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Ranjith P Ajaykumar
Course Evaluation Class Participation: 10% Surprise test: 10% Class test (announced): 20% Group Assignment: 10% Individual Assignment: 10% End term exam: 40% .
Reference book Customer Relationship Management. Concepts and Application ± Alok Kumar. Chhabi Sinha and Rakesh Sharma .
What is a relationship? Why should companies build relationships with their customers? Why is it difficult for companies to build relationships with their customers? .
What is a relationship? It s a inter personal bond of ± Trust ± Respect ± Empathy ± Loyalty ± Respect Each relationship is unique and 1:1 ± Celebrities have 1:1 relationships with their fans .
Why should companies build relationships? Costs less to retain a customer and to acquire a new one Customer loyalty is very sticky and stands the test of time ± Loyal customers become ambassadors for the company Customer relationship is more important in service industry as compared to product industry Product companies cannot afford not to listen to customers ± Lays flavor contest .
Its difficult to build relationship with customers Customers are always skeptical about intentions of companies Difficult for companies to build 1:1 relationships with a large group of customers ± Personalization is a challenge Difficult for service companies to guarantee service quality Indian scenario .
Technology provides help Interactive voice response (IVR) Self service kiosks Support portals Customer information database Voice recognition .
CRM is About corporate strategy About retaining customers for life About acquiring new customers No longer an option .