CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
CRM enables an organization to;
- Provide better customer service.
- Make call centers more efficient.
- Cross sell products more effectively.
- Helps sales staff close deals faster.
- Simplify marketing and sales processes.
- Discover new customers.
- 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;
- How recently a customer purchased items (recency).
- How frequently a customer purchased items (frequency).
- 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.
THE UGLY SIDE OF CRM: WHY CRM MATTERS MORE NOW THAN EVER BEFORE
CUSTOMER RELATIONSHIP MANAGEMENT’S EXPLOSIVE GROWTH
USING ANALYTICAL CRM TO ENHANCE DECISION
- 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 system that do not deal directly with the customers
CUSTOMER RELATIONSHIP MANAGEMENT SUCCESS FACTORS
CRM success factors include;
- Clearly communicate the CRM strategy.
- Define information needs and flows.
- Build an integrated view of the customer.
- Implement in iterations.
- Scalability for organizational growth
USING ANALYTICAL CRM TO ENHANCE DECISION
Operational CRM and analytical CRM
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