CUSTOMER RELATIONSHIP MANAGEMENT Anand Khanna

CRM “Process of creating and maintaining relationships with business customers or consumers” “A holistic process of identifying, attracting, differentiating, and retaining customers” “Integrating the firm’s value chain to create enhanced customer value at every step” “An integrated cross-functional focus on improving customer retention and profitability for the company.”

Importance of CRM initiatives Cost to retain existing customers is lesser than that of acquiring new customers. Customer classification/Identification On the a basis of recency, frequency and monetary value model Customer satisfaction not enough, perceived continuous benefits required for customer loyalty Importance of CRM initiatives

GOAL OF CRM Enhancing Retaining Satisfying Attracting

BUILDING A LONG TERM RELATIONSHIP - FIVE EVOLUTIONARY STAGES Awareness Exploration Expansion Solidarity Dissolution

DIFFERENCE BETWEEN B2B AND B2C Parameters B2B B2C Customers Fewer Mass Transactions Complex Standard Negotiations More Less Relationships Long term Variable Sales Process Longer Manufacturing process Customer Specific Customer Relationship Management Emphasizes Sales Force Emphasizes on purchase history(Services )

1. Track client behavior at the most granular level, i.e. transactions IMPLEMENTATION OF CRM IN B2B - SIX PRINCIPLES OF UNDERSTANDING CUSTOMERS AS INDIVIDUALS 1. Track client behavior at the most granular level, i.e. transactions 2. Analyze your high-value customer base on demand 3. Know the value of your individual customers 4. Differentiate service with selective responses 5. Measure results 6. Live your customers values every day

TRACK CLIENT BEHAVIOR AT THE MOST GRANULAR LEVEL, I.E. TRANSACTIONS Transaction volume – Massive Revenue lift from additional customer knowledge Oppurtunity to improve customer profitabilty To understand customers as individuals extends to tracking end customer data and providing that data to distributor customers.

Customer Relationship Management Bottom-line: The use of information-enabled systems for enhancing individual customer relationships to ensure long-term customer loyalty and retention

WHAT CRM STANDS FOR ??? IT IS A TERM USED FOR METHODOLOGIES SOFTWARE INTERNET CAPABILITY BUSINESS STRATEGY

CRM ENSURE THAT THE COMPANY ,QUICKLY IDENTIFY , CONTACT, AND, ACQUIRE NEW CUSTOMERS. OBTAIN BETTER UNDERSTANDING OF THE CUSTOMER PROVIDE VALUE ADDED SERVICES TO THE EXISTING CUSTOMER RETENTION OF THE CUSTOMER

CRM CUSTOMER CENTRIC COMPETITIVE STRATEGY CUSTOMERS DEMAND CONSTANT ACCESS , IMMEDIATE RESPONSE AND A PERSONALISED TOUCH THE NEED TODAY IS ON ADDING VALUE AND PROVIDING DIFFERENTIAL OFFERINGS FOR CUSTOMER SATISFACTION (DELIGHT……. )

CRM DOES IT REQUIRE QUALIFIED PROFESSIONALS? IS IT A WELL DESIGNED PROCESS ? IS IT LEADING EDGE TECHNOLOGY ?

CRM ABILITY TO PROVIDE FASTER RESPONSE TO CUSTOMER ENQUIRY INCREASE EFFICIENCY THRU AUTOMATION IDENTIFYING AND TARGETING MOST PROFITABLE CUSTOMERS DEEPER UNDERSTANDING OF CUSTOMERS

CRM RECEIVING CUSTOMER FEEDBACK ABILITY TO MANAGE MARKETING CAMPAIGNS DOING ONE TO ONE MARKETING INFORMATION SHARING BETWEEN COMPANY DISTRIBUTORS , PARTNERS AND CUSTOMER

Is CRM New? No! Simply an extension of relationship marketing Builds on customer service and satisfaction concepts Just the latest buzzword for creating customer orientation Bottom-line is still the most important link with the customer Yes! A shift in corporate philosophy concerning the approach to value delivery Customer-centric approach to value chain New and technology-enhanced processes Focus is not just on bottom-line, but on top-line as well Goal is to create satisfying experiences across all customer contact points

Making CRM Happen Evaluate products and processes customers’ terms. Analyze the multiple channels through which the company interacts with customers and improve the customer experience Examine how your company understands its customers. Does it keep good data? How does it get that data? Does information flow between functional areas? Provide fingertip access to all information. Analyze human resources and ensure that everyone has an understanding of philosophy of CRM