2. CONTENTS :
• Introduction to Customer Relationship
Management
• Definition of CRM
• Importance of CRM
• Stages from where the relationship
with customers can evolve
• Two attributes of a developed
relationship between supplier and
customer
3. Introduction to Customer Relationship
Management:
• CRM stands for Customer Relationship
Management.
• CRM introduced in 1993
• CRM is a strategy and technology that
is used to build stronger relationships
between organizations and their clients.
• The Customer support cycle is an
internal part of CRM system.
4. Definition of CRM :
“Customer Relationship Management is
Strategy used to learn more about
customers’ needs and behaviors in order
to develop stronger relationships with
them”
5. Importance of CRM :
Increase customer service levels
Improve efficiency of call centers
Cross-sell products more effectively
Help sales staff close deals quickly
Simplify marketing processes
Increase ROI
6. Stages from where the relationship
with customers can evolve
Exploration
Awareness
Expansion
Commitment
Dissolution
7. Two attributes of a developed
relationship between supplier and
customer
• Trust
• Commitment
8. o Trust :
• Trust means confidence and security in any
relationship and can be treated as the
biggest investment in building long term
relationships.
• As a result of knowing more about each
other, all the doubts and risks are
minimized and leads to inevitably smooth
business.
• Lack of trust on the other hand weakens
the relationship foundation and chances of
uncertainty and conflicts increases.
9. o Commitment :
• Commitment is yet another milestone that
should be achieved to set a long term
mutual relationship.
• Commitment can only be attained when
there is mutual trust and the two parties
share each other’s values.
• In a committed relationship both suppliers
and customers strive to uphold the
relationship and never want to exit which
in turn results in building the relationship
stronger and sharper.
10. Conclusion :
• CRM is based on the basic marketing
belief that an organization that knows
its customer like an individual.
• CRM is a system for capital investment
that integrates the strategy, marketing
and the IT
system.