Masters in FMSCo-Taught By : Ms.Dimple,

Assistant Professor, FMS DepartmentNIFT-Delhi

According to Merriam Webster, a Customer is:1 : one that purchases a commodity or service2 : an individual usually having some specified distinctive trait <a real tough customer>

According to the Princeton WordNet Bank, a Customer is:someone who pays for goods or services

According to Princeton’s WordNet Bank:a relation between people; (`relationship' is often used where `relation' would serve, as in `the relationship between inflation and unemployment', but the preferred usage of `relationship' is for human relations or states of relatedness); a state of connectedness between people (especially an emotional connection); "he didn't want his wife to know of the relationship" a state involving mutual dealings between people or parties or countries kinship: (anthropology) relatedness or connection by blood or marriage or adoption

According to Merriam Webster, a relationship is:1: the state of being related or interrelated <studied the relationship between the variables>2: the relation connecting or binding participants in a relationship: as a: kinship b: a specific instance or type of kinship3 a: a state of affairs existing between those having relations or dealings <had a good relationship with his family>

b: a romantic or passionate attachment

Ongoing process of managing customer relationships using a synergistic blend of the triad.

Broad terminology used to cover concepts used to manage relationships

Key factor involved in making a potential customer into a brand ambassador

They outweigh the failures by far Decrease the sales cycle while increasing

sale performance Improve revenue rates/customer Reduced lead generation cost Increased productivity

3 Key aspects that can be implemented in isolation

Operational CRM Collaborative CRM Analytical CRM

META Group developed concept in late-1990s dubbed “CRM Ecosystem”

The CRM System

Marketing

Sales

Service

Management

CustomerOperational CRM

SharedSharedData BaseData Base

DataDataWarehouseWarehouse

AnalyticalCRM

AnalyticalCRM

OperationalCRM

OperationalCRM

Analytical CRM

Understand what motivates your customers Customise services and products Deliver good service Make it easy and useful Prioritise profitability

Develop better communication channels Collect vital data, like customer details and

order histories Create detailed profiles such as customer

preferences Deliver instant, company-wide access to

customer histories Identify new selling opportunities

Developing the organizational performance includes:

develop the performance program frameworkIdentify dimensions and how these will measure the outcomesCreate a list of performance measures and indicators that will determine if the dimension is meeting the performance driven CRM