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CRM strategy (Components of CRM strategy (Enterprise business system(EBS),…
CRM strategy
Components of CRM strategy
Enterprise business system(EBS)
Customer database, which contains customer contact details, shipping preferences, and account information
Transaction maintenance, which enables the electronic entry of sales orders, including those from internet and creation of sales history files
sales order status and updates
sale support data, including pricing, promotion, and inventory information
Financial details of accounts receivables, interest, collections, and financial analysis
Web system
Marketing
External data
CRM application
Analytics
Service
CRM process focus on improving time-to-market by
Reducing specific tasks and activities for demand management to just those that are value-add
Executing demand management tasks that can be performed
Executing demand management tasks as quickly as is feasible
Maximizing the number of tasks that can be performed concurrently rather than sequentially
Formal monitoring and feedback
Review the metrics that used to assess performance
Product's or service's stage in life cycle
Development stage
Is the product what this segment is looking for
Is the pricing correct
Is this the correct channel
Is the audience hearing and responding to promotions
What customer care issues have arisen? what infrastructure will be needed to tend to those issues
Introduction stage
Growth stage
Maturity stage
Decline stage
CRM strategies for customer relationship types
Prospective customers
Vulnerable customers
Win-back customers
Loyal customers
Customer behavior
Targeting
Positioning
Program offer
Cost and benefit structure
Communication
Effectiveness of CRM campaigns related to customer types
More prospective customers resulted in a 3 to 4% increase in profits
More churn reduction in vulnerable customers resulted in a 15 to 20% increase in profits
More won-back customers resulted in a 10 to 20% increase in profits
More cross-selling and up-selling to loyal customers resulted in a 2 to 3% increase in profits
CRM organizational structures
Demand management efforts can differ widely and teams need to be formed to handle each different type of activities
when organization shift from traditional marketing and sale to customer- centric demand management,organizational structures will also need to be adapted to ensure that job descriptions, policies, workflow, and performance measurements reflect the focus on segmenting customers by organizational value and customer needs
The different type of customers that each require different types of sales and marketing campaigns
Customer type or segment
CRM strategies for customer segments
Strategies for segmentation by demographics, attitudes, or psychological profiles
Customer value strategies
Define "valuable" customers
Deliver timely, detailed information that will help the organizations identify the most valuable customers
Define what features or services mean the most to the best customer segments
Measure impact
Service-minded customer strategies
Retail customer strategies
B2B customer strategies
Complementary core competencies
Knowledge of customer's business requirements
Continuous improvement
Strategies for reaching customers via technology channels
CRM technologies