INTRODUCTION CUSTOMER RELATIONSHIP MANAGEMENTCRM is a powerful functional area ofMarketing Management. It is thereforedesirable that one should have a relook at theconcept of marketing in some of itsevolutionary phases with the change in focusfrom products to relationships during the past50years. Marketing and the Marketingcommunication mix are changing. Newopportunities new threats, new tools andinnovations are emerging. The worlds morethan 650crore consumers and probably50crore industrial buyers are becomingincreasingly accessible. Marketing has movedfrom –Customers acquisition ( winning newcustomers ) toCustomers retention ( keeping customers forlife )
CustomerThere is only one boss. The customer! He can fire everybody in thecompany, from the chairman on down, simply by spending his moneysomewhere else. ------------- Sam Walton, founder of Wal-MartOur greatest asset is customer! Treat each customer as if they are onlyone! --------- LAURICE LEITAOCustomer is kingKnow your customer……to capture & retain them!If, we don’t take of our customers someone elsewill!
Phases & Determents of CRM ACQUIRE ENHANCE RETAIN TRUST VALUE
Retail sector opts for CRM Retail sector is Indian’s largest industry; this sector is valued at $200 billion account for over 10% of the country’s GDP and around 8% of the country’s employment. Modern retail has entered India as seen in sprawling shopping centers. According to Pareto’s principle 80% of sales from 20% of the customers. But this would happen if the retailer has the 20% as its most profitable customer and not just normal customer.
The following are the some of the examples where retail malls are followingPantaloon touch with its loyal customers throughmailers, SMS, telephone informing them about theirdevelopments and promotions.Shoppers stop known as the ‘first citizen card’ wherecustomer can enjoy reward points for every purchase.