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Customer Relationship Management System
o CRM introductiono Functioning targets and roleso Aspects of CRMo Architectureo Strategieso Pitfalls
What I am going to discuss?
WHAT IS CRM?
The process of managing the detailed information about individual customers and carefully managing all the customers ‘touch point’ with the aim of maximizing customer loyalty.
People
Process
Technology
CRM
Customer acquisition
Value
Rela
tionsh
ip
Retention
Loyalt
y
Why CRM is required ?
Customer focus
Primary Concern of any businessRevenue generation
Satisfaction Delight Experience
Relationship building
High acquisition cost Low retention cost
Long term gains
Management
Product delivery Satisfaction
Measure and manage Customer profitability
Customer-centric
Other element-Communication component
Communication channel
Customer
Company
CUSTOMER INTERACTION
Mobile
Web
Call center
Fax
Face to face
FUNCTIONING TARGETAND
ROLES
C R MFunctioning
targets
1. Relationship building2. Customer service and support3. Built loyalty in customers4. Personalization5. Management and quality related service.6. Customer-focused organization7. Identifying high value customers
Role of CRM system
Still, why to spend on Customer-retention rather than customer acquisition ???
Acquisition of Customer Retention of Customer
3% increase in profits 17% increase in profits
Cost is very high Cost is very low
Life cycle is short Life cycle is long
Short term profit Long term profit
Unpredictable value chain building
Value chain building
Acquisition or Retention
Any Questions?
Thank you
