Overview of CRM and Web-based Technologies

The current business environment is a dynamic mix of growing competition, new and emerging channels, and changing consumer attitudes Under the relationship marketing concept, focus has shifted from one-time transaction to ongoing relationships on a regular basis

TYPES OF RELATIONSHIP Five different process involved in building customer relationship starting from no touch points to fully interactive marketing  Basic marketing  Reactive marketing  Accountable marketing  Pro-active marketing  Partnership marketing

The aim of relationship marketing is to yield high customer equity Customer equity is the aggregate of discounted lifetime values of all of the firm’s customers Three drivers of customer equity:  value equity  brand equity  relationship equity RELATIONSHIP VALUES

CUSTOMER RELATIONSHIP MANAGEMENT (CRM) The process of managing detailed information about individual customers and carefully managing all the customer ‘touchpoints’ with the aim of maximising customer loyalty

CRM STRATEGY CRM has been divided according to the functionality of software tools  Analytical CRM Use of data modelling and profiling to accomplish CRM goals  Collaborative CRM Tools used to directly engage and interact with customers  Operational CRM ‘Back-end’ systems which unify the business and deliver products

THREE MAIN AREAS THAT CRM SYSTEMS FOCUS Sales force automation Customer service Marketing automation

MARKETING AUTOMATION SYSTEM INCLUDES Pool of Data-cleansing tools Content-management applications Campaign management systems

SIMPLE CRM-THE PRACTICAL CRM PACKAGE In simple CRM, marketing and customer service share the same set of customer value metrics, making evaluation and accountability for customer retention and value a team effort

IMPORTANCE OF CUSTOMER DIVISIBILITY IN CRM Evolving from customer segmentation to divisibility

Web self-help technology overview Communication technology overview Technology management overview Voice technology overview CRM WEB-BASED TECHNOLOGIES

BEST PRACTICES IN MARKETING TECHNOLOGY When companies use new technology to its full potential, it can provide effective market research to establish consumer’s area of interest, as well as to gather electronic information at the point of sale (POS) that providers do not currently hold in a usable electronic format To move towards a true market-led culture, providers should be proactive and establish their customer’s requirements