Consumer Relationship Management

1. Consumer Relationship
Management
• Prof. Yogesh V. Torawane
• Faculty of Commerce & Management
• Pratap College,Amalner.

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.

11. Thank You !!!!!!!