Customer Relationship Management | My Assignment Tutor

CustomerRelationshipManagement(CRM)This Photo by Unknown Author is licensed under CC BY-SACustomer Relationship Management (CRM)• “CRM or Customer Relationship Management is a strategyfor managing an organisation’s relationships and interactionswith customers and potential customers. A CRM systemhelps companies stay connected to customers, streamlineprocesses, and improve profitability.” (Salesforce.com)• Managing detailed information about individual customersand carefully managing customer touch points tom maximizecustomer loyalty.Customer Relationship Management (CRM)• “CRM is an enterprise-wide mindset, mantra, and set ofprocess and policies that are designed to acquire, retain andservice customer. CRM is not a technology, thoughtechnology is a CRM enabler. It is also a customer-focusedbusiness strategy which aims to increase customersatisfaction and customer loyalty by providing a moreresponsive and customized service to each customer ”(Singh, 2017)Customer Relationship Management (CRM)• “The objective of a company is not really to prune its customer basebut to identify the programs and methods that would be the mostprofitable as it creates value for the firm and the customer. “ (Singh,2017)• “Customer Relationship Management is a comprehensive strategyand process of acquiring, retaining, and partnering with selectivecustomers to create superior value for the company and thecustomer. It involves the integration of marketing, sales, customerservice, and the supply-chain functions of the organization to achievegreater efficiencies and effectiveness in delivering customer value”(Singh, 2017)Customer Relationship Management (CRM)Objectives (Organization):1) Increase Revenue2) Improve global forecast and pipeline management3) Improve win probability4) Reduce cost of sales5) Increase sales representative productivity6) Promote sales representative retention(Singh, 2017)Customer Relationship Management (CRM)• Objectives (Customers):1) Customer Knowledge – meaning that firms focus on gatheringappropriate customer information, analysing customer data,training employees, etc. in order to improve the quality of servicesthey provide.2) Customer Interaction, meaning that firms focus on the interactionswith customers. For example, they provide quick and appropriateresponse to customer request, customizing products and services,etc.3) Customer Value, for example, customer retention improvement,increase of customer profitability.4) Customer Satisfaction, firms want to build long-term relationshipswith customers by improving the service quality.(Singh, 2017)Customer Relationship Management (CRM)• Identify customers1. Not all customer will be interested in forming a relationship with acompany2. Companies must identify their distinctive customers3. Marketers decide their market target and customer – segmentspresenting biggest opportunities(Singh, 2017)Customer Relationship Management (CRM)• Customer satisfaction measurement:1. Surveys2. Customer loss rate3. CompetitorsCustomer Relationship Management (CRM)• Capturing Value from Customers:Current and future sales, market share and profitsCreating superior customer value, generating highly satisfied customerswho stay loyal and buy more1. Customer loyalty and retention: Relationship Marketing -long term2. Growing share of customer: help marketers to increase the share ofcustomers purchasing in their products categories.3. Building customer equality: is the discounted lifetime value of all thecompany’s current and potential customers. Companies build customerequity by delivering products that create high customer satisfaction andhave high perceive value.(Kotler et all, 2010)Customer Relationship Management (CRM)• While CRM is traditionally seen as a sales tool, it can deliver powerfulbenefits across the organisation – from HR to customer service tosupply-chain management. (Salesforce.com)Customer Relationship Management (CRM)• Activity1 – Customer Data Storage2 – Group Discussion: Data Protection and PrivacyReferencingSalesforce.com. Available from https://www.salesforce.com/uk/learning-centre/crm/what-is-crm/[Accessed 7 November 2018].Singh, M. (2017). Iosrjournals.org. Available from http://www.iosrjournals.org/iosr-jbm/papers/Vol19-issue6/Version-6/G1906064753.pdf [Accessed 7 November 2018].Kotler, P., Bowen, J. and Makens, J. (2010). Marketing for hospitality and tourism. Boston: Pearson.