To acquire new customers.
To increase efficiency & effectiveness.
To increase customer loyalty.
To lower operating cost.
Finally, To retain the customers
A primary objective of CRM is to provide the entire organization with a complete, 360-degree view of the customer, no matter where the information resides or where the customer touch-point occurred.
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Evolution of CRM:Year Era Approach1960 The Era of Mass Marketing Transactional marketing1970 The Era of Segmentation Transactional Marketing 1980 The Era of Niche Marketing Transactional marketing1990 The Era of Relationship Marketing Relationship MarketingAs it is implicit that up to 1980’s the firms were focused towards Transactional Marketing, which is wholly concerned about the promotion and selling of the product with little or no concentration over customer value and satisfaction and try to make new customers every time. But the present scenario is totally changed; there is paradigm shift from Transactional Marketing Approach to Relationship Marketing Approach which is all about building and maintaining the long term customer relationship, creating a sense of loyalty by providing the value product and service for mutual benefit.
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Types of CRMOperational CRM•focused on the automation of the customer-facing parts of businesses like marketing, selling and service•Include applications like: Marketing, Sales-force & Service automation
Analytical CRM•Focused on intelligent mining of customer data for various strategic & tactical purposes.•It can deliver better, timelier, even personally customized, solutions to the customer's problems, thereby enhancing customer satisfaction.
Collaborative CRM•It allows the company to synchronize and manage efficient, productive interaction with customers, prospects, partners, and internal associates across all communication channels.•Collaborative CRM also reduces web service costs by enabling web collaboration.
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Future of CRM CRM is here to stay and will evolve. The desire to improve customer satisfaction and retention of customers will constantly drive the need to improve CRM systems.
Economy is now driven by customers and not by sellers as in the past. There are different type of customers, different types of business models, and selling strategies. And it is a matter of time when there will be different types of CRM software to support these models.
Technology will improve to put more functionality tools in CRM applications as there is more demand for knowledge management systems, sales coaching systems, and service intelligence systems. Information today is in the form of maps, charts, and graphs generated by report writers and visual profiling programs. These will give way to voice activated and speech feed-back tools and other elaborate visual aids using 3-D and CAD style graphics
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CRM Architecture This is the basic architecture of a customer relationship management system, This structure is also invaluable for identifying changes in the industry as a whole, so that businesses remain agile and respond quickly to changing market demands. www.advanced.edu.in
ConclusionThe underlying aim of a well-structured CRM system is to provide an enhanced customer experience and enable businesses to gain valuable information as their customers shop. Business owners can use this data to increase sales and boost their bottom line, analyzing marketing campaigns, and offering added value to existing and potential customers. The key word in CRM is integration – integration of data so that it can be put to use in a way that benefits not only the business, but also customers, suppliers and the workforce.
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Contact Information
Savita Goyal
Assistant Professor
Advanced Educational Institutions,70 km Milestone,
Delhi-Mathura Road, Dist. Palwal, Haryana-121105
+91–1275–398400, 302222
www.advanced.edu.in
www.advanced.edu.in