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    Customer Relationship Management: Sundararaman S 31509631056

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    vivekmba11
    CRM stands for customer relationship management. It is a business strategy that aims to optimize profitability, revenue and customer satisfaction by organizing a business around its customers. The key goals of CRM are to acquire new customers, retain existing customers, and grow each customer's lifetime value. It uses technology to capture and analyze customer data to gain insights and implement customer-centric processes and strategies across marketing, sales, and customer service. CRM systems have operational, analytical and collaborative components to automate interactions, analyze customer behavior, and improve communications. Implementing an effective CRM strategy can help businesses increase revenue through one-to-one marketing, enhance the value of the customer base, and improve the customer development process.

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    Customer Relationship Management: Sundararaman S 31509631056

    Uploaded by

    vivekmba11
    26 views20 pages
    CRM stands for customer relationship management. It is a business strategy that aims to optimize profitability, revenue and customer satisfaction by organizing a business around its customers. The key goals of CRM are to acquire new customers, retain existing customers, and grow each customer's lifetime value. It uses technology to capture and analyze customer data to gain insights and implement customer-centric processes and strategies across marketing, sales, and customer service. CRM systems have operational, analytical and collaborative components to automate interactions, analyze customer behavior, and improve communications. Implementing an effective CRM strategy can help businesses increase revenue through one-to-one marketing, enhance the value of the customer base, and improve the customer development process.

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    CRM Sundar

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    CRM stands for customer relationship management. It is a business strategy that aims to optimize profitability, revenue and customer satisfaction by organizing a business around its customers. The key goals of CRM are to acquire new customers, retain existing customers, and grow each customer's lifetime value. It uses technology to capture and analyze customer data to gain insights and implement customer-centric processes and strategies across marketing, sales, and customer service. CRM systems have operational, analytical and collaborative components to automate interactions, analyze customer behavior, and improve communications. Implementing an effective CRM strategy can help businesses increase revenue through one-to-one marketing, enhance the value of the customer base, and improve the customer development process.

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    Download as ppt, pdf, or txt
    26 views20 pages

    Customer Relationship Management: Sundararaman S 31509631056

    Uploaded by

    vivekmba11
    CRM stands for customer relationship management. It is a business strategy that aims to optimize profitability, revenue and customer satisfaction by organizing a business around its customers. The key goals of CRM are to acquire new customers, retain existing customers, and grow each customer's lifetime value. It uses technology to capture and analyze customer data to gain insights and implement customer-centric processes and strategies across marketing, sales, and customer service. CRM systems have operational, analytical and collaborative components to automate interactions, analyze customer behavior, and improve communications. Implementing an effective CRM strategy can help businesses increase revenue through one-to-one marketing, enhance the value of the customer base, and improve the customer development process.

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    of 20

    CUSTOMER

    RELATIONSHIP
    MANAGEMENT

    SUNDARARAMAN S
    31509631056
    Definition –

     “A business strategy, the outcomes of which


    optimize profitability, revenue and customer
    satisfaction by organizing around customer
    segments, fostering customer satisfying behaviors
    and implementing customer-centric process.”
    Why CRM ?
     Businesses succeed by getting, keeping and
    growing customers
     Cost of acquiring a new customer is 5 times the
    cost of retaining an existing customer
     20-80 rule – top 20% of the customers often
    generate 80% of the profits
     Increase Customer Lifetime Value (CLV)
     The net present value of the stream of future profits
    expected over the customers’ lifetime purchases
    Key points on CRM
     CRM can be described as the development and
    implementation of a strategy for handling interactions
    with past, existing or future customers
     It covers all customer oriented activities from potential
    market identification through to customer loyalty
    retention
     It is technology enabled and involves data capture and
    analysis, information generation and distribution
     CRM is all about acquiring and retaining customers,
    improving loyalty, gaining customer insight and
    implementing customer focused strategies
    Functions of CRM
     Identify factors important to clients
     Promote a customer oriented philosophy
     Adopt customer based measures
     Develop end to end processes to serve customers
     Provide successful customer support
     Handle customer complaints
     Track all aspects of sales
     Create a holistic view of customers’ sales and
    service information
    Phases of CRM

    Get new customers through


    marketing communications

    Provide best service –


    make them know that they are valued
    by your organization

    Retain the customers by


    reducing defection, giving
    rewards
    Components of a CRM system
     There are three fundamental components in CRM
     Operational – automation of basic business processes
     Analytical – analysis of customer data and behavior
    using Business Intelligence
     Collaborative – communicating with clients
    Operational CRM
     Provides automated support to front office business
    processes (sales, marketing and service)
     Each interaction with a customer is added to a
    customer’s history
     Operational CRM involves three general areas
     Sales Force Automation (SFA) – automates sales force
    management tasks
     Customer Service and Support (CSS) – automates service
    requests, complaints, product returns and enquiries
     Enterprise marketing Automation (EMA) – provides
    information on the business environment like competitors,
    industry trends etc
    Analytical CRM
     It analyses the data with a view to identify means
    to enhance a company’s relationship with the
    clients
     The results of the analysis are used to design
    directed marketing campaigns, for e.g.
     Cross selling and up-selling
     Providing timely and regular information
     It is a continuing and iterative process
    Collaborative CRM
     It focuses on the interaction with customers and it
    includes
     Providing efficient communications to customers
    across a variety of communication channels
     Providing online services to reduce customer service
    costs
     Providing access to customer identification while
    interacting with the customers
    Features and Functions
     Technology Enabled Selling (TES)
     Marketing resource management
     Segment and List management
     Call Center management
     Trade Promotion Management
     Marketing Analytics
    CRM in Marketing
     CRM helps in promoting and developing one-to-
    one marketing
     CRM helps in increasing the value of the customer
    base
     CRM helps in facilitating the process of customer
    development
    One-to-One Marketing
     Identify your prospects and customers
     Differentiate your customers in terms of
     Their needs
     Their value to your company
     Interact with the customers to improve your
    knowledge about their needs
     Customize products, services and messages to each
    customer
    Increasing Customer Base Value
     Reducing the rate of customer defection
     Increasing the longevity of customer relationship
     Enhancing the growth potential of each customer
    by way of cross selling and up-selling
     Making low profit customers more profitable
     Focusing more on high value customers – birthday
    reminders, gifts or invitations to special events etc
    Customer Development Process
    Uses of CRM
     Providing on-line access to information and technical
    assistance around the clock
     Identify what customers value and devise appropriate
    strategies for handling the same
     Identifying potential problems before they occur
     Providing mechanism for handling customer
    complaints and problems
     Storing customer interests in order to target customers
    selectively
     Providing mechanisms for managing and scheduling
    repairs, ongoing support
    Examples
     Dell – mass customization
     Rolls Royce - Personalization
    CRM vendors
    CRM Vendor Revenue in Market share
    billion USD in %
    SAP 2.05 22.5
    Oracle 1.48 16.1
    Salesforce.com 0.96 10.6

    Microsoft 0.58 6.4


    Amdocs 0.45 4.9

    Source: Gartner, Inc (2009-06-15)


    References
     Kotler, Kelly, Koshy, Jha. Marketing Management,
    13th edition: A South Asian Perspective. Pearson
    Education, 2009.
     Alexis leon. ERP Demystified, 2nd edition. Tata
    McGraw Hill, 2009.
    THANK YOU

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