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CUSTOMER RELATIONSHIP MANAGEMENT (CRM software (Strategies ((Smaller org.s…
CUSTOMER RELATIONSHIP MANAGEMENT
Main focuses of CRM
Create customer loyality
Portray a positive corperate image
Attract potential customers
CRM is how we..
..
Get to know you
Keep in touch with you
Find you
Ensure that you get what you expected
Checking what you get is what we promised
History of CRM
Early 1980 -> Database marketing
Late 1980 - Contact management software
1950s - ROLODEX
Early 1990 - Sales force automation
Begining -> Ledger
1995 - Acronym CRM was invented
Late 1990 - Moblie and SAAS
2000 - Innovations : Shifted from transaction focus to interaction focus
What is CRM.?
By proper management of customer interactions at individual customer level
AIM - to increase long term profit of the firm's customers
Ideals with all aspects of acquiring ,keeping & growing customers
A management business process
Comparison
CRM
Customer oriented
Focus on solving customer problems
Customization & focused marketing
GOAL - Understand customer needs, develop profitable one to one relationship
Relationship marketing
Traditional marketing
Focus on selling the product
Project oriented
GOAL - Mass marketing & production
Mass marketing/production
Transactional marketing
Aspects of CRM
Individual customer level view
Customer potential
Power balance - customer has more power
Realationship instead of a transaction view
Thank you cards
Sending personal letters
Rewarding the ones who send new customers
Reminding by phone
Choosing the field on which they are the best
Preparing events & occasions peculiar to the customer
Evaluating customer complaints in detail. Giving quick replies
Move from product to customer as unit of analysis
Marketing mix to customer management
Product centric
Place
Promotion
Price
Product
Customer centric
Customer development
Customer retension
Customer aquisition
Product lifecycle to customer lifecycle
Product life cycle
Cusomer lifecycle
Product portfolio to customer portfolio
CRM strategies
Customer aquisition
Acquisition funnel
Acquiring new customers
Advertise on company innovation
Offer bundled promotion & service
Promoting products & services
Challenges in attracting customers
Identifying customer
Learn from customer
Understand customer values
Access to customer profiles
Customer retension
Provide value proposition to customers
Deliver what customer wants
Customer loyality
Loyalty
Satisfaction
Customer profitability
Customers with whom we should have relationship with
Customer life time value
Profitability levels
Strategic level analysis
Individual customer analysis
Customer development
What.?
Effort to increase profitability of current customers
How.?
Cross selling
Up selling
Increased amount of current purchases
Increase mark up
Problems
Dysfunction of additional products
Afraid that customers may think they are greedy
Types of CRM
Analytical CRM
Provide tools &for collection & analysis of data gathered during the operational process
Collaborative CRM
Deal with interaction points between the organization & the customer
Operational CRM
Provide front & back-end support
CRM implications
Should not be implemented as a single system or at one time
Come in variety of shapes & sizes. But no real off the shelf solution.
Predictive analysis
Provides good mechanisms for privacy & ethical violations
CRM software
Benefits of CRM system
Vendors
Strategies
Smaller org.s - Cloud based CRM
Larger org.s - On premise CRM
What...?
System that manages the company interaction with customers
Top players
