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Copy of Customer Relationship Management (CRM)

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rod annear

on 10 March 2014

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Transcript of Copy of Customer Relationship Management (CRM)

Customer Relationship Management (CRM)
Contents :
What is CRM?
Definition of CRM
The purpose of CRM
Types of CRM
How CRM works
THE 10 best things you can do with your data
THE Keys to CRM success
Advantages and Disadvantages

Types of CRM
Here are a few advantages and disadvantages of CRM software:
1-Decision Support Systems and Intelligent Systems” By: Efraim Turban, Jay E Aronson , Ting Peng Liang
2-Adrian Payne. Customer relationship management. Cranfield University. [Online]
3-zoho CRM [ online ].
4-technologyevaluation.com/search/for/advantages-and-disadvantages-of-customer-relationship-management
5- PM,project management ,Ultimate Article ,CRM articles.


References
Essentially CRM works by collecting leads or consumer information. Analyzing the collected information to understand customer or market requirements. Adjusting marketing campaigns accordingly to increase sales.
CRM also serves for customer service and support--making businesses efficient and improve customer satisfaction.(3)
Definition of CRM
“CRM is concerned with the creation, development and enhancement of individualised customer relationships with carefully targeted customers and customer groups resulting in maximizing their total customer life-time value (2)”
The purpose of CRM
shift from traditional marketing as it focuses on the retention of customers in addition to the acquisition of new customers .
creating value for the customer and the company over the longer term .
When customers value the customer service that they receive from suppliers, they are less likely to look to alternative suppliers for their needs .
What is CRM?
Customer relationship management (CRM) is an enterprise approach to understanding and influencing customer behavior through meaningful communications in order to improve customer acquisition, customer retention, customer loyalty, and customer Profitability (1) .

How CRM works
1. Ensure data quality.
2. Measure success on metrics that matter.
3. Enable users to get the insight they need.
4. Unify data across channels. Eliminate stovepipes.
5. Establish meaningful customer segments.

6. Encourage customer growth.
7. Take the bad with the good. Study customer losses
and bad experiences.
8. Model and predict profitable loyalty and motivations.
Understand your customers.
9. Make the right call. Contact each customer, potential
customer, and lost customer in appropriate
ways.
10. Keep the data secure from harm, misuse, and theft.(1)

THE 10 best things you can do with your data
Follow these 10 steps and you will have information
that really means something:

THE Keys to CRM success
Here are some quick guidelines to help you in creating a successful CRM implementation

• Look for ways to measure how customer behavior
should change once CRM systems are deployed.
• Take the long view. It may take up to a year before
a firm starts accruing benefits.
• Focus on which of the problems CRM is supposed
to fix.

Do:
Don't:
Rely on cost savings to deliver value. Like revenue
management, the focus is on revenue generation,
not cost containment.
Equate past customer satisfaction with future customer
Value . (1)

Advantages:
1-Enhanced Customer Service.
2-Improved Sales and Marketing Tactics.
3-Its possible to integrate CRM with many third party applications/ web-based applications (Like Google Maps).
4-its maximum potential, organizations can save time and resources, build their customer loyalty and increase their bottom line
Disadvantages:
1-Easy to use interfaces and appropriate help functions/ customer trainings are crucial for successful CRM implementations.
2-CRM requires additional work inputting data.
3-A Learning Curve.
4-CRM is not easy to put in place.(4)
Operational CRM
Analytical CRM
Collaborative CRM
Together, the three components of CRM support and
feed into each other. Successful CRM, which results in a
superior customer experience, requires integration of all three of these component parts.

Collaborative CRM enables customers to contact the
enterprise through a range of different channels.
Operational CRM facilitates the customer contacts
with the organization and subsequent processing and
fulfillment of their requirements.

Analytical CRM enables the right customers to be targeted with appropriate offers and permits personalization and the one-to-one marketing to be undertaken through superior customer knowledge.(5)
Thank You
Tahani Al-Nakhli
Shaikha Al-Qahtani
Haifa Al-Babtain
Najla Al-Qahtani
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