CUSTOMER RELATIONSHIP MANAGEMENT CRM:- CRM is broadly recognized and widely implemented strategy for managing and nurturing a company‟s interactions with customer‟s clients and sales prospects. It involves using technology to organize automate and synchronize business process – Principally sales activities, but also Those for marketing, Customer Services & technological support. When an implementation is effective, people, processes and technology work in synergy to increase profitability, and reduce operational costs.
Customer• There is only one boss. The customer! He can fire everybody in the company, from the chairman on down, simply by spending his money somewhere else. ------------- Sam Walton, founder of Wal-Mart• Our greatest asset is customer! Treat each customer as if they are only one! --------- LAURICE LEITAO• Customer is king• Know your customer……to capture & retain them!• If, we don‟t take of our customers someone else will!
SERVICE SECTOR For the last 30 years there has been a substantialshift. The primary and secondary sector to the tertiary sector inindustrialized countries. The tertiary sector is now the largestsector of the economy. The service sector consists of the „soft‟parts of the economy. Where people offer their knowledge andtime to improve productivity, performance, potentials the basiccharacteristic of this sector is the production of services instead ofend products.
CRM IN SERVICE SECTOR The service sector is receivingmuch deserved attention resulting from itsinevitable role in a country‟s economicdevelopment. Where it is mainly focusingof developing an inbound relationshipwith the customer. Which helps in terms ofretaining the customer. Because service isan “intangible good” includeattention, advice, experience, discussion.The scope of CRM in service sector is vastwhere it includes Govt, health care /hospitalityeducation, banking, insurance, financial, legal, consulting, newsmedia, hospitality(restaurants, hotels, casinos ), tourism, retail sales etc.,
Hospitality opts for CRM :-• Developing CRM strategies• Information and Communication Technologies(ICT)• CRM based market research
Health Care Industry opts for CRM Communication Services Data base Construction CRM for Physicians Consulting Services
Information Technology opts for CRM • Customertouch points • Application server • Data stores
Telecom sector opts for CRM• Customer service is Key to sales and loyalty• Customer service become the differentiator
CONCLUSION• Customer Relationship Management entails all aspects of interaction a company has with its customer, whether it is sales or service related; it starts with the foundation of relationship marketing. CRM is a systematic approach towards using information and ongoing dialogue to built long lasting mutually beneficial customer relationship. From the above all available data it is clear that how CRM is placing a vital role in service sector. So, it makes more strengthen this sector.
Closing Comments• CRM requires a cultural change with organizations.• CRM can be enabled by technology, but this alone will not deliver business benefits – change management is vital.• The customer experience needs to be consistently enhanced.• Its an ongoing business process and will create sustainable competitive advantage. Remember“ If you arent listening to your customer, your competitors will.”