The document provides an overview of customer relationship management (CRM). It discusses the importance of maintaining good relationships with customers in today's competitive business environment. The goals of CRM are to convert prospects into first-time customers, repeat customers, clients, advocates, and ultimately partners. Implementing CRM requires identifying customers, differentiating them, interacting with them, and customizing offerings. The textile industry stands to benefit from CRM given its business-to-business model and need for customization and quality control. Introducing CRM requires steps like identifying and differentiating customers and tailoring interactions and offerings to individual needs.
1. Definition and importance of Relationship Marketing
2. Evolution of Relationship Marketing
3. Fundamental Principles of Relationship Marketing
4. Expanded Marketing Mix
5. Drivers of Relationship Marketing
6. Elements of Relationship Marketing: Quality, Customer Service and Marketing
1. Definition and importance of Relationship Marketing
2. Evolution of Relationship Marketing
3. Fundamental Principles of Relationship Marketing
4. Expanded Marketing Mix
5. Drivers of Relationship Marketing
6. Elements of Relationship Marketing: Quality, Customer Service and Marketing
Impact of Service Quality on Customer Loyalty of Domestic Pumpspaperpublications3
Abstract: Service quality deals with the customer expectation and actual treatment. Better the service quality, higher will be the customer satisfaction. This can gain more and more customers and more loyal customers. The major advantage of loyal customers is that these customers will not leave because of any small reason or any minor fluctuations in company’s performance. This study is restricted to a single product domestic pump and will investigate the role of service quality in creating loyal customers.
Keywords: Service quality, Customer loyalty, Domestic pumps.
Title: Impact of Service Quality on Customer Loyalty of Domestic Pumps
Author: FAZEEN RASHEED A K
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
Relationship Marketing - Your Customers Are Human - lecture for City of Scott...Mike Jones ⚡
This was a lecture I gave to a small business course put together by the City of Scottsdale with Francine Hardaway and Philip Blackerby of Stealthmode Partners.
Marketing in our digital world is getting increasingly noisy. And while Inbound Marketing has done a great job of helping focus businesses on creating content (rather than just ads), it has some flaws. In this presentation we'll look at the pros and cons of Inbound Marketing and help put a new relationship-first framework together that will help businesses serve their customers well with their marketing content. The end result? More customers who are more loyal and more likely to share and refer your content and your business with others.
Customer Relationship Management and Banking Sector Market Share performanceinventionjournals
The influence of customer relationship management (CRM) on Nigeria banking sector market share performance is the focus of this study. It examined the influence of customer identification, customer retention and technology on customer relationship management and banks market share performance. The ever increasing competition and dynamics in the market place and the need for banks to survive, grow and meet the stakeholders objectives calls for a meaningful long lasting relationship between marketers and all other stakeholders in the organisation. The population of this study consists of all 617 headquarters employees of the 21 deposit money banks in Port Harcourt metropolis that is registered with Nigeria Deposit Insurance Corporation (NDIC); while the sample size of 243 determined through the Tara Yamani formula. Questionnaire was used as an instrument for primary data collection. The Spearman’s Rank Order Correlation was the statistical technique employed for hypothesis testing in the statistical package for social sciences (SPSS) version 17. The findings of this study revealed that there is significant relationship between customer identification, retention, and market share; while technology positively influence CRM and bank market share performance. Customer identification and retention are dimensions of CRM, while market share is the measure of performance, with technology as moderating variable influence between CRM as a measure of bank performance. It is therefore noted that banks will have better competitive advantage when all relevant stakeholders appreciate and demonstrate these customer relationship management strategies with a view of achieving the desired corporate objectives.
ghj nvbhcgh fghcfghc ghcg hgvh ghcgh ghhcv bjgvj ghgjgj hgchc fghcgh ghcgjhcg ngjhvj gjj ngvjfvj n gvjhcgj gcgjhcvcchv cfhch b hcgjhc gjj hjhcjcjc hccchc hcfhchc ncfghcfhcf 4545
455
6466
4646466
646
4543
5464
464646
46466
hjtyjtjku iu
r,
jymu
umt
cn utyuirt iuyi,y
ioy
i
yu
i
yu
ty
u
ty
u
tyu
ty
u
.
gi
ty
u
dr
u
ty
u.
t
u.
