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Customer Relationship Management(CRM) (Benefits of CRM (Provides services…
Customer Relationship Management(CRM)
What is CRM
Proper management of customer relationships
3 main focuses of CRM applications
Create customer loyalty
Portray a positive corporate image
Attract potential customers
Comparison
Traditional
Product oriented
Mass marketing/Production
Focus on selling the product
Transactional marketing
Expand customer base through mass marketing & production
CRM
Solving customer' problems
Customer oriented
Understand customer needs and profitable one to one relationship with customers
Customization and focused marketing
Relationship marketing
Managing the customer Life cycle
Enhancing
profitability of existing customers
Retaining
profitable customers
Acquiring
new customers
History
The ledger
The rolodex
Database marketing
Contact Management software
Sales force automation
Acronym(CRM)
Mobile & SAAS
Innovations
1 more item...
Evolution of Information Requirements
Materials Requirements Planing(MRP)
Manufacturing Resource Planing(MRP)
Enterprise Resource Planing(ERP)
Supply Chain Management(SCM)
Customer Relationship Management
Important Aspects of CRM
(1) Individual customer level view
Share of wallet/ Share of customer
(2)Creating customer loyalty
eg:- Rewarding, Thank you cards, Personal letters,etc..
(3)Move from product to customer as unit of analysis
From marketing mix to customer management
2.From product life cycle to customer life cycle
From product portfolio to customer portfolio
CRM Strategies
(01)Customer profitability
Individual customer analysis
Strategic level analysis(Average CLV)
Customer equity= Sum of CLV per customer
(02)Customer Acquisition
Challengers in attracting customers
Identify customer
Learn from customer
Understand customer values
Access to customer profiles
(03)Customer Retention
Deliver what customer wants
Provide value proposition to customers
(04)Customer Loyalty
Types of CRM
Analytical CRM
Collaborative CRM
Operational CRM
CRM Software Implimentation Strategies
Cloud based CRMs
On premise CRMs
Benefits of CRM
Provides services quickly and efficiency
Integrated customer information
Central database of customer contacts
Inside knowledge about customers
Enables 24/7/365 operations
Individualized system
Improved information
Speeds problem identification/resolution
Speeds processes
Improved integration
Improve product development
CRM Implications
A strategic business solution
Should not be implemented as a single system or at one time
Variety of shapes & size
Provide good mechanism for privacy & ethical violations