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Customer Relationship Management

Customer Relationship Management:

CRM is a process in which companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.

 

The CRM Building Blocks:

♦  A database that collects information about your customers.

♦  A way to analyze the information in the database.

♦  A strategy for applying the analysis to better meet your clients’ wants and determine potential customers.

♦ Collecting data to ensure your strategy is effective.

 

CRM Process:

There are four activities in the CRM process which is as following:-

♦ The first step in the CRM process is to collect customer data.

♦ Then the Second step is analyzing the customer data and identifying target customers.

♦ Then 3rd Step is developing CRM programs.

♦ The 4th Step is Implementing CRM Programs.

 

Benefits of CRM:

CRM is about making each and every customer feel like they have a one-to-one relationship with you.

♦ Improved customer relations

♦ Increase customer revenues

♦ Maximize upselling and cross-selling

♦ Better internal communication

♦ Optimize marketing

 

CRM Strategy:

CRM is a business strategy which is based on principles of Relationship Marketing. The CRM strategy involves:-

♦ Analysis and collection of information related to the adequacy of existing strategies, internal environment, individual     business processes, employees knowledge and indirect business environment.

♦ Development of CRM strategy, which includes a definition of strategic objectives and adequate definition of CRM           strategies.

♦ Implementation of CRM strategy that includes planning, implementation of all business communication techniques,     and control activities.