Impact of Service Quality on Customer Loyalty of Domestic Pumpspaperpublications3
Abstract: Service quality deals with the customer expectation and actual treatment. Better the service quality, higher will be the customer satisfaction. This can gain more and more customers and more loyal customers. The major advantage of loyal customers is that these customers will not leave because of any small reason or any minor fluctuations in company’s performance. This study is restricted to a single product domestic pump and will investigate the role of service quality in creating loyal customers.
Keywords: Service quality, Customer loyalty, Domestic pumps.
Title: Impact of Service Quality on Customer Loyalty of Domestic Pumps
Author: FAZEEN RASHEED A K
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
Relationship Marketing - Your Customers Are Human - lecture for City of Scott...Mike Jones ⚡
This was a lecture I gave to a small business course put together by the City of Scottsdale with Francine Hardaway and Philip Blackerby of Stealthmode Partners.
Marketing in our digital world is getting increasingly noisy. And while Inbound Marketing has done a great job of helping focus businesses on creating content (rather than just ads), it has some flaws. In this presentation we'll look at the pros and cons of Inbound Marketing and help put a new relationship-first framework together that will help businesses serve their customers well with their marketing content. The end result? More customers who are more loyal and more likely to share and refer your content and your business with others.
Customer Relationship Management and Banking Sector Market Share performanceinventionjournals
The influence of customer relationship management (CRM) on Nigeria banking sector market share performance is the focus of this study. It examined the influence of customer identification, customer retention and technology on customer relationship management and banks market share performance. The ever increasing competition and dynamics in the market place and the need for banks to survive, grow and meet the stakeholders objectives calls for a meaningful long lasting relationship between marketers and all other stakeholders in the organisation. The population of this study consists of all 617 headquarters employees of the 21 deposit money banks in Port Harcourt metropolis that is registered with Nigeria Deposit Insurance Corporation (NDIC); while the sample size of 243 determined through the Tara Yamani formula. Questionnaire was used as an instrument for primary data collection. The Spearman’s Rank Order Correlation was the statistical technique employed for hypothesis testing in the statistical package for social sciences (SPSS) version 17. The findings of this study revealed that there is significant relationship between customer identification, retention, and market share; while technology positively influence CRM and bank market share performance. Customer identification and retention are dimensions of CRM, while market share is the measure of performance, with technology as moderating variable influence between CRM as a measure of bank performance. It is therefore noted that banks will have better competitive advantage when all relevant stakeholders appreciate and demonstrate these customer relationship management strategies with a view of achieving the desired corporate objectives.
ghj nvbhcgh fghcfghc ghcg hgvh ghcgh ghhcv bjgvj ghgjgj hgchc fghcgh ghcgjhcg ngjhvj gjj ngvjfvj n gvjhcgj gcgjhcvcchv cfhch b hcgjhc gjj hjhcjcjc hccchc hcfhchc ncfghcfhcf 4545
455
6466
4646466
646
4543
5464
464646
46466
hjtyjtjku iu
r,
jymu
umt
cn utyuirt iuyi,y
ioy
i
yu
i
yu
ty
u
ty
u
tyu
ty
u
.
gi
ty
u
dr
u
ty
u.
t
u.
Slide share Institute for Quality Assurance London - QualityWorld Customer ...Dr. Ted Marra
Another classic article on Customer Focus - while a number of approaches have evolved over the years, the foundation elements remain unchanged. Again, many organisations 'talk a good game' when it comes customers, customer focus or customer centricity. But as we all know, 'talk is cheap' and 'talk' alone doesn't get the job done. One needs to understand the true requirements for being customer focused. One needs a 'strategic customer relationship management' system as discussed in other of my SlideShare uploads. Hopefully you will find that this article helps to continue to provide a 'directionally correct' viewpoint! Enjoy!
