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Customer Relationship Management Final

Customer Relationship Management Final

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Published by Pranav D. Potekar

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Published by: Pranav D. Potekar on Aug 15, 2009
Copyright:Attribution Non-commercial

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10/02/2010

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Contents
Definition
Why CRM?
Types of CRM solution
How to implement a CRM solution?
Benefits of Implementing a CRM Solution
Potential drawbacks of CRM
Goals of CRM
How to Measure CRM Success
Impact of CRM in India
 
Definition
Customer relationship management
(
CRM
) is a term applied toprocesses implemented by a company to handle their contact with their customers. CRM software is used to support these processes, storinginformation on customers and prospective customers. Information in thesystem can be accessed and entered by employees in different departments,such assales,marketing,customer service,training,professional development, performance management,human resource development, andcompensation. Details on any customer contacts can also be stored in the system. The rationalebehind this approach is to improve services provided directly to customers andto use the information in the system for targeted marketing and sales purposes.CRM stands for Customer Relationship Management. The genesis of CRM lies in the observation that one element in competitive advantage is theability of companies to retain customers. Companies have moved to implementa strategy of satisfying the customer so as to optimise potential future earnings.This seems to be an especially valid approach considering the currentInternet focus of “your competitor is only a click away”. Many companies have spentmillions of dollars on SFA/ERP/CRM/eCRM solutions only to see them failmiserably.Gartner Group, the leading industry research group defines CRM as “acustomer focused business strategy designed to optimise profitability, revenueand customer satisfaction.” The key word here is “strategy”. CRM is not a pieceof software, nor is it any other type of technical solution. Any company thatsees the way to CRM as implementing a software package will see their CRMproject fail.CRM is a philosophy for managing relationships with your customers; thesoftware package is a tool that you can use to reach your goals. You must defineyour CRM strategy before you go shopping for a technical solution. Then you
 
must see how the solution fits with your strategy, and not how your strategycan be made to fit with the technical solution.
Why CRM?
In the commercial world the importance of retaining existing customersand expanding business is paramount. The costs associated with finding newcustomers mean that every existing customer could be important.The more opportunities that a customer has to conduct business withyour company the better, and one way of achieving this is by opening upchannels such as direct sales, online sales, franchises, use of agents, etc.However, the more channels you have, the greater the need to manage your interaction with your customer base.Customer relationship management (CRM) helps businesses to gain aninsight into the behaviour of their customers and modify their businessoperations to ensure that customers are served in the best possible way. Inessence, CRM helps a business to recognise the value of its customers and tocapitalise on improved customer relations. The better you understand your customers, the more responsive you can be to their needs.CRM can be achieved by:
finding out about your customers' purchasing habits, opinions andpreferences
profiling individuals and groups to market more effectively and increasesales
changing the way you operate to improve customer service andmarketingBenefiting from CRM is not just a question of buying the right software. Youmust also adapt your business to the needs of your customers.

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