2/27/13 Customer Relationship Management and Customer Managed Relationship -Need of the hour |

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Management and Customer Managed Relationship -Need of the hour
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Udupa N
Pharmacy
Prologue business practices are increasingly becoming more Colleges
complex. Focuses of the companies have shifted from selling GPAT
of products to identifying the needs of customers and serve
Ask a
them with the tailored products. More and more companies
Question
are adopting the mantra of retaining the customers and
thereby try to reduce the customer churn.
Companies are using various technologies to improve customer services
and enable a greater degree of customer interactions. Companies are trying
to attract old and new customer through more personalized
communication. This is equally applicable to pharmaceutical field as
companies are trying to provide the information to customers (i.e.
Physicians) by various means.

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2/27/13 Customer Relationship Management and Customer Managed Relationship -Need of the hour |
Role of customer relation management
Customer Relationship Management (CRM) has become a buzzword in the
industry. More and more companies are now realizing the importance of
customers and implementing various strategies to retain the customers.
CRM is the process of managing all aspects of interaction a company has
with its customers, including prospecting, sales, and service. CRM
applications attempt to provide insight into and improve the
company/customer relationship by combining all the views of customer
interaction into one picture. A customer-managed relationship (CMR) is a
relationship in which a business uses a methodology, software, and
Internet capability to encourage the customer to control access to
information and ordering. CMR allows a customer to define how they
communicate with the company, what services or products they will
purchase, and how they will pay for them. CMR is an attempt by enterprises
to change with the times by addressing customer demand for more control.
In pharmaceutical industry the customer is the physician and patient is the
consumer. If the customer is not taken care then one cannot think of being
in business. Smarter about selling means smarter who is buying. To make
CRM more effective, companies should think over and again on certain
questions such as what a customer is looking for in a product? Is product
offering a value to the customers? What value proposition should be
enhanced in order to make product more acceptable to the customers?
Why a customer makes repeat purchase? Answers to these questions will
give a fair idea about the customer relation management.
Changing model of CRM to CMR
Instead of blindly following or emulating the model of CRM companies
have to shift their focus to finer aspects of customer emotional appeal.
Companies should try to blend it with CMR. Here the idea is to probe the
customer to identify the attributes that a customer would like in a product.
Let the customer tell what he is “interested in” and “not interested in”. The
availability and choice of products a company offers to customers is the
major determinant of success. The model of CMR will fetch the results for
the company for a longer term. The companies should train their marketing
professionals to apply both the models of CRM and CMR in tandem to get
the maximum amount of information from the customers. Information once
collected has to be put into practice and companies have to strive to tailor
the products according to the needs of the customers. Reducing customer
defections by even a fraction might increase profits.
Behavior Analysis
Behavior analysis of the customers can help the company to unearth the
personalized needs of the customers. Professionals should be inducted in
the company, who has a good knowledge of customer monitoring and
analysis. By understanding how a customer is likely to behave regarding a
particular product, a company can make a swarm of marketing decisions.
Based on this knowledge one can predict the need of customers for new
product, product modification, combination, packaging and pricing. It’s
not that companies should try to sell a product to as many customers as
possible, instead they should try to sell a single customer as many
products and product lines as possible over a long periods of time.
Conclusion
Profit maximization by the companies can be achieved only when they
understand the need of their customers. Customers are the backbone of any
business entity. Therefore the focus should be on customer retention by
identifying and satisfying the needs of customer. Help of perfect blend of
CRM and CMR can help any company to achieve their organizational
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2/27/13 Customer Relationship Management and Customer Managed Relationship -Need of the hour |
objectives.
References:
1. Newell Frederich; Why CRM does not work How to win by letting
Customers Manage the Relationship; Published by Kogan Page; 2004;
Page 3-42

2. Dyche Jill; The CRM Handbook, Published by Pearson Education; 4 th

Indian Reprint 2004, Page19-35.
3.
http://marketingadvocate.com/marketingadvocatemain/AboutUsHome.aspx
4. http://www.txsystems.com/loyaltybox.html
About Authors:
Sreedhar D, Manthan J, Ajay P, Virendra S Ligade and Udupa N. *
Manipal College of Pharmaceutical Sciences, MAHE , Manipal – 576 104,
Karnataka , India

Udupa N.
*For correspondence : n.udupa@manipal.edu

Sreedhar D

Latest Reviews Vol. 5 Issue 2 2007

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