Notes
13 Teams
__
Average talent teams that get along well with each other are more productive than gifted teams that don’t get along. It doesn’t matter how well a team with low emotional intelligence is in control of the numbers. They can’t even decide what to try to do.
14 Stress
___
Difficulties at work and in our relationships put us under stress. Stress makes it difficult for us to find solutions to problems. When we can’t find solutions to problems, we get more stressed. To get rid of this dead end, we need to know how to manage our stressful situations.
15 Marriage
____
The secret of long and happy marriages is sincerity in your feelings. If your marriage was not built on this basis of intimacy from the very beginning, it will begin to crack over the years. Even small problems become unsolvable. You have to be emotionally open at the beginning of the road.
16 Leadership
______
Leadership does not mean dominance. Leading your colleagues to a common goal and making them believe in the reality of this purpose. Successful leaders are those who can keep their team’s motivation alive for many years. You have to make them desire the work to be done.
17. Emotions Are All Normal
___
Anger, hatred, love, happiness… You can understand when and under what circumstances these feelings will emerge by following yourself. You may have these feelings depending on how you interpret the events you encounter. The important thing is to be able to react independently of your feelings. You may find yourself making promises that you cannot keep because you are happy, or you may resort to violence when you are angry.
18/ Being able to Express Your Emotions
____
Not everyone’s level of empathy can be very good. You may be in a difficult situation immediately. You may feel bad, but people may not understand it. In these situations, you may need to express your feelings a little more directly.
19/You Are Not Your Emotions
______
Keep doing what you need to do, no matter how you feel. Success is achieved by people who cannot give up no matter what their feelings and thoughts are. Don’t let your feelings affect your actions.
20/ Timing
__
As soon as you feel a different emotion, try to think before you act. Because emotional intelligence moves faster than rational intelligence, it can make you act irrationally and make you say any unnecessary words.
Thanks for reading
~ 𝗧𝗼𝗻𝗴𝘀𝗮 𝗚𝘂𝘆
Book:- https://amzn.to/3XsVTz2.
Mnm
13 Teams
__
Average talent teams that get along well with each other are more productive than gifted teams that don’t get along. It doesn’t matter how well a team with low emotional intelligence is in control of the numbers. They can’t even decide what to try to do.
14 Stress
___
Difficulties at work and in our relationships put us under stress. Stress makes it difficult for us to find solutions to problems. When we can’t find solutions to problems, we get more stressed. To get rid of this dead end, we need to know how to manage our stressful situations.
15 Marriage
____
The secret of long and happy marriages is sincerity in your feelings. If your marriage was not built on this basis of intimacy from the very beginning, it will begin to crack over the years. Even small problems become unsolvable. You have to be emotionally open at the beginning of the road.
16 Leadership
______
Leadership does not mean dominance. Leading your colleagues to a common goal and making them believe in the reality of this purpose. Successful leaders are those who can keep their team’s motivation alive for many years. You have to make them desire the work to be done.
17. Emotions Are All Normal
___
Anger, hatred, love, happiness… You can understand when and under what circumstances these feelings will emerge by following yourself. You may have these feelings depending on how you interpret the events you encounter. The important thing is to be able to react independently of your feelings. You may find yourself making promises that you cannot keep because you are happy, or you may resort to violence when you are angry.
18/ Being able to Express Your Emotions
____
Not everyone’s level of empathy can be very good. You may be in a difficult situation immediately. You may feel bad, but people may not understand it. In these situations, you may need to express your feelings a little more directly.
19/You Are Not Your Emotions
______
Keep doing what you need to do, no matter how you feel. Success is achieved by people who cannot give up no matter what their feelings and thoughts are. Don’t let your feelings affect your actions.
20/ Timing
__
As soon as you feel a different emotion, try to think before you act. Because emotional intelligence moves faster than rational intelligence, it can make you act irrationally and make you say any unnecessary words.
