CUSTOMER RELATIONSHIP MANAGEMENT Prof Mohd Ashraf Ali Introduction

CUSTOMER RELATIONSHIP MANAGEMENT Prof. Mohd. Ashraf Ali

Introduction �CRM is one of many different approaches that allow a company to manage and analyze its own interactions with its past, current and potential customers �This system allows businesses to manage business relationships and the data and information associated with them �Best CRM software include Hub spot CRM, Sales force. com, Pipe drive, Fresh sales etc(Examples)

Cont �CRM helps sales people to optimize their daily schedules and prioritize tasks to make sure customers are not ignored and the key prospects are contacted on time �It is a technology used to manage interactions with customers and potential customers

Definition �CRM is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer life cycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales �Hence, this system helps organizations build customer relationships and streamline processes so they can increase sales, improve customer service, and increase profitability

Objectives of CRM �The focus is on creating value for the customer and the company over the longer term �It enable organizations to gain competitive advantage over competitors that supply similar products/services �Benefits/Advantages of CRM �Increased customer satisfaction �Ensuring that the focus of the organization is External

Cont �Increased access to a source of market and competitors information �Long term profitability and sustainability �Reduced costs (right thing are being done) �Growth in number of customers � Maximization of opportunities

Criticism/Challenges of CRM �Consumer companies frequently manage their customer relationships haphazardly and unprofitability �They may not effectively or adequately use their connections with their customers due to misunderstandings or mis-interpretations �CRM technologies can easily become ineffective if there is no proper management and they are not implemented properly

Types of CRM Soft ware �CRM Soft ware is a tool you can use to store and manage data about your customers �Benefits of CRM Soft ware: �Better customer service �Better relations with customers and prospects �Better lead management �More closed deals

Cont There are five different types of CRM software: � I. Operational: this type allows you to better manage your business based on the customer data you collect � � The tool can be used for automation, including Marketing Automation, Sales Automation and Service Automation � II. Analytical: a kind of CRM that allows for data visualization, giving you better insights about your customers, their interactions with your business, and the possibilities

Cont III. Collaborative: here, the emphasis lays in the way you can interact with your vendors and distributors based on shared customer data IV. Campaign Management: a combination of analytical and operational CRMs, used to run sales or marketing campaigns using the contact information gathered in the system

Cont V. Strategic: this type puts customers first, allowing you to use the information about customers and market trends to make better business decisions