At this chapter, we learned a more details about customer relationship management, why we need a good relation and how to implement it.
CRM enables an organization to :
l Provide better customers service
l Make call centers more efficient
l Cross sell product more effectively
l Help sales staff close deals faster
l Simplify marketing and sales processes
l Discover new customers
l Increase customer revenues
Recency, Frequently, and Monetary value
- Organization can find their most valuable customers through “RFM”
1) Recency : how recently customer purchased items
2) Frequently : how frequent customer purchased items
3) Monetary value : how much a customer spends on each purchase
The evolution of CRM
- CRM reporting technology : help organizations identify their customers across other applications.
- CRM analysis technologies : help organizations segments their customers into categories.
-CRM predicting technologies : help organizations make predictions regarding customer behaviour.
-CRM predicting technologies : help organizations make predictions regarding customer behaviour.
Using analytical CRM to enhance decisions
- Operational CRM : supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers.
- Analytical CRM : support back-office operations and strategic analysis and includes all systems that do not deal directly with the customers.
CRM success factors
1) clearly communicate the CRM strategy
2) Define information needs and flows
3) Build an integrated view of the customer
4) Implement in iterations
5) Scalability for organizational growth
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