Professional Documents
Culture Documents
RM
What is CRM?
CRM is a business strategy that aims to understand,
anticipate and manage the needs of an organisations current and potential customers
CRM is a shift from traditional marketing as it focuses on the retention of customers
in addition to the acquisition of new customers
PURPOSE OF CRM
The focus [of CRM] is on creating value for
the customer and the company over the longer
term .
When customers value the customer service
that they receive from suppliers, they are less
likely to look to alternative suppliers for their
needs .
CRM enables organisations to gain
competitive advantage over competitors that
supply similar products or services.
Underpinning Theory
Customers have many points of
contact with an organisation
Retaining customers is far most
cost effective than recruiting new
ones
Some customers are more
profitable than others
The 80/20 rule
For most firms, 80 percent of profit
comes from 20 percent of customers
Use of Technology
An example
The Elements of
CRM
Sales
Customer service/call
force
center management
automatio
Call center telephone
sales
Call Centers
n
Managing aspects
E-commerce
Of customer contact
Field sales
Marketing
automatio
n
Campaign
management
Retail
Web-based
self service
Content
management
Third-party brokers,
Distributors, agents
Field services
and dispatch
Data analysis
And business
Intelligence tools
Potential Benefits Of
CRM
Customer retention
Potential Costs Of
CRM
IT infrastructure
Process change
Determinants of CRM:
Understand customer needs and problems;
Meet their commitments;
Provide superior after sales support;
TRUST
VALUE
Enhancing
Existing
Relationships
3 phases
of
crm
You enhance the relationship by
encouraging excellence in cross-selling
and up-selling, thereby deepening and
broadening the relationship.
SWOT
Customer selection
Analyse, define types,
profitability
Build a database
MARKET AUTOMATION
5 VIEWS OF CRM
SALES AUTOMATON
Functions Of CRM
Profit
Volume
Safeguar
d
Direct
Innovatio
n
Market
Scout
Access
Indirect
A Successful CRM
A successful CRM implementation with
Properly trained Front Office staff
Proper data and good use of it
Proper workflow processes
Proper integration of Front Office and Back
Office
Proper software to support the strategy
Full support of top management
E OF THE COMPELLING BENEFIT THAT CAN ACCURE TO A FIRM FROM THE CRM INTIATIVE ARE :
ONE FIRM CONCEPT
CRM STRATEGY
FORCAPITAL
THE
MEASURING RELATIONSHIP
AND FOCUSED NUTTURING OF
RELATIONSHIP
FIRMS
CONCLUSION
Customer relationship management (CRM) is a widely implemented strategy for
managing a companys interactions with customers, clients and sales prospects.
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