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What is CRM?
Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer.
( ref: Customer relationship management- Emerging concepts, tools and applications by Jagdish N seth)
This type of technology can be used to keep a record of customers names and contact details in addition to their history of buying products or using services
This information can be used to target customers in a personalised way and offer them services to meet their specific needs
This personalised communication provides value for the customer and increases customers loyalty to the provider
Examples of CRM
Phone calls, emails, mobile phone text messages, or WAP services : Having access to customers contact details and their service or purchase preferences through databases etc can enable organisations to alert customers to new, similar or alternative services or products For ex: When products are purchased online via flipkart.com, the website retains the customers details and their purchase history. The website regularly send emails to previous customers to inform them of similar upcoming products or special discounts. This helps to ensure that customers will continue to purchase products from Flipkart.com in the future.
PERIL-2
Rolling Out CRM Before Changing Your Organization to Match Installing CRM technology before creating a customer-focused organization is perhaps the most dangerous pitfall. 87% of CRM failures- Due to lack of adequate change management. Source: on-line resource center CRM Forum
Examples
Grand expeditions- Continuous study for identification of simple and effective low tech pratices that boost customer relation Square D -Customer Strategy that called for high tech solutions to secure customer loyalty