CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
CRM enables an organization to;
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Provide better customer service
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Make call centers more efficient
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Cross sell products more effectively
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Helps sales staff close deals faster
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Simplify marketing and sales processes
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Discover new customers
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Increase customer revenues
RECENCY, FREQUENCY AND MONETARY VALUE
An organization can find its most valuable customers by
using a formula that industry insiders call FRM;
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How recently a customer purchased items
(recency)
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How frequently a customer purchased items
(frequency)
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How much a customer speeds on each purchased
(monetary value)
THE EVALUATION OF CRM
CRM reporting technologies help organizations identify their
customers across other applications. CRM analysis technologies help
organizations segment their customers into categories such as best and worst
customers. CRM predicting technologies help organizations predict customer
behavior, such as which customers are at risk of leaving.
USING ANALYTICAL CRM TO ENHANCE DECISION
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Operational CRM – supports traditional transactional
processing for day-to-day front-office operations or systems that deal directly
with the customers
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Analytical CRM – supports back-office operations
and strategic analysis and includes all system that do not deal directly with
the customers
CUSTOMER RELATIONSHIP MANAGEMENT SUCCESS FACTORS
CRM success factors include;
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Clearly communicate the CRM strategy
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Define information needs and flows
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Build an integrated view of the customer
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Implement in iterations
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Scalability for organizational growth
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