Customer Relationship

Management

Introduction to CRM

Customer relationship management (CRM) is a term applied to processes implemented by a company to handle their contact with their customers. CRM software is used to support these processes, storing information about customers and prospective customers. Information in the system can be accessed and entered by employees in different departments, such as sales, marketing, customer service, training, professional development, performance management, human resource development, and compensation.

Introduction to CRM

The rationale behind this approach is to improve services provided directly to customers and to use the information in the system for target marketing and sales purposes. While the term is generally used to refer to a software-based approach to handling customer relationships, most CRM software vendors stress that a successful CRM strategy requires a holistic approach It is a personal and emotional bond between people .

Define CRM

CRM is The development and maintenance of mutually beneficial long-term relationships with strategically significant customers. CRM is An IT enhanced value process, which identifies, develops, integrates and focuses the various competencies of the firm to the voice of the customer in order to deliver long-term superior customer value, at a profit to well identified existing and potential customers. CRM is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized and efficient manner.

Functions of CRM
Direct functions are basic requirements of a company that are necessary to survive in the competitive marketplace such as Profit, Volume and Safeguard
Indirect functions are actions necessary to convince the customer to participate in various marketing activities such as Innovation, Market, Scout & Access.

Features of CRM

CRM is a new business philosophy based on trust and value The core function of CRM is the value creation process The role of global salespeople in the process is that of both relationship builders and relationship promoters The basic premise of CRM is to offer superior value to customers in an effort to turn prospects into customers, customers into loyal customers, and loyal customers into customer advocates and customer advocates into partners. CRM is an organisational process which includes people, infrastructure, performance measure, organisational alignment to the environment and the new strategic patterns.

CRM is a business strategy that an organization performs to identify, select, acquire, develop, retain, and better serve customers A CRM strategy attempts to optimize a firms profitability, revenue and customer satisfaction by focusing on a customer centric process. Customer Relationships develops over time

CRM Success Factors

Strong internal partnerships around the CRM strategy. Employees at all levels and all areas accurately collect information for the CRM system. CRM tools must be Customer and Employee friendly Result oriented Action Plans Report out only the data you use and use the data you report. Realization of Customer needs and wants. Satisfy existing and focus on new segments. To build customer focused operating environment and culture Continuous Up gradation of competencies to provide enhanced benefits and satisfaction to customers .

GOALS OF CRM

Provide better customer service Ensure high levels of satisfaction Cross sell & Up sell products more effectively Helps sales staff Simplifies marketing and sales processes Discover new customers and new customer needs Increase customer revenue Focuses on new markets and Client segments Action Plans to make Organization Customer centric

The Value of CRM

Gain more control in interaction with customers Manage expectations better Understand what customers really want Provide products that better serve customers Look to serve new and present segments Increase trust and value of product Competitive advantage Mutual Benefit is the best approach WOW!!!! The guest occasionally at least Benchmarking to achieve global excellence .

Facets of CRM

Customer Needs Customer Response and Influence Customer Satisfaction Customer Loyalty Reclaiming Lost Customer Customer Complaint Customer Service

A Working Definition

The Plan and Practice of managing the lifetime relationship with your customer. The Plan: Every successful endeavor requires proper planning. Successful CRM rarely happens by chance. Many organizations jump to implementation w/o proper planning.

A Working Definition

The Plan and Practice of managing the lifetime relationship with your customer. The Practice: Systematic implementation of your plans. Should produce measurable results. Should be evaluated and refined over time.

Managing Customer Relationships

The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer. Initiating the relationship Engage in strategic prospecting and qualifying; Gather and study pre-call information; Identify buying influences; Plan the initial sales call; Demonstrate an understanding of the customers needs; Identify opportunities to build a relationship; and Illustrate the value of a relationship with the customer

Managing Customer Relationships

The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer. Developing the relationship

Select an appropriate offering;

Customise the relationship; Link the solutions with the customers needs;

Discuss customer concerns;

Summarize the solution to confirm benefits; and Secure commitment.

Managing Customer Relationships

The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer.

Enhancing the relationship

New ways of customer satisfaction Offer new products and latest technologies New systems to realize customer needs and wants Enhance self competencies Record complaints and suggestions Track customer and do the needed updates Ethical Code of Conduct

Role of Sales People

The role of salespeople as relationship builders and promoters are as follows: Identifying potential customers and their needs; Approaching key decision makers in the buying firm; Negotiating and advancing dialogue and mutual trust; Coordinating the cooperation between the customers and their company; Encouraging the inter-organisational learning process; Contributing to constructive resolution of existing conflicts; Co-ordination with the customer relationship development team Also sales people are the individuals in any organisation who act both as Relationship Builders and as Relationship Promoters.