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![THE PURPOSE OF CRM
The focus [of CRM] is on creating value for the customer
and the company over the longer term.
When customers value the customer service that they
receive from suppliers, they are less likely to look to
alternative suppliers for their needs .
CRM enables organisations to gain competitive advantage
over competitors that supply similar products or services.](https://image.slidesharecdn.com/dc5c8ccc-1fca-4d0c-aa04-8db81b79e9e5-150802181621-lva1-app6892/85/CRM-Introduction-6-320.jpg)
Uploaded byDimple Ramnani
CRM Introduction
Customer relationship management (CRM) involves creating and enhancing individualized relationships with customers to maximize their lifetime value. CRM originated in the 1970s as a process to manage customer relationships beyond individual business transactions. The purpose of CRM is to create long-term value for both customers and companies by understanding customer needs and preferences through mass customization and one-to-one marketing rather than mass production and standardization. CRM allows companies to gain a competitive advantage through superior customer service and retention.
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- 3. WHAT IS CRM “CRMis concerned with the creation, development and enhancement of individualised customer relationships with carefully targeted customers and customer groups resulting in maximizing their total customer life-time value”
- 4. ORIGIN OF CRM Customer relationship management was originated in early 1970s CRM came as a process that dealt with relationships with customers surpassing the whole business As said by Father of management “The true business of every company is to make and keep customers”.
- 6. THE PURPOSE OFCRM The focus [of CRM] is on creating value for the customer and the company over the longer term. When customers value the customer service that they receive from suppliers, they are less likely to look to alternative suppliers for their needs . CRM enables organisations to gain competitive advantage over competitors that supply similar products or services.
- 7. CRM BUSINESS CYCLE Acquire& Retain Interact & Deliver Develop & Customize Understand & Differentiat e CR M
- 8. MANAGING EFFECTIVE CUSTOMERRELATION PROCESS . Custome r Retentio n Segmentati on & Need Analysis Campaign Manageme nt Lead Manageme nt Custome r service Cross & Up Sell
- 9. 9 CUSTOMER RELATIONSHIP MANAGEMENT (CRM) TraditionalMarketing CRM Goal: Expand customer base, increase market share by mass marketing Goal: Establish a profitable, long- term, one-to-one relationship with customers; understanding their needs, preferences, expectations Product oriented view Customer oriented view Mass marketing / mass production Mass customization, one-to-one marketing Standardization of customer needs Customer-supplier relationship Transactional relationship Relational approach
- 10. CHALLENGES IN CRM Richness of customer data. Integrated view of customer information. Feedback mechanism from customer. Intelligence at operational touch points. Consistence of communication. Convenience of interacting with insurer.
- 11. BENEFITS OF CRM Reduced costs, because the right things are being done (i.e.., effective and efficient operation) Increased customer satisfaction, because they are getting exactly what they want (i.e.. meeting and exceeding expectations) Ensuring that the focus of the organisation is external Growth in numbers of customers . Maximisation of opportunities (eg. increased services, referrals, etc.) Increased access to a source of market and competitor information Highlighting poor operational processes Long term profitability and sustainability
- 12. FOREIGN COMPANIES ADOPTINGCRM & Many More….
- 13. INDIAN COMPANIES ADOPTINGCRM & Many More….
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