Customer relationship management (CRM) is a business strategy intended towards understanding, interacting, anticipate and respond to the needs of current and potential customers using technology to organize, automate, and synchronize business processes.
In
other words CRM describes the strategy that a company uses to handle customer
interactions.
The
e-CRM or electronic customer relationship management concept is derived from
ecommerce. (e-CRM) involves use of hardware and use of new web-based
technologies to handle customer interactions.
NEED & OBJECTIVES :
1.
To facilitate marketing and
sales process.
2.
To provide better customer
service.
3.
To attract new customers and
increase revenue.
4.
To cross sell products more
effectively.
5.
Lowering operations cost by
using CRM technology.
6.
To create better and consistent
customer experience.
7.
Understand customer needs
better and maintain long-term relation.
IMPORTANCE & BENEFITS :
1.
CRM strategies helps in winning
customer loyalty and confidence.
2.
Aids in providing personalized
products & services to customers.
3.
Acquiring better knowledge of
customers and their buying habits.
4.
Profiling of individual
customers is possible & this helps in segmentation.
5.
Can be used as an effective
tool against global competition.
6.
Developing better communication
channels.
7.
CRM system will also help in
expanding business operations.
8.
CRM helps in coping with the
increased numbers of customers & data.
SCOPE & CONTENTS :
1.
Companies adopting &
initiating CRM.
2.
Customers, suppliers and other
marketing channel partners of those companies.
3.
Vendors of CRM software: E.g.:
Oracle, SAP
4.
CRM application service
providers or software service providers.
5.
Vendors of CRM hardware and infrastructure.
6.
Management consultants.
STEPS IN CRM IMPLEMENTATION :
1.
Develop CRM strategy
2.
Building basic framework for
CRM initiatives.
3.
Need specification and partner
selection.
4.
Project implementation
5.
Evaluation of performance.
THE ROLE OF CRM CUSTOMER
RELATIONSHIP MANAGEMENT
:
