Crm Lecture 1 1
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Transcript of Crm Lecture 1 1
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