Objective of the study of CRM CRM, in its broadest sense, means managing all interactionsand business with customers. This includes, but is not limited to,improving customer service. A good CRM program will allow a business to acquire customers, service the customer, increase the value of the customer to the company, retain good customers, anddetermine which customers can be retained or given a higher level of service. A good CRM program can improve customer service by facilitating communication in several ways: Provide product information, product use information, andtechnical assistance on web sites that are accessible 24 hours aday, 7 days a week Identify how each individual customer defines quality, and thendesign a service strategy for each customer based on theseindividual requirements and expectations. Provide a fast mechanism for managing and scheduling follow-up sales calls to assess post-purchase cognitive dissonance,repurchase probabilities, repurchase times, and repurchasefrequencies. Provide a mechanism to track all points of contact between acustomer and the company, and do it in an integrated way sothat all sources and types of contact are included, and all usersof the system see the same view of the customer (reducesconfusion). Help to identify potential problems quickly, before customeroccur Provide a user-friendly mechanism for registering customercomplaints (complaints that are not registered with thecompany cannot be resolved, and are a major source of customer dissatisfaction). Provide a fast mechanism for handling problems andcomplaints (complaints that are resolved quickly can increasecustomer satisfaction). Provide a fast mechanism for correcting service deficiencies(correct the problem before other customers experience thesame dissatisfaction). Use internet cookies to track customer interests and personalizeproduct offerings accordingly Use the Internet to engage in collaborative customization orreal-time customization Provide a fast mechanism for managing and schedulingmaintenance, repair, and ongoing support (improve efficiency and effectiveness) Mechanism to evaluate Potential KOMs. To develop integrated Database. Assessing the need of Potential KOMs. Ways to meet those needs. Identify the softer elements.
Devising a way to Retain and grow with those KOMs. Moving further ahead Satisfaction Delightment LOYALITY To develop Strategy and action plan on quarter & annual basis. To gain knowledge about consumer behaviour To know, how to maintain relationship with customer? To know, the needs analysis of customer To understand, with the help of feedback form that why customers are not trading with Angel To know, the customer perception about company’s products &services To know, the grievances among the customers about products &servicesThe CRM program can be integrated into other cross-functionalsystems and thereby provide accounting and production informationto customers when they want it.
Keeping Existing Customers Grading customers from very satisfied to very disappointed shouldhelp the organization in improving its customer satisfaction levelsand scores. As the satisfaction level for each customer improves, soshall the customer retention with the organization.
Maximizing Life time value Exploit up-selling and cross-selling potential. By identifying lifestage and life event trigger points by customer, marketers canmaximize share of purchase potential . Thus the single adults shallrequire a new car stereo and as he grows into a married couple hisneeds grow into appliances.
Increase Loyalty Loyal customers are more profitable. Any company will like itsmindshare status to improve from being a suspect to being anadvocate. Company has to invest in terms of its product and serviceofferings to its customers. It has to innovate and meet the very needsof its customers so that they remain as advocates on the loyalty curve.Referral sales invariably are low cost high margin sales.
