CUSTOMER RELATIONSHIP MANAGEMENT
► As per the survey done in 2000 on definition of CRM by various consultancy groups, CRM is 360 view of the customer which includes of a better understanding of customer life cycle and profitability.
CRM is “the quality of company customer expecting services without any fault at all points of interaction.
►CRM is simply a tool & technology used to achieve incremental operational improvement.
►CRM is organization shift from product focus to a customer focus. Some of them felt it is a new name for old business practices & it is a way of delivering customer data to the customer/ facing employees.
►Customer Relationship Management. A vast way of approach to customers in an attempt to realize their living style in every field of life and eventually to influence them to change their life style toward their benefitable direction through the company initiating ceaseless communication of indirect, implicative and inspiring suggestion so that the company may attract new customers and bind existing customers steady with the company.
►Customer Relationship Management refers to the process - usually depending on sophisticated computer systems - to record and analyse the buying habits of customers, so that a company can offer them goods or services in which they are likely to be interested.
►In additional to all the usual customer care principles, CRM includes the storing of customer information in a database (or data warehouse) and using the information in a way that improves the customer's "experience". Ideally this information is integrated into operational processes.
►Infrastructure that enables delineation of and increase in customer value and the correct means by which to increase customer value and motivate valuable customers to remain loyal – indeed, to buy again. A collection of integrated applications, which facilitate the seamless coordination between the back office systems, the front office systems, and the web. The DSS expansion of CRM Analytics refers to customer-centric analytics applications.
►Stands for Customer Relationship Management. This is a means to gain trust from customers by meeting the needs of each customer in a more personalized way in order to increase sales. Today, the communication media between customers and companies are diversified: not only telephones that has been used previously, but the Internet, and so on are used as well. ...
►Customer Relationship Management (CRM) includes the methodologies, technology and capabilities that help an enterprise manage customer relationships. The general purpose of CRM is to enable organizations to better manage their customers through the introduction of reliable systems, processes and procedures.
►Customer Relationship Management is a corporate level strategy which focuses on creating and maintaining lasting relationships with its customers. Although there are several commercial CRM software packages on the market which support CRM strategy, it is not a technology itself. Rather, a holistic change in an organisation's philosophy which places emphasis on the customer.
►A successfull CRM strategy cannot be implemented by simply installing and integrating a software package and will not happen over night. Changes must occur at all levels including policies and processes,front of house customer service, employee training, marketing, systems and information management; all aspects of the business must be reshaped to be customer driven.
►To be effective, the CRM process needs to be integrated end-to-end across marketing, sales, and customer service. A good CRM program needs to:
●Identify customer success factors
●Create a customer-based culture
●Adopt customer-based measures
●Develop an end-to-end process to serve customers
●Recommend what questions to ask to help a customer solve a problem
●Recommend what to tell a customer with a complaint about a purchase
●Track all aspects of selling to customers and prospects as well as customer support.
●When setting up a CRM segment for a company it might first want to identify what profile aspects it feels are relevant to its business, such as what information it needs to serve its customers, the customer's past financial history, the effects of the CRM segment and what information is not useful. Being able to eliminate unwanted information can be a large aspect of implementing CRM systems.
●When designing a CRM's structure, a company may want to consider keeping more extensive information on their primary customers and keeping less extensive details on the low-margin clients.