Thanks for reading
~ 𝗧𝗼𝗻𝗴𝘀𝗮 𝗚𝘂𝘆
Book:- https://amzn.to/3XsVTz2.
MBA Projects, synopsis, and synopsis of various regular as well as distance learning undergraduate and postgraduate courses for various institutions like SMU – Sikkim Manipal University, SMUDE, AIMA, AMITY, IGNOU, SCDL, JAMIA, AMU, JHU etc.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
CRM, subject notes as per the syllabus of Osmania university, this notes are very useful for the students pursuing any subject of customer relationship management courses, this can also be used by practitioners in the file of service sector
Videos are more engaging, more memorable, and more popular than any other type of content out there. That’s why it’s estimated that 82% of consumer traffic will come from videos by 2025.
And with videos evolving from landscape to portrait and experts promoting shorter clips, one thing remains constant – our brains LOVE videos.
So is there science behind what makes people absolutely irresistible on camera?
The answer: definitely yes.
In this jam-packed session with Stephanie Garcia, you’ll get your hands on a steal-worthy guide that uncovers the art and science to being irresistible on camera. From body language to words that convert, she’ll show you how to captivate on command so that viewers are excited and ready to take action.
The session includes a brief history of the evolution of search before diving into the roles technology, content, and links play in developing a powerful SEO strategy in a world of Generative AI and social search. Discover how to optimize for TikTok searches, Google's Gemini, and Search Generative Experience while developing a powerful arsenal of tools and templates to help maximize the effectiveness of your SEO initiatives.
Key Takeaways:
Understand how search engines work
Be able to find out where your users search
Know what is required for each discipline of SEO
Feel confident creating an SEO Plan
Confidently measure SEO performance
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
Core Web Vitals to improve your website performance for better SEO results with CWV.
CWV Topics include:
- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
- Optimisation techniques from our experts on how to improve your CWV on platforms like WordPress and WP Engine
- The impact of user experience and SEO
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
5 big bets to drive growth in 2024 without one additional marketing dollar AND how to adapt to the biggest shifting eCommerce trend- AI.
1) Romance Your Customers - Retention
2) ‘Alternative’ Lead Gen - Advocacy
3) The Beautiful Basics - Conversion Rate Optimization
4) Land that Bottom Line - Profitability
5) Roll the Dice - New Business Models
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
Top 3 Ways to Align Sales and Marketing Teams for Rapid GrowthDemandbase
In this session, Demandbase’s Stephanie Quinn, Sr. Director of Integrated and Digital Marketing, Devin Rosenberg, Director of Sales, and Kevin Rooney, Senior Director of Sales Development will share how sales and marketing shapes their day-to-day and what key areas are needed for true alignment.
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
Key Takeaways:
Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
1. Project Report on "Customer Relationship
Management"
Introduction
The biggest management challenge in the new millennium of liberalization and
globalization for a business is to serve and maintain good relationship with the king –
the customer. In the past producers took their customers for granted, because at that
time the customers were not demanding nor had alternative source of supply or
suppliers. But today there is a radical transformation. The changing business
environment is characterized by economic liberalization, increasing competition, high
consumer choice, demanding customer, more emphasis on quality and value of
purchase etc.
All these changes have made today’s producer shift from traditional marketing to
modern marketing. Modern marketing calls for more than developing a product,
pricing it, promoting it and making it accessible to target customer. It demands
building trust, a binding force and value added relationship with the customers.
The process of developing a cooperative and collaborative relationship between the
buyer and seller is called customer relationship management shortly called CRM.
According to Ashoka dutt head of Citi Bank “the idea of CRM is to know the
individual customer intimately, so that the company has a customized product ready
for him even before he asks for it.”
2. Aims of CRM
The CRM is a new technique in marketing where the marketer tries to develop long
term relationship with the customers to develop them as life time customers. CRM
aims to make the customer climb up the ladder of loyalty.
