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Understanding Customer Relationship Management (CRM) ?

CRM is a company-wide strategy to increase profitability through solidifying customer loyalty. It involves learning customer needs and behaviors to develop strong relationships. CRM brings together information from customers, sales, marketing, and market trends to understand performance. The core function of CRM is the value creation process, where customer relationships develop over time through trust, value, understanding needs, commitments, support, and honesty from salespeople.

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Muneesh Bhatnagar
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11 views

Understanding Customer Relationship Management (CRM) ?

CRM is a company-wide strategy to increase profitability through solidifying customer loyalty. It involves learning customer needs and behaviors to develop strong relationships. CRM brings together information from customers, sales, marketing, and market trends to understand performance. The core function of CRM is the value creation process, where customer relationships develop over time through trust, value, understanding needs, commitments, support, and honesty from salespeople.

Uploaded by

Muneesh Bhatnagar
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Understanding Customer Relationship Management (CRM)?

CRM is a company wide business strategy designed to reduce


cost and increase profitability by solidifying customer loyalty . It
is a strategy use to learn more about customers needs and
behaviour in order to develop strong relationship with them. The
more useful way to think about CRM is a process that will help
bring together lots of pieces of information about customer,
sales,marketing,effectiveness,response and market trend.
Determinants of CRM

In addition to trust and value, salespeople must:

Understand customer needs and problems;

Meet their commitments;

Provide superior after sales support;

Make sure that the customer is always told the truth


(must be honest); and

Have a passionate interest in establishing and retaining a long-


term relationship (e.g., have long-term perspective, (view)
Benefits of CRM
• 1-Customer satisfaction.
• 2-Increased revenue.
• 3-Quality product.
• 4-Increased customer retention and loyalty.
• 5-Increase demand and service..
Functions of Customer Relationship Management
Value Creation Process
Technology delivery process
•R&D
•Technology integration
Management •Efficiency, effectiveness
Decision learning
Process
Value-based
Customer sensitivity Product delivery process Strategies
•Concept to launch •Pricing
•Diversity •Manufacturing process •Communication
•Information
•Differentiated
offering Customer delivery process
•Supply chain
•Distribution
•Infomediation (distribution
of information)
Summary

CRM is a new business philosophy based on trust and value;

The core function of CRM is the value creation process;

Customer relationships develop over time;

The role of global salespeople in the process is that of both


relationship builders and relationship promoters;
Models of Customer Relationship Management
The Evans and Luskin (1994) model for effective
Relationship Marketing

Relationship marketing inputs


•Understanding customer expectations
•Building service partnerships
•Empowering employees
•Total quality management
Relationship marketing outcomes
•Customer Satisfaction
•Customer loyalty
•Quality products
•Increased profitability

Assessment state
•Customer feedback
•Integration
Summary

CRM is a new business philosophy based on trust and value;

The core function of CRM is the value creation process;

Customer relationships develop over time;

The role of global salespeople in the process is that of both


relationship builders and relationship promoters;

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