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Basic concepts of CRM

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  1. What is customer relationship management?
  2. Origin of CRM: history
  3. The value of CRM
  4. Aspects of CRM
    1. Operational CRM
    2. Collaborative CRM
    3. Analytical CRM
    4. Technology considerations
  5. Key functionalities
    1. Marketing
    2. Sales
    3. Service
    4. Privacy and data security
  6. Six steps to build successful customer relationship
    1. Setting a clear customer experience strategy
    2. Selecting the correct people
    3. Developing, motivating and managing your people
    4. Establishing effective service delivery processes
    5. Building in continuous improvement
    6. Ensuring managers are the key change-agents
  7. Importance of crm
  8. Components of CRM
    1. Customer prospecting
    2. Relations with customers
    3. Interactive management
    4. Understanding customer expectations
    5. Empowerment
    6. Partnerships
    7. Personalization
  9. CRM and the customer life cycle
  10. Key elements of CRM
  11. Advantages of CRM
  12. Potential drawbacks of CRM
  13. CRM model
  14. Basic concepts of CRM
    1. Data mining
    2. Collaborative filtering
    3. Segmentation
  15. Practical tips for successive implementation of CRM
  16. Latest CRM trends
  17. Conclusion
  18. Suggestions
  19. References

Customer Relationship Management (CRM) refers to the methodologies and tools that help businesses manage customer relationships in an organized way. CRM stands for Customer Relationship Management. It is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. There are many technological components to CRM, but thinking about CRM in primarily technological terms is a mistake. The more useful way to think about CRM is as a process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends. CRM helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers. Customer Relationship Management is becoming a common and important concept in many industries. Customer Relationship Management (CRM) is the art and science of building profitable and mutually beneficial relationships with your customers.

CRM applications, also known as front-office applications, help organizations manage critical customer relationships by supporting all customer-centric processes within an enterprise, including marketing, sales, and customer support. A CRM solution enables a company which has problems retaining existing customers or has an unsophisticated marketing strategy, to identify the customer demographics they can target and help pinpoint the direct causes of customer attrition. These systems are created for and utilized by customers, partners, and prospects to gather product and service information, obtain pricing quotes, place and track orders, solve product- and service-related problems and questions, and much more.

[...] The CRM project team must consist of successful salespeople, customer reps, knowledgeable users, data analysts and the CRM package expert. The team must be aware of what can and cannot be done with CRM, and what its problems are. Management must be appropriately educated on what to expect and not to expect. They must be made aware of their commitment. Time spent in education is never wasted. Problem - The Scope of the CRM Project is Inappropriate-- While the proper choice of scope is critical to all projects, doubtless dating from the very earliest systems, the correct CRM focus should be based on customer expectations, which could vary with the customer segments in your industry. [...]

[...] According to Payne (1994), customer prospecting plays a key role at the beginning of the CRM process. Thomas (2001) has examined a methodology for linking customer acquisition to customer retention. He found that customer acquisition and retention are not independent processes. Using the model described in his study, Thomas (2001) shows the financial impacts of not accounting for the effect of acquisitions on customer retention. Relations with Customers The relations with customers component of CRM concerns the extent to which firms initiate, develop, maintain, and improve relationships with other firms .Most definitions that can be found in the literature regard relations with customers as representing the keystone of CRM. [...]

[...] What is your exposure in storing this kind of data in the CRM project? Is the CRM project accessible via a public or private network? As the CRM project grows and becomes more visible and important as a corporate asset, this concern could grow. Standard security controls or tools, particularly in a distributed environment, may not provide sufficient protection without precautions. In an operational system, security to the user may be affected via a transaction code or at the terminal or workstation level. [...]

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