Customer relationship management
Customer Relationship Management: Comp-De. Customer relationship management (CRM) is a combination of organizational strategy, information purchased and implemented single-function client/server systems to support a particular. implement relationship management due to a lack of a clear description and activities that convert organizational inputs (e.g., human resources) into desired. Health Mark Q. ;24() doi: / The organization and implementation of relationship management. Wise K(1).
Customer Relationship Management
Customer Service The customer service function in your company represents the front office functions that interact with your customers.
These are the business processes that allow your company to sell products and services to your customers, communicate with your customers with regards marketing and dealing with the after sales service requirements of your customers.
Each interaction with the customer is recorded and stored within the CRM software where it can be retrieved by other employees if needed. The sales force automation functionality of CRM software allows the sales teams to record each contact with customers, the details of the contact and if follow up is required. This can provide a sales force with greater efficiencies as there is little chance for duplication of effort.
The ability for employees outside of the sales team to have access to this data ensures that they have the most recent contact information with customers.
This is important when customers contact employees outside of the sales team so that customers are given the best level of customer service. Campaign Management The sales team approach prospective customers in the hope of winning new business. The approach taken by the sales team is often focused in a campaign, where a group of specific customers are targeted based on a set of criteria. These customers will receive targeted marketing materials and often special pricing or terms are offered as an inducement.CRM Customer Relationship Management - Marketing Video Lecture by Prof Vijay Prakash Anand
CRM software is used to record the campaign details, customer responses and analysis performed as part of the campaign. In today's fast-paced, competitive business environment it's more important than ever to create and maintain long-lasting business relationships. Today, CRM manages business processes spanning sales, support, and marketing creating effective customer interactions. Given the purpose of CRM, the functionality is straightforward, and the benefits of successful deployments clearly generate value and profitability for any company.
Great CRM solutions need to encourage users to interact with the application as well as be in-tune with the business and IT cost-saving needs.
For the up to date CRM to be world class it needs to be revolutionary in market incursion and evolutionary in technological up gradation. Today the major business focus is towards endowing value addition to the sales cycle, and customer retention rather than constructing a new customer base which is costlier and also an uncertain chase from business perspective.
Customer Relationship Management
The basic philosophy behind CRM is that a company's relationship with the customer would be the biggest asset in the long run. Before implementing any Customer Relationship Management solution in the organization there are many Question's which need a comprehensive explanation from the users' point of view What is the added value preposition of the CRM to the organization?
What would be the environment under which the implementation would be done? How would the synergies be reflecting in the processes of the company? These are mere stencils of the holistic scenario prevalent right now, and are to a great extent a factor which harms the opportunities of long term survival for any CRM vendor.
Below are listed the following building blocks for successful CRM projects: Vision The board must take leadership in creating a CRM vision for the enterprise. Strategy The CRM strategy is all about how to build and develop a valuable asset: It must set objectives and metrics for attaining that goal.
It directs the objectives of other operational strategies and the CRM implementation strategy. Customer experience The customer experience must be designed in line with the CRM vision and must be constantly refined, based on actively sought customer feedback.
Organizational collaboration Changes to organizational structures, processes, metrics, incentives, skills, and even the enterprise culture must be made to deliver the required external customer experience.
Ongoing change management will be key. Process Successful customer process reengineering should create processes that not only meet customers' expectations and support the customer value proposal, but also provide competitive differentiation and contribute to a designed customer experience.
Information Successful CRM demands the creation of a customer-information blood supply that flows around the organization, as well as tight integration between operational and analytical systems.
Technology CRM technologies form a fundamental part of any enterprise's application portfolio and architecture. CRM application needs should be considered as the provision of integrated functionality that supports seamless customer-centric processes across all areas of the enterprise and its partners. Without performance management ,a CRM implementation will fail. To be customer-centric, companies need to collect and store meaningful information in a comprehensive customer database.
A customer database is an organized collection of information about individual customers or prospects. The database must be current, accessible, and actionable in order to support the generation of leads for new customers while supporting sales and the maintenance of current customer relationships.
Smart organizations are collecting information every time a customer comes into contact with the organization. Based on what they know about the individual customer, organizations can customize market offerings, services, programs, messages, and choice of media. Also, this database should be available to any organizational units that have contact with the customer.
CRM has also grown in scope. CRM initially referred to technological initiatives to make call centers less expensive and more efficient. Now, a lot of organizations are looking at more macro organizational changes.
Organizations are now asking how they can change their business processes to use the customer data that they have gathered. CRM is changing into a business process instead of just a technology process. Use of the term CRM is traced back to that period. In the mids CRM was originally sold as a guaranteed way to turn customer data into increased sales performance and higher profits by delivering new insights into customer behaviors and identifying hidden buying patterns buried in customer databases.
Instead, CRM was one of the biggest disappointments of the s. Some estimates have put CRM failure rates as high as 75 percent. But more than a decade later, more firms in the United States and Europe are appearing willing to give CRM another try.
A study by the Gartner Group, found 60 percent of midsize businesses intended to adopt or expand their CRM usage over the next two years. Partially the renewed interest is due to a large number of CRM vendors that are offering more targeted solutions with a wider range of prices and more accountability.
Even though CRM started in the mids, it has already gone through several overlapping stages. Originally focused on automation of existing marketing processes, CRM has made a major leap forward to a customer-driven, business process management orientation. CRM initially meant applying automation to existing marketing activities and processes.
However, automating poorly performing activities or processes did little to improve the quality of the return on investment. In the second stage, organizations demanded more cross-functional integration to create a holistic view of their customers' relationships.
Also, the integrated system's goal was to provide a single-face to the customer by enabling employees to work from a common set of customer information gathered from demographics, Web hits, product inquiries, sales calls, etc. Cross-functional integration allowed the whole organization to take responsibility for customer satisfaction and allowed for better predictive models to improve cross-selling and improved products and delivery options.
The third stage of CRM was heavily influenced by the Internet. Customer self-service and Internet-based systems became the next big thing in CRM. However, there were obstacles caused by a lack of seamless integration into the organization's operational systems and a lack of integration across customer touch points such as call centers, web transactions, and other various interactions.