The company first tries to determine who are likely prospects i.e. the people who have
a strong potential interest in the product and ability to pay for it. The company hopes
to convert many of its qualified prospect into first time customers and then to convert
those first time customers into repeat customers. Then the company tries to convert
these repeat customers into clients – they are those people who buy only from the
company in the relevant product categories. The next challenge for the company is to
convert these client into advocates. Advocates are those clients who praise the
company and encourage others to buy from it.
The ultimate challenge is to convert these advocates into partners where the customers
and the clients work actively together to discover ways of getting mutual benefit.
Thus in CRM the key performance figure is not just current market share but share of
life time value by converting customers into partners.
In CRM the company tries to identify that small percentage (20%) of key account
holders who’s contribution to the company revenues is high (80%). So from this point
of view, CRM is also known as KEY ACCOUNT MANAGEMENT.
Why – customer relationship management
Ø A satisfied customer in 10 years will bring 100 more customers to the company.
3. Ø It costs 7 time more to attract a new customer than to serve an old one.
Ø 20% of the company’s loyal customers account for 80% of its revenues. (Pareto’s
principle).
Ø The chances of selling to an existing customer are 1 in 2, the chances of selling to a
new customer are 1 in 16.
Eight ways to keep customers for life
1. Every part of the company’s marketing effort should be geared towards building
lifetime relationships.
2. People want to do business with friendly people. To have effective relations a
friendly attitude must permeate in the organization.
3. Information technology developments should be positively used to serve the
customers.
4. The company should always be flexible to bend its rules and procedures in the
client’s favor.
5. The company should communicate with its customers even when it is not trying to
sell something.
4. 6. The company can communicate and develop stronger customer bonding by
providing financial and social benefits.
7. The company should try to know all its customers including their lifestyles,
hobbies, likes and dislikes etc.
8. The company should make it a point to deliver more than what is promised.
CRM in the Textile industry
In textile industry one company sell its product to another company. For example a
yarn manufacturing company sell to fabric manufacturing company. A fabric
manufacturing company sell fabric to apparel company. The main customers of the
companies in the textile industry are the wholesalers. And the final product is sold to
the wholesalers and retailers. In this industry the customers are few and profit margins
are high. So CRM is very much necessary and relevant in this industry. There is a
high degree of uncertainty on the part of the buyers, the likelihood of customers
seeking a relationship is increased. If the firm loses its customer it would be major
loss to the firm. The product in the textile industry is complex and quality is an
important factor. One of the major values the customer expects from vendors is
quality. No customer will tolerate average quality. According to GE’s chairman John
“quality is the best assurance of customer allegiance and strongest defense against
competition and the only path to sustained growth and earnings.” If the product is not
of good quality the customer will not be satisfied and the firm may lose its customer.
Moreover there is a scope of customization in the product. The seller has to customize
5. the product according to the need of the customer. Customization is changing the
product according to the need of the customer in order to satisfy him.
How to introduce CRM in the company
There are four key steps for putting one to one marketing program to work –
Step 1 : Identify your customers
To launch a one to one initiative the company must be able to locate and contact a fair
number of customers or at least a substantial portion of its valuable customers. It is
crucial to know the customer details as much as possible, not just their names or
address, but their habits, preferences and so forth.
Step 2 : Differentiating your customers
Customers are different in two principal ways, they represent different levels of value
and have different needs. Once the company identifies its customers differentiating
them will help the company to focus its efforts to gain the most advantage with the
most valuable customers.
Step 3 : Interacting with the customer
Interaction is also a crucial component of a successful CRM initiative. It is important
to remember that interaction just not occur through marketing and sales channels,
customer interact in many different ways with many different areas of the
organization so to foster relationship all the areas of the organization must be
accessible to the customer.
Step 4 : Customize your enterprise’s behavior
6. Ultimately to lock a customer into a relationship a company must adapt some aspect
of its behavior to meet customer’s individually expressed needs this might mean mass
customizing a manufactured product or it might involve tailoring some aspect of the
service surrounding the product.
