CHAPTER 11: BUILDING A CUSTOMER-CENTRIC ORGANIZATION-CUSTOMER RELATIONSHIP MANAGEMENT

Building A Customer-Centric Organization-Customer Management

Customer Relationship Management (CRM):
  • CRM enables an organization to:
    • provide better customer service
    • make call centers more efficient
    • cross sell products more effectively
    • help sales staff close deals faster
    • simplify marketing and sales processes
    • discover new customers
    • increase customer revenues
Recency, Frequency, and Monetary Value:
  • organizations can find their most valuable customers through "RFM" - Recency, Frequency, and Monetary Value
    • how recently a customer purchased items (Recency)
    • how frequency a customer purchased items (Frequency)
    • how much a customer spends on each purchase (Monetary Value)
The Evolution of CRM:
  • CRM reporting technology - help organizations identify their customers across other applications
  • CRM analysis technologies - help organization segment their customers into categories such as best and worst customers
  • CRM predicting technologies - help organizations make predictions regarding customer behavior such as which customers are at risk of leaving.
  • Three phases in the evolution of CRM include of reporting, analyzing, and predicting
Image result for the evolution of CRM

Image result for the evolution of CRM


The Ugly Side of CRM:

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Customer Relationship Management's Explosive Growth:

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Image result for the ugly side of CRM


Using Analytical CRM to Enchance Decisions:
  • Operational CRM - Supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers
  • analytical CRM - supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customer
  • operational CRM and analytical CRM
Image result for the ugly side of CRM

Customer Relationship Management Success Factors:
  • CRM sucsess factors include:
    • clearly communicate the CRM strategy
    • define information needs and flows
    • build an integrated view of the customer
    • implement in interactions-avoid big-bang approach (instant changeover) 
    • scalability for organizational growth


14 NOVEMBER 2017
TUESDAY


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