Customer Relationship Management (CRM).pptx

Customer Relationship Management

1. CUSTOMER RELATIONSHIP MANAGEMENT Dr . t. sathiya SHEILA, M.Com ., M.Phil. , MBA., Ph.D , Assistant Professor and head, department of bba , E.M.G.yadava women’s college, madurai

2. INTRODUCTION Customer‘s expectations are now not only limited to get best products and services, they also need a face-to-face business in which they want to receive exactly what they demand and in a quick time. CRM is a business strategy directed to understand, anticipate and respond to the needs of an enterprise's current and potential customers in order to grow the relationship value. The Customer Relationship Management is the procedure that is crucial for every business.

3. Definition of Customer relationship management “A tool to turn current and new customers into regularly purchasing client and then progressively move them through being strong supporters of the company and its products to finally being active and vocal advocate for the Company “ -Christopher et al “Selling by using psychological rather than economic inducements to attract and retain customers. It seeks to personalize and appeals to the hearts, Minds and purses of the mass customer” - James L lynch

4. What is cRM CRM methodology enable station to understand the customers needs and behaviour better. It introduce reliable processors and procedures for interacting with customers and developed stronger relationship with them.The process help organisation in assimilating information about customers, sales,marketing effectiveness, responsiveness and market trends. The whole Process is designed to reduce cost and increase profitability by holding on the customers loyality.

5. The CRM Cycle The CRM cycle is as follows 1. Obtaining information from customers 2. Creating superior customer value 3. Building loyal customers 4. Acquisition of new customers 5. Working towards increased profitability

6. Example “Henrys General Store” Henry is a young entrepreneur who owns a general store located in an urban settlement. But it’s no ordinary general store. Henry knows his regular customers and takes good care of them. Customer Eduard is approaching the store and Henry sees him from the window (process of identification ). Eduard enters the store and Henry kindly greets him and addresses him by his name (personalization) . Henry remembers what Eduard usually buys, that he has a wife and two kids (customer data) . During the shopping Henry talks with Eduard and gently tries to gather additional information (establishing relationship, possibility for cross- selling, analysis ). Eduard appreciates the interest and personal approach and returns often to this store. Henry is thanks to all this in4formation always able to offer him exactly the goods he needs. Another advantage for Eduard is the time saving if he is in a hurry because Henry knows his needs and can serve him faster as well as allow him to leave a debit (trust based on long-term relationship)

7. CRM is all about Acquiring customers Keeping customers Growing your customers Growing your business

8. Why CRM ? CRM is basically methodology and software that helps an enterprise manage customer relationship in an efficient way CRM includes all business processes like sales ,marketing and service that serve the customer in everyday business activities. CRM basically help in gaining the trust of customers through more efficient customer service Effective CRM delivers this personalized service that customer expect with its quick response what comes from an efficient customer database.

9. CRM PROCESS

10. Objectives of CRM To simply marketing and sales Process To make call centre’s more efficient To provide better customer service To discover new customer and increase customer revenue To cross sell products more effectively

11. Why organisation lose their customers? Price- related reasons Product- related reasons Service- related reasons Benefit- related reasons Competitor – related reasons Personal reasons

12. CUSTOMER RESPONSE

13. Types of CRM Operational CRM Analytical CRM Collaborative CRM Sales intelligence CRM Campaign management CRM

14. Operational Crm Operational CRM means supporting the front office business processes which include all customer contact (sales ,marketing and service) . task resulting from these process are forwarded to employees responsible for them as well as the information necessary for carrying them out. interfaces to back end applications are provided in activities with customers or document that for the reference.

15. Analytical crm Analytical CRM generally makes heavy use of data mining and other techniques to produce useful resource for decisions making

16. Collaborative crm Collaborative CRM includes a suit of customer interaction of software such as email management and conferencing tools. collaborative CRM takes things a stage further ,and provides a point of interaction between customers ,staff and business partners, through new and traditional ground web technologies.

17. Sales intelligence crm Cross / selling / up selling/ switch selling opportunities Customer drift Sales performance Customer trends Customer margins Customer alignment

18. Campaign management Target groups from the client database according to selected criteria Sending campaign related material( e.g., on special offers) to selected recipients using various channels, eg., e- mail , telephone, SMS. Tracking, storing and analyzing campaign statistics, Including Tracking responses and analyzing trends

19. Crm in marketing Customer relationship management (CRM) marketing is a term referring to the strategies and tactics, as well as to the technologies supporting the execution of said strategies and tactics, marketers use in order to manage the relationship with their customers throughout the customer lifecycle.

20. E- crm Electronic CRM concerns all forms of managing relationship with customers making use of information technology(IT) E-crm provides to companies a means to conduct interactive ,personalized and relevant communication with customers. Respecting each preferences regarding how and weather they wish to communicate with you As internet is becoming more and more important in business life, many companies consider it as an opportunity to reduce customer service costs.

21. Crm implementation Identify Why Your Organization Needs a CRM System Research the Many Vendors in the CRM Bracket To Find One That Will Be a Good Fit for Your Organization Instill Good Businesses Practices Before Implementing Your CRM System Create a Formula To Assess the System’s Benefits for Your Company Identify Which Areas Within Your Organization Will Use the System Develop a Realistic Budget That Accounts for All Expenses Associated With the Implementation of CRM System For the First Phase of Your CRM Implementation, Estimate How You Might Want the System To Evolve in the Future After the First Phase of CRM Implementation, You Can Consider Additional Phases for Rollout Evaluate Whether You Will Need the System To Interact With Other Software, Such as Your Accounting or Human Resource Systems Implement the CRM System With a Trickle Down Approach

22. Success stories of implementation of crm in india  Asher College- CRM for greater student engagement .  BYJU’S – Using CRM to measure every step of the process Meesho – CRM for better seller management   NestAway – CRM for zero lead leakage