Professionals who stand out in today’s business world are those who have mastered the ability to build trusted client relationships. With certain technologies making business interactions void of personal touch, the rules have changed. Expertise is essential but clients seek out those advisors they have confidence in and know they can depend on. Customer Relationship Management, also known as CRM, helps businesses successfully implement strategies, practices and technologies aimed at winning and retaining customers profitably. The objective of this business and management course is to equip you with a sound foundation of CRM concepts and best practices so you can implement CRM practices successfully for long-term profitability. Businesses aim to win and keep customers. Their competitors also seek to do the same. Even the most successful firms, with excellent marketing programs for attracting customers, have trouble with customer retention.
Business people started using the term Customer Relationship Management (CRM) since the early 1990s when the concept of business started to change from being transactional to relational. CRM directly contributes towards customer benefits and the growth of businesses. Information Technology plays a very critical role in identifying, acquiring, and retaining the customers, and thereby managing a healthy relationship with them.
Here in this chapter, we will discuss the very basics of CRM.
Ingredients of CRM
Analytics Business Reporting
Customer Service
Human Resource Management
Lead Management
Marketing
Sales Force Automation
Workflow Automation
Objectives of CRM
Improve Customer Satisfaction
Expand the Customer Base
Enhance Business Sales
Improve Workforce Productivity
History of CRM
CRM - Types
CRM systems are divided based on their prominent characteristics. There are four basic types of CRM systems −
Strategic CRM
Operational CRM
Analytical CRM
Collaborative CRM
CRM Software Buying Considerations
Business strategy and processes
Business requirements
Size of business
Customer base
Budget
Context
Sales channels
System integration
Strength of partners
CRM - Customer Relationships
What is Relationship?
Evolution of Customer-Supplier Relationship
Why a Business Wants Relationship with its Customers?
Relationship Management Theories
Theory by Industrial Marketing and Purchasing Group (IMP Group)
Theory by Nordic School
Theory by Anglo-Australian School
Theory by North American School
Theory by (Guanxi) Asian School
CRM - 21st Century Customers
Who is an Empowered Customer?
Customer Life Cycle
Consumer vs. Customer
Types of Customers
Customer Orientation
Customer Management Strategies
Customer Acquisition
CRM - Building Value for Customers
What is Value?
Customer’s Sacrifices
Value through Product Leadership
Value through Customer Intimacy
Value through Marketing Mix
CRM - Managing the Customers
The New Customers
Customer New to the Business Organization
Customer New to the Product or Service
Strategies for Customer Acquisition
CRM Tools for Customer Acquisition
Lead Management
Campaign Management
Event Based Marketing
CRM Analytics
Phases of Customer Development
Customer Discovery
Customer Validation
Customer Creation
Company Building
Strategies for Customer Retention
Negative Strategies
Positive Strategies
Which Customers a Business Should Retain?
CRM Tools for Customer Retention
Campaign Management Software
Data Mining
Event-based Marketing
Channel Integration
Market Optimizing Software
Strategies for Terminating Customer Relationship
Which Customer Relationship a Business Should Terminate?
Raise the Prices
Re-specify Product
Unbundle Offers
CRM - Implementing CRM Projects
Developing CRM Strategy
Situation Analysis
Building CRM Project Foundation
Identifying Business Processes
Specifying Requirements
Data Requirements
Technology Requirements
Creating Proposals
Selecting Partner
Implementing the CRM Project
Performance Evaluation
CRM - Customer Related Databases
What is Customer-Related Database?
Developing and Maintaining Customer-Related Database
.jpg)
.png)