CRM-PRELIM-EXAM-CHAP-1.pdf

MODULE 1: Customer Relation Management Customer Relationship Evolution Stages: Atul Parvatiyar and Jagdish N. Sheth provide an excellent definition for customer relationship 1. Exploration - researching or te...

MODULE 1: Customer Relation Management Customer Relationship Evolution Stages: Atul Parvatiyar and Jagdish N. Sheth provide an excellent definition for customer relationship 1. Exploration - researching or testing the management in their work titled - 'Customer supplier's capabilities and performance Relationship Management: Emerging Practice, 2. Awareness - Customer understanding of the Process, and Discipline' supplier's or product's motivating values 3. Expansion - the supplier gains the client's trust, Customer Relationship Management and the customer becomes completely - comprehensive strategy and process of acquiring, dependent on the source retaining, and partnering with selective customers 4. Commitment - changing company norms and to create superior value for the company and the goals in order to flourish customer 5. Dissolution - termination of a relationship - the integration of marketing, sales, customer service, and the supply-chain functions of the CRM Evolution organization to achieve greater efficiencies and Database Marketing effectiveness in delivering customer value Relationship Marketing Cloud-Based CRMs Definition of CRM CRM Software Customer relationship management - refer to a product or solution that assists - a critical concept in modern marketing and the organizations in tracking and managing maintenance of the value chain in Operations interactions with customers and prospects Management - a database that stores information such as first and last name, email address, firm, a log of Customer relationship management (CRM) interactions with your company - described as the total process of developing and sustaining profitable customer relationships via greater customer value and satisfaction - a company-wide business strategy that focuses on highly defined and exact consumer groups in order to maximize revenue and customer happiness - Deals with all aspects of client acquisition, retention, and growth - Keys to creating customer relationships - superior client value and happiness Benefits of CRM Software Enhanced Team Collaboration - When each team works alone, it might be difficult for your firm to grow - CRM enables sales, marketing, and customer service teams to organize and exchange data through a single system Growth in revenue Improved Customer Relations - can up-sell and cross-sell at the proper moment - The precise information may help you better and with more success understand the demands of your leads and - may also enhance income by providing better clients, allowing you to give the best service services and high-quality items that are targeted possible to your consumers' demands - Integrate CRM systems by utilizing a purchasing Data Entry Reduction system to ensure effective procurement costs and - automate a range of time-consuming manual automate the management of purchase requests chores, such as entering lead or customer data in across various branches spreadsheets - automatically generate new leads from sign-up Scope of CRM forms and send them thank you or welcome emails Increased Sales Force Efficiency - may learn about the status of each lead handled by each salesperson, their contacts with leads in the past, the steps they take to convert leads into customers, and much more Sales Pipeline Simplified - have a better understanding of your sales funnel by creating phases and substages Increased Participation - CRM allows you to personalize advertising, mailings, and special offers to the preferences of each of your leads or customers Focus of CRM CRM to Small Business Customers are more important than things New client acquisition costs are substantial Process, system, and cultural changes Long-term consumers spend more than new From the Internet to field sales, all channels and customers media are used in the marketing endeavor Customers who are satisfied suggest their friends and coworkers Advantages of CRM Established clients have cheaper Improves client service while increasing order-processing expenses consumer income Customers are eager to spend extra for things Finds new consumers they already own More successfully cross-sells and up-sells items Allows salesperson to clinch transactions more quickly Increases the efficiency of call centers Processes for marketing and sales are simplified Disadvantages of CRM Record loss may be a big issue at times Overhead expenses Employee training is a challenge in small businesses Importance of customer relationship Trust - confidence and security in any connection formed when both parties experience faultless and pleased motives Commitment - Mutual trust exists, and the two parties share the same ideals - both the provider and the customer try to maintain the relationship and never want to leave, which results in the relationship becoming stronger and sharper