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Emerging Concepts Of: and Need For

CRM stands for customer relationship management. It is a process that builds, develops, and maintains long-term relationships with customers to create superior value for both the company and customers. Emerging concepts in CRM include web-enabled integrated systems that combine customer information, databases, point-of-sale systems, customer support automation, call centers, and lifetime customer value analysis. Technology is also increasingly used in CRM through tools like electronic point-of-sale, sales force automation, customer service help desks, call centers, and systems integration between front-office CRM solutions and back-office ERP systems. Companies implement CRM to retain customers, build relationships, gain competitive advantages over competitors, and maximize long-term customer lifetime

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118 views

Emerging Concepts Of: and Need For

CRM stands for customer relationship management. It is a process that builds, develops, and maintains long-term relationships with customers to create superior value for both the company and customers. Emerging concepts in CRM include web-enabled integrated systems that combine customer information, databases, point-of-sale systems, customer support automation, call centers, and lifetime customer value analysis. Technology is also increasingly used in CRM through tools like electronic point-of-sale, sales force automation, customer service help desks, call centers, and systems integration between front-office CRM solutions and back-office ERP systems. Companies implement CRM to retain customers, build relationships, gain competitive advantages over competitors, and maximize long-term customer lifetime

Uploaded by

anikethroy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Emerging concepts of CRM

and Need for CRM

Group-B Aniket Hemant Rohit Kiran Amrit Pratyush

Introduction:
What is CRM? What are the emerging concepts of CRM? Why do we need CRM?

Definition:
CRM is a process, strategy, technique which is used to build, develop, maintain long term relationship with customers. It creates a superior value for the company and the customers.

Emerging concepts in CRM:


1. WEB-ENABLED INTEGRATED CRM Customer information system Customer Database Electronic point of sale Sales Force Automation of Customer Support Processes Call Centres Systems Integration Lifetime Value of Customer

Continuation
2. USE OF TECHNOLOGY IN CRM EPOS (Electronic Point of sale) Retail scanners are accurate and timely and can provide sales rate, stock levels, stock turn, price and margin, demographics, socio-economic and lifestyle characteristics This drives choice of products, allocation of shelf space, and number of facings, etc. Sales Force Automation has improved sales to shorten the sales cycle and increase productivity by efficient tracking of leads, contacts and sales forecasting.

Continuation
Customer Service Helpdesk can provide more information on product and improve skills to use them, also deal with customer problems, enquiries, suggestions and software can raise the quality of response Call Centres can be integrated to automatic phone systems like EPABX to allow automatic routing to agents, self-service Interactive Voice Response systems specially used by banking, telecom and hospitality Systems Integration of CRM solutions at the front office and ERP at back office for automating the key functions Every business can now electronically link with end customers

Application of CRM in Real World


On-line Banking Charles Schwab and Merrill Lynchs on-line investment programs Direct selling of books, automobiles and insurance Growth of service economy and total quality management have driven adoption of CRM Partner relationship with suppliers and customers for TQM, JIT and MRP seen at Toyota, GM , IBM, Ford and Motorola.

Purpose of CRM:
The focus (of CRM) is on creating value for the customer and the company over the longer term. When customers value the customer service that they receive from companies, they are less likely to look for alternatives for their needs . CRM enables organisations to gain competitive advantage over competitors that supply similar products or services.

Need for CRM:


Todays businesses compete with multi-product offerings created and delivered by networks, alliances and partnerships of many kinds. Both retaining customers and building relationships with other valueadding allies is critical to corporate performance. The adoption of CRM is being fuelled by a recognition that long-term relationships with customers are one of the most important assets of an organisation.

Continuation
AQURING CUSTOMERS MAKE THEM BUY

CRM
CUSTOMER RETENTION REPEAT BUYING

MAXIMISING LIFE TIME VALUE

INCREASING LOYALTY

Continuation
A CRM system consists of a historical view and analysis of all the acquired or to be acquired customers. This helps in reduced searching and correlating customers and to foresee customer needs effectively and increase business. CRM contains each and every bit of details of a customer, hence it is very easy for track a customer accordingly and can be used to determine which customer can be profitable and which not. All the details in CRM system is kept centralized which is available anytime on fingertips. This reduces the process time and increases productivity

Continuation
A 2009 study by the Harvard Business Review showed that US companies lose 50 percent of their customers every five years. Thats almost 10 percent each year! Why? Two-thirds of respondents attributed it to poor customer care.

Continuation
reduced costs, because the right things are being done (i.e.., effective and efficient operation) increased customer satisfaction, because they are getting exactly what they want (i.e.. meeting and exceeding expectations) ensuring that the focus of the organisation is external growth in numbers of customers maximisation of opportunities (e.g.. increased services, referrals, etc.) increased access to a source of market and competitor information highlighting poor operational processes long term profitability and sustainability

Thank You

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