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• Meaning
• CRM is a strategy and business process by means of which
firms acquire,manage and retain customers.It is a customer
centric business strategy with the goal of maximizing
profitability,revenue and customer loyalty.
Benefits of CRM to marketers
Improvemen-t in sales revenue
Increase in profits
Reduction in marketing
cost
Increase in customer retention
Helps in identifying
cross selling opportunities
Improveme-nt on
customer satisfaction
Proper contact with
target customer
Helps in identifying
add on selling
distribution
Better understandin
-g of customers
Benefits of CRM to customers
Decreased cost for customers
Increased customer
satisfaction
Timely delivery of products
Personalizat-ion and
closeness
Availability of wide variety of
products
A. INCREASE REVENUE GROWTH THROUGH CUSTOMER SATISFACTION
• To increase revenue, retailer must focus on cross selling and various related products should be kept in same area so that one may be picked with other.
• To increase revenue, a retailer should create a attractive atmosphere that customer should visit again and again.
B. REDUCE COST OF SALES & DISTRIBUTION
• Targets advertisement and promotional offers to regular customers rather than targeting new customers.
• To manage customer relationships rather than managing a product.
C. MINIMISE CUSTOMER SUPPORT COST
• Make necessary and relevant information available to answer any query of customer.
• Now-a-days, retailers keep data in customer database acting as a direct access to customer history so that cross selling of products can be done.
PRINCIPLES OF CRM
KNOW YOUR TARGET GROUP
PRINCIPAL OF PERSONALISATION
ACQUIRE AND RETAIN CUSTOMER
LOYALTY
DELIVERS HIGH QUALITY GOODS
AND SERVICES
OFFERS EXCELLENT SERