CUSTOMER RELATIONSHIP MANAGEMENT
•
CRM
enables an organization to:
§ Provide better customer service
§ Make call centers more efficient
§ Cross sell products more effectively
§ Help sales staff close deals faster
§ Simplify marketing and sales processes
§ Discover new customers
§ Increase customer revenues
Recency, Frequency, and Monetary Value
•
Organizations
can find their most valuable customers through “RFM” - Recency, Frequency,
and Monetary value
§ How recently a customer purchased items
(Recency)
§ How frequently a customer purchased items
(Frequency)
§ How much a customer spends on each
purchase (Monetary Value)
The Evolution of CRM
•
CRM reporting technology – help organizations identify their
customers across other applications
•
CRM analysis technologies – help organization segment their
customers into categories such as best and worst customers
•
CRM predicting technologies – help organizations make predictions
regarding customer behavior such as which customers are at risk of leaving
Using
Analytical CRM to Enhance Decisions
•
Operational CRM – supports traditional transactional processing
for day-to-day front-office operations or systems that deal directly with the
customers
•
Analytical CRM – supports back-office operations and strategic
analysis and includes all systems that do not deal directly with the customers
Customer
Relationship Management Success Factors
•
CRM success factors include:
1. Clearly communicate the CRM strategy
– ensuring that all departments and employees understand exactly what CRM means
and how it will add value to the organization is critical to the success of the
implementation
2. Define information needs and flows –
the organization must understand all of the different ways that information
flows into and out of the organization to implement a successful CRM
system. If the organization misses one
of the information flows, such as a customer service Web site, then none of
that information from that Web site will be integrated into the CRM system and
the company will not have a complete view of its customers
3. Build an integrated view of the
customer – the CRM system must support the organization's strategies and goals
4. Implement in iterations – avoid the
big-bang approach and implement in small, manageable, pieces
5. Scalability for organizational
growth – ensure the system can support the organization's future growth
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