Customer Relationship Management !!! CRM


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Customer Relationship Management !!! CRM

  1. 1. Made By Prateek Bhargava May 26, 2009 Customer Relationship Management
  2. 2. Contents <ul><li>Definition </li></ul><ul><li>Goal Of CRM </li></ul><ul><li>CRM Objectives </li></ul><ul><li>Customer Focus Issues </li></ul><ul><li>CRM Phases </li></ul><ul><li>Business Benefits of CRM systems </li></ul><ul><li>Data Need for CRM </li></ul><ul><li>Keys to successful CRM implementation </li></ul>May 26, 2009
  3. 3. Definition <ul><li>“ An integration sales, marketing, and service strategy” .– Kalakota & Robinson </li></ul><ul><li>“ Co-ordination of all business processes to deal with customers”. </li></ul><ul><li>“ Methodologies, software and usually internet capabilities that help an organization manage customer relationships in an organized manner”. </li></ul>May 26, 2009
  4. 4. Goal of CRM <ul><li>Provide better customer service </li></ul><ul><li>Make customer support more efficient </li></ul><ul><li>Help sales staff close deals faster </li></ul><ul><li>Simplify marketing and sales processes </li></ul><ul><li>Discover new customers </li></ul><ul><li>Increase customer revenues </li></ul>May 26, 2009
  5. 5. CRM Objectives <ul><li>Uses existing customer relationship to grow revenue </li></ul><ul><li>Uses integrated information systems and services to better serve customer needs </li></ul><ul><li>Introduce excellent repeatable sales processes </li></ul><ul><li>Create new value system and instill loyalty </li></ul><ul><li>Pro-active strategy towards customer focus </li></ul><ul><li>Need to capture and analyze large amounts of customer data </li></ul><ul><li>Produce unique business experience for the customer </li></ul>May 26, 2009
  6. 6. Customer Focus Issues <ul><li>Customers are long term assets : </li></ul><ul><ul><li>Non-exploitable source of income </li></ul></ul><ul><ul><li>Good relationship brings better long term source of income </li></ul></ul><ul><li>It costs around 6 times more to sell to a new customer than an existing one </li></ul><ul><li>1 dissatisfied customer will tell other people </li></ul><ul><li>Company’s profit may be boosted by 85% by increasing annual customer retention by 5% </li></ul><ul><li>Customer centric business strategy </li></ul><ul><li>50% chance of making a sale to existing customer, while just 15% chance to a new customer </li></ul>May 26, 2009
  7. 7. Customer Focus Issues (Cont.) <ul><li>Creates an IT infrastructure that integrates all these processes with the rest of the company processes </li></ul><ul><li>Provide tools that enable the employees of the company to provide fast, convenient, dependable and consistent services to the customer </li></ul>May 26, 2009
  8. 8. CRM Phases May 26, 2009 CRM Customer Selection What criteria decides who will be our most profitable customers ? How can we acquire this customer in the most efficient way ? How can we keep this customer for as long as possible ? Customer Extension How can we increase loyalty & profitability of this customer ? Customer Acquisition Customer Retention
  9. 9. Business benefits of CRM systems <ul><li>Identify & target best customers </li></ul><ul><li>Real time customization & personalization of products & services </li></ul><ul><li>Keep Track of when customer contacts </li></ul><ul><li>Increase customer retention </li></ul><ul><li>Reduce cost of customer accusation </li></ul><ul><li>Improve cross selling of products and services </li></ul><ul><li>Provide consistent customer experiance </li></ul>May 26, 2009
  10. 10. Data Needed for CRM <ul><li>Responses </li></ul><ul><li>Shipping & fulfillment dates </li></ul><ul><li>Sales & purchase dates </li></ul><ul><li>Accounts information </li></ul><ul><li>Registration data </li></ul><ul><li>Service & support records </li></ul><ul><li>Demographic data </li></ul><ul><li>Sales data </li></ul>May 26, 2009
  11. 11. Keys to successful CRM <ul><li>Break your CRM into manageable pieces </li></ul><ul><li>Scalable architecture framework </li></ul><ul><li>Expandable systems </li></ul><ul><li>Thoughtful collection and storage of data </li></ul><ul><li>Recognition of individuality of customers </li></ul>May 26, 2009
  12. 12. May 26, 2009 Thank You