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When we start a small business, many people say use CRM software. But they don't know what is exactly CRM does. In this we will try to cover up all important aspect of the CRM. like what is CRM, their need, development, benefits, with example. Customer relationship management (CRM) is a structure for handling a company’s connections with existing and imminent customers. It often includes usage of virtual machinery to consolidate, program, and coordinate sales, marketing, customer service, and tech support. For more information visit: http://goo.gl/KOQudh
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Customer RelationshipManagement(CRM)
What is CRM1. CRM “is a business strategy that aims to understand,anticipate and manage the needs of an organisation’scurrent and potential customers
2. It is a “comprehensive approach which providesseamless integration of every area of business that touchesthe customer- namely marketing, sales, customer servicesand field support through the integration of people, processand technology”
3. CRM is a shift from traditional marketing as it focuseson the retention of customers in addition to the acquisitionof new customers
CRM Definition
CRM is concerned with the creation, development andenhancement of individualized customer relationshipswith carefully targeted customers and customergroups resulting in maximizing their total customerlife-time value”
The Purpose of CRM
The focus [of CRM] is on creating value for thecustomer and the company over the longer term
When customers value the customer service that theyreceive from suppliers, they are less likely to look toalternative suppliers for their needs
CRM enables organisations to gain ‘competitiveadvantage’ over competitors that supply similarproducts or services
Why is CRM important?Today’s businesses compete with multi-product offerings created and deliveredby networks, alliances and partnershipsof many kinds. Both retainingcustomers and building relationshipswith other value-adding allies is criticalto corporate performance
The adoption of C.R.M. is being fuelled by arecognition that long-term relationships with customersare one of the most important assets of an organisation
Why did CRM develop?The 1980’s onwards saw rapid shiftsin business that changed customerpower
Supply exceeded demands for mostproducts
Sellers had little pricing power
The only protection available to suppliers of goodsand services was in their relationships with customers
Organisations must become customerfocused
What does CRM involve?
Organisations must be prepared toadapt so that it take customer needsinto account and delivers them
Market research must be undertaken to assesscustomer needs and satisfaction
Strategically significantCustomers
Customer relationship managementfocuses on strategically significantmarkets. Not all customers are equallyimportant
Therefore, relationships should be built with customersthat are likely to provide value for services
Building relationships with customers that will providelittle value could result in a loss of time, staff andfinancial resources
Markers of strategicallysignificant Customers
Strategically significant customers need to satisfy atleast one of three conditions
Customers with high life-timevalues (i.e. customers that willrepeatedly use the service in thelong-term e.g. Nurses in ahospital library)Customers who serve as benchmarks for othercustomers e.g. In a hospital library consultants whoteach on academic courses
Information Technology and CRMTechnological approaches involvingthe use of databases, data miningand one-to-one marketing canassist organisations to increasecustomer value and their ownprofitability
This type of technology can be used to keep a recordof customers names and contact details in addition totheir history of buying products or using services
Information Technology and CRMExamples
Phone calls, emails, mobile phone text messages, orWAP services
Having access to customerscontact details and their service orpurchase preferences throughdatabases etc can enableorganisations to alert customers tonew, similar or alternative servicesor products
Benefits of CRMReduced costs, becausethe right things are beingdone (ie., effective andefficient operation)
increased customersatisfaction, becausethey are getting exactlywhat they want (ie.meeting and exceedingexpectations)
Ensuring that the focus of the organisation is external
Growth in numbers of customers
Maximization of opportunities (eg. increasedservices, referrals, etc.)
increased access to a source of market and competitorinformation
Highlighting poor operational processes
Long term profitability and sustainability
Implementing CRMWhen introducing ordeveloping CRM, astrategic review of theorganisation’s currentposition should beundertaken
Organisations need to address four issues
What is our core business and how will it evolve inthe future?
References1. Shaw, Robert, Computer AidedMarketing & Selling (1991) ButterworthHeinemann ISBN 978-0-7506-1707-9
2. a b Yun E. Zeng, H. Joseph Wen, David C. Yen, "Customerrelationship management (CRM) in business-to-business (B2B)e-commerce", Emerald 11, (2003).3. Bolton, Ruth N. (1998), “A Dynamic Model of the Duration ofthe Customer’s Relationship with a Continuous Service Provider:The Role of Satisfaction,” Marketing Science, 17 (1), 45–65.4. Fornell, Claes (1992), "A National Customer SatisfactionBarometer: The Swedish Experience", Journal of Marketing, 56(January), 6-22
5. How to find the Best CRM Software Visual.ly
Useful ResourcesIf you wish to learn more about CRM, the followingresources may be of use to you
CRM Guru
CRM Knowledge Base
CRM Today website
SalesBabu CRM Blog
Customer Management Community
en.wikipedia.org/wiki/Customer_relationship_management
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