Significance of the study
The CRM (customer relationship management) is an integrated effort to strengthen
the network of relationship for the mutual benefit of both the parties. The biggest
management challenge in the new millenium of liberalization and globalization for a
business is to maintain good relationship with the king – the customer. This study is of
great significance because
Ø A 5% increase in the customer retention will increase the profit up to 125%.
Ø It costs seven time more to attract a new customer than to serve an old one.
Ø 20% of the company’s loyal customers account for the 80% of its revenues.
Ø To study on customer relationship management would enable the researcher to
know about the CRM practices adopted in the textile industry.
Review of the existing literature
With the available literature we can summarize CRM in the words of various authors
as follows-
7. According to Shani and Chalarani – Customer Relationship Management
marketing can be defined as “ an integrated effort to identify, maintain and build
up a network with the individual customers and to continuously strengthen the
network for the mutual benefit of both parties, through interactive, individualized
and value added contracts over a long period of time.
In the words of Lekha “ CRM aims at delivering better products and value to the
customers through better understanding of his needs.”
Conceptualization
A firm in textile industry has to maintain good relations with its customers. They have
to retain the customers for a long time to avail the benefit of their relations. The
customer relationship management is one of the effective tool to identify, establish
and maintain relationship with the customers. With the help of this research we are
going to identify the importance of CRM in textile industry.
Focus of the problem
The textile industry is basically manufacturing based industry. Through this study we
are going to identify the importance of CRM in the textile industry. How it is
benefited from CRM? Is their any relevance of implementing CRM? And what role
does information technology can play in CRM?
Objectives of Customer Relationship Management
8. 1.
To study the current practices of CRM.
2.
To find out the impact of CRM on the profitability of the organization.
3.
To study the factors affecting the CRM practices.
4.
To study the role of information technology in CRM.
Research Methodology
A research design is simply a plan for study in collecting and analyzing the data. It
helps the researcher to conduct the study in an economical method and relevant to the
problem.
Research methodology is a systematic way to solve a research problem. The
methodology should combine economy with efficiency.
Research design
The study conducted here is exploratory cum descriptive.
Scope of the study
The scope of the study is confined to Company ___________.
Collection of the data
There are two types of data.
9. Primary data – primary data is that data which is collected for the first time. These
data are basically observed and collected by the researcher for the first time. I have
used primary data for my project work.
Secondary data – secondary data are those data which are primarily collected by the
other person for his own purpose and now we use these for our purpose secondly.
Data collection
Data is collected through schedule.
Findings
§
The customers of COMPANY are the wholesalers throughout India.
COMPANY also exports the fabric to countries like Egypt and U.A.E.
§
The needs of the customers are clearly defined and the products are customized
according to the needs of the customers.
§
Customer’s comments and complaints are welcomed and resolved quickly and
positively. Comments and complaints are taken through face to face interviews.
§
The company conducts customer satisfaction surveys through research
agencies.
§
The company provides credit facility to its customers up to 90 days. If the
customers pay within 7 days they are given 4% cash discount.
§
Sales persons of the company maintain frequent and informative communication
with the customers.
§
Business process is regularly reviewed to eliminate non value-adding activities.
§
The average sale per customer has increased by 15% and customer’s response to
the marketing activities is also improving. Customer retention is also
improving.
10. §
The factors which have an impact on the CRM are – organization culture,
support from top management, interpersonal skill of the sales personals and
working environment of the company.
Analysis
The customers of the COMPANY are the wholesalers. It is because the number of
retailers is very large as compared to the wholesalers. So it is not possible for the
company to approach to the retailers. Therefore the company sells to the wholesalers
and then wholesalers sell to the retailers.
Customers are encouraged to give suggestions and complaints so that the company
can improve its working and services. If the customer’s complaints are not resolved
the customers will be dissatisfied and the company may lose its customers.
Different customers have different requirements. So the company customizes its
product accordingly to satisfy the customers. It also gives more choice to the
customers.
To get the information about the customers and to measure the satisfaction the
company conducts surveys. Because of the expertise needed in the research the
company give this work to research agencies like AC NILSON.
