Customer Relationship Management

CRM -an upright concept or strategy to solidify relations with customers and at the same time reducing cost and enhancing productivity and profitability in business.

What is an ideal crm? -a centralized collection of all data sources under an organization and provides an atomistic real time vision of customer information

OPPORTUNITY OF BUSINESS A CRM system is not only used to deal with existing customers but is also useful in acquiring new customers ORIGIN OF CRM Originated in earl 1970s when the business units had a manifestation that it would be advisable to become 'customer emphatic' rather than 'product emphatic'

“The true business of every company is to make and keep customers” -Peter Drucker Originally based on 3 principles: shielding the current customers fostering new customers enhancing asset value of all the customers

Importance of CRM it consists of historical view and analysis of all the acquired or to be acquired customers helps in reduced searching and correlating customers and to foresee customer needs effectively and increase business

Features of CRM Customer Needs - an organization can never assume what a customer actually needs Customer response - is the reaction by the organization to the queries and activities of the customer Customer satisfaction - is the measure of how the needs and responses are collaborated and delivered

Customer loyalty - is the tendency of the customer to remain in the business Customer retention - is a strategic process to keep or retain existing customers Customer Complaints - indicates the act of dissatisfaction by the customer Customer Service - the process of delivering information and services regarding all the products and brands

scope The development and maintenance of mutually beneficial long-term relationship with strategically significant markets.

Strategically Significant Markets: Customers with high life time value Customers who serve as benchmarks for other customers Customers who inspire change in the supplier

INFORMATION FLOWS: Front office contacts Back office operations Business contacts FUNCTIONAL AREAS Sales Marketing Human Resource

TYPES OF CRM Operational CRM Collaborative CRM Analytical CRM

Operational CRM Generally refers to services that allow an organization to take care of their customers Mainly focused on automation, improvement, and enhancement of business processes which are based on customer-facing or customer-supporting

Marketing Automation Sales Automation Service Automation MAJOR AUTOMATION APPICATION Marketing Automation Sales Automation Service Automation

MARKETIN G AUTOMATION Main purpose is to find out the best way to offer products and approach potential customers Major module is campaign management Enables business to decide effective channel/s to reach up to potential customers

SALES AUTOMATION Helps an organization to automate sales process Main purpose is to set standard within organization to acquire new customers and deal with existing customers It organizes information in such a way that the business can meet customers’ needs and increase sales more efficiently and effectively

SERVICE AUTOMATION Enables business to retain customers by providing best quality of service and building strong relationship It includes issue management to fix customers’ problems, customer call management to handle incoming/outgoing calls, service label management to monitor quality of service based on key performance indicators

Operational crm Refers to services that provide support for various “Front-office” business processes in helping organizations to take care of their customers Main purpose is to generate leads, convert them into contacts, capture all required details, and provide service throughout customer lifecycle Data centres; Data aggregation systems; Websites

collaborative CRM A highly effective method of communication as it covers direct interaction with customers Sometimes called as “Strategic CRM” Enables an organization to share customers’ information among various business units like Sales team, Marketing team, and Technical and Support Team Overall, the primary purpose is to improve the quality of customer service to gain loyalty and acquire new customers to increase sales Web pages; E-mail; Automated Voice response

ANALYTICAL CRM Supports the organizational “Back-office” operations and analysis. Helps Top Management, Marketing, Sales, and Support personnel to determine the better way to serve customers Data analysis is the main function

Features of Analytical CRm Gather customer’s information, coming from different channels and analyze data in a structured way Help organization to set business methodology in Sales, Marketing, and Support to improve customer relationship and loyalty Improve the CRM system effectiveness and analyze key performance indicators, set by business

Advantages of CRM Increased customer satisfaction Ensuring that the focus of the organization is external Growth in numbers of customers

Advantages of CRM Maximization of opportunities Increased access to a source of market and competitor information Highlighting poor operational processes Long term profitability and sustainability

disadvantages of CRM Record Loss Require additional work inputting data Require continuous maintenance, information updating, and system upgrading Difficult to integrate with other management information systems.

Information Technology and CRM -Technological approaches involving the use of databases, data mining and one-to-one marketing can assist organizations to increase customer value and their own profitability.

Tools/Technologies used by businesses: 1. Phone calls, mobile phone text messages or emails. Having access to customers contact details and their service or purchase preferences through databases etc. can enable organizations to alert customers to new, similar or alternative services or products.

Tools/Technologies used by businesses: 2. Collaborative Chat If customers have questions about a product or shipping details, a live collaborative chat function enables them to click on a live customer service icon that brings up a chat box.

Tools/Technologies used by businesses: 3. Loyalty Cards Customers are offered product discounts, coupons, points toward merchandise or some other reward in exchange for their voluntary participation in the program.

Tools/Technologies used by businesses: 4. Call Center CRM software These are software solutions that help call center agents access the right information and knowledge about a customer's history to improve the overall customer experience

Tools/Technologies used by businesses: 5. Social CRM Social media presents an open forum for customers to share experiences with a brand, whether they're airing grievances or promoting products.

WORK SYSTEM HOW CRM WORKS FOR ? World largest restaurant Chain with over 18k outlets in 120 countries. Its revenue is growing at 35% to 40% year-on-year.

1- Attracting Customers Streetwise Menu WORK SYSTEM Steps taken for better CRM: 1- Attracting Customers Streetwise Menu Change of tagline to avoid customer defection Youth-theme Décor

Vouchers and online Orders Free Home Delivery Free wifi WORK SYSTEM Steps taken for better CRM: 2-Retain Customer Promotional Gifts Vouchers and online Orders Free Home Delivery Free wifi

3-Solve Grievances and Build Customer Loyalty WORK SYSTEM Steps taken for better CRM: 3-Solve Grievances and Build Customer Loyalty Catering Customer Feedbacks Mobile App KFC Fast track

WORK SYSTEM KFC has chosen Acumatica Cloud ERP which allows to centralize decision making across multiple locations and multiple systems. Acumatica Cloud ERP  often called Cloud-based ERP, enables a company’s accounting, operations management and reporting to run in the cloud.

WORK SYSTEM Each Transaction with the customer is recorded and analyzed for buying pattern.

WORK SYSTEM Helps small businesses deal with the vital task of managing contacts , organizations, partners, vendors, and suppliers. Typical Features of a CRM software: Flexible Calendaring and Events Automatic Address Book Insightly Notes, Evernotes, and Comments Lightning Fast Search Custom Fields and Filters File Sharing

WORK SYSTEM Other CRM softwares: