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what is CRM (Customer Relationship Management),Aspects of CRM, Analytical CRM powre tool, how Analytical CRM functions, Scope of analytical CRM,
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CUSTOMER RELATIONSHIP MANAGEMENT
Customer relationship management (CRM) is the practice of intelligently finding, marketing to, selling to, and servicing customers
What is CRM really trying to do?
Tactical cultivation of customer relationships based on strategic vision and objectives
– Achieved as a company analyzes and prioritizes opportunities, then communicates with intelligence and
relevance to individual customers – in preferred channels
THREE ASPECTS OF CRM
Operational - automation of customer processes that offers support to a company’s sales or service representative
Collaborative - the program communicates to customers without a company’s sales or service representative (self service)
Analytical - analysis of customer information for multiple purposes
Analytical CRM
Analytical CRM includes a sound analytical infrastructure that help to gather all the relevant information about the customers and organize it consistently.
It help in achieving a 360-degree view of customers, through which company can maintain and build truly interactive, mutually beneficial, and profitable relationships.
It helps the company to identify the new trends in the market.
It help in gaining further insights into customer needs and preferences.
Analytical CRM analyzes customer data for a variety of purposes:
Design and execution of targeted marketing campaigns to optimize marketing effectiveness
Design and execution of specific customer campaigns, including customer acquisition,
cross-selling, up-selling, retention ..
Management decisions, e.g. financial forecasting and customer profitability analysis.
Prediction of the probability of customer
defection (churn analysis) .
Analytical CRM generally makes heavy use of data mining.
Analytical CRM ‘Power Tools’Capabilities that Companies Must Have
• Broad range of actionable analysis and predictive modeling capabilities
• Holistic view of customer interactions to understand the whole customer
• Means to understand and automate the event rules that drive the business and communicate with individual customers
Manage the Total Communications Environment with Analytical CRM
Direct Mail
E-Mail/Fax
ATM/Kiosk
Call Center
Agent
Store /Branch
Analytical CRM
THE VALUE ANALYTICAL CRM ADDS TO BUSINESS DESIGN
Acquire new profitable customers by cloning best customers.
Improve relationships with existing customers by addressing their individual needs
Cont..
Optimize cross-selling and up-selling opportunities
Improve customer loyalty and reduce customers' propensity to churn
How Analytical CRM Functions
Analysis
• Analyze customer profiles & behavior
• Target customers
• Evaluate response
• Event Analysis
Communication• Plan continuous
communication dialogues
• Define batch and real-time event rules and trigger
Optimization
• Prioritize and limit communications by channel
• Regulate frequencyand quantity of contacts by channel
• Optimize customer communicationsthrough contact modeling
Personalization • Generate personalized
offers by customer• Build personalization
Rules
Modeling
• Build and analyze predictive models
• Score customers
Interaction• Deploy outbound
or manage pending inbound/event-driven communications
• Manage workflow of interactions
• Personalization Merge
• Real-time personalization
Data Warehouse
Industry LDM
ALL CUSTOMER INTERACTION DATA
Scope of Analytical CRM
Customer behavior modeling
Customer value assessment
Customer profitability
Customer lifetime value
Cont….
Customer profiling and scoring
Customer portfolio optimization
customer interaction.
Achieve Positive Business Results … Over Time
CRM is an ongoing, scientific process …
…not an isolated campaign
or marketing plan
CRM Process Must Balance
Quality of Customer
Experiences
Achieve Positive Business Results
THANK YOU