The company gives credit facility to its customers to increase the sales volume. If the
company do not sell on credit the customers may switch over to other companies.
The company maintains frequent communication with the customers. As soon as the
product is ready or a new product is launched the information is provided to the
customers. Communication is also necessary to maintain the interest of the customers
in the company.
11. The company gives concession to its regular customers so as to retain its most
valuable and profitable customers.
The company regularly reviews the business process in order to eliminate non valueadding activities, to reduce the cost and to make the whole work efficient and
effective. If the internal customers are not satisfied and there is lack of coordination
among the departments then it will affect the external customers also.
Conclusion
From this study it can be concluded that the customer relationship management in
Company is satisfactory. The company is using various CRM practices like
customization of the product, maintaining interaction with the customers regularly and
providing good quality product etc. Customer relationship management has a certain
impact on the profitability of the company. Average sale per customer has increased
15% over the last two years. Customer response rate towards marketing activities is
also improving. There are various factors affecting the customer relationship
management like working environment of the company, support from top
management and coordination among the departments of the company. Information
technology is not used as much as it should be. The company is using traditional tools
of CRM like quantitative research, personal interviews. The company should modern
tools like data mining, contact center, e-CRM and web based survey tools.
Limitations of Customer Relationship Management
1.
Time constraint is unavoidable limitation of my study.
12. 2.
Financial problem is also there in completing this project in a proper way.
3.
As no work has been done earlier in this regard so scarcity of secondary data is
also there.
4.
Inadequate disclosure of information is also the problem.
Suggestions
There should be more and more emphasis given by the company for
satisfying the customer up to a apex limit and by providing the utility of
every penny of his money.
There should be more use of information technology.
The company should be flexible to bend its rules and procedures in the
clients favor.
The company can communicate and develop stronger customer bonding by
providing social and financial benefits.
Questionnaire
1.
Who are your customers?
a)
Wholesaler
b) Retailers
c)
2.
Both
Are your customer’s needs clearly defined?
a)
Yes
b) No
13. 3.
Do you conduct customer satisfaction surveys?
a)
Yes
b) No
4.
Do you communicate results of your customer satisfaction surveys regularly
throughout the company?
a)
Yes
b) No
5.
Do you actively seek out customer comments and complaints?
a)
Yes
b) No
6.
How do you get customer comments and complaints?
a)
Face to face interview.
b) Toll free numbers, formal surveys.
c)
7.
Others means
How do you get information about the customers?
a)
Face to face interviews
b) Surveys.
c)
8.
Any other means.
Do you analyze channel effectiveness? i.e. which channel is most effective in
serving the customer?
a)
Yes
b) No
9.
Do you provide credit facility to your customers?
a)
Yes
b) No
10. Do you give concessions to your regular customer?
a)
Yes
b) No
14. 11. Do you take feedback from your customers?
a)
Yes
b) No
12. Do you customize your product or services according to the customer?
a)
Yes
b) No
13. Do you have a concept of “internal service”?
a)
Yes.
b) No.
14. Do you communicate with your customers frequently?
a)
Yes.
b) No.
15. Do you regularly review the business process to eliminate non value- adding
activities and improve customer satisfaction?
a)
Yes
b) No.
16. Is the working environment is conducive to the well-being and morale of all
employees?
a)
Yes
b) No.
17. How much is the role of computers in serving the customers?
a)
Plays a big role
b) Not much role to play
c)
No role to play.
18. Do you have centralized database for customer information?
a)
Yes
b) No such database.
19. Does the staff have access to the customer database?
15. a)
Yes
b) No
20. Is there commitment from top management to support the customer-focused
service concept?
a)
Yes
b) No
21. Is there any improvement in average sale per customer?
a)
Yes
b) No
22. Is there any improvement in customer response rate to the marketing activities?
a)
Yes
b) No
23. Is there any improvement in customer retention and loyalty?
a)
Yes
b)
No.
This is Project Report on Customer Relationship Management [CRM]