CRM For Retail Sector
CRM For Retail Sector
CRM For Retail Sector
1. Person-to-Person experience
2. Store experience
3. Marketing and communication
4. Price and value
• CRM is an iterative process that turns customer data into customer loyalty
through different type of activities. Levy and Weitz described CRM in
retailing through a systematic process-
• Customer Database
Histories of purchases
Customer contact
Customer preferences
• Approaches for collecting Information
Asking for information
Using frequent shopper card and creditcard
information
• Techniques to analyzeCustomer-
Data Mining
Market basket analysis
Identifying market segments
Identifying best customers –
Lifetime value
Customer PyramidApproach
RFM analysis( Recency, Frequency,Monetary)
• Retaining the best customer (Customerretention)
Providing incentives or discounts
Special customer service
Personalization
Informal communication
• Converting good customers into bestcustomers
Cross selling
Add-on selling
• Dealing with unprofitable customer
Implementing CRM programs
• Stage 1 – Collecting information
• Stage 2 – Storing information
• Stage 3 – Accessing information
• Stage 4 – Analyzing consumer
behavior
• Stage 5 – Marketing more effectively
• Stage 6 – Enhancing the customer
experience
• Customer Focus
• Weak management
• CRM ProjectManagement
• Team members
• Data & Warehouse Requirements
• More emphasis oncustomer satisfaction
• Moreuse of IT to collect information timely
• Retailer should be flexible to bend its rules &
procedures in the customerfavor
• Retailer need to focus on informal relationships &
communications with customers
• Retailer must know the drivers forcustomer
satisfaction and dissatisfaction
• Retailers need to develop training programs to
understand CRM process and serve customers better
• Products in accordance withcustomer's
mindset.
• Multi-channel CRM
• Smart shopping
• Mobile CRM
• E-mail marketing and CRM
• Mash up CRM
• Social CRM
What s Good about Email Marketing
•Highly targeted
• Immediate
•Measurable
•Reach
•Cost Effective
A mash‐up is a web application
that combines data from more
than one source into a single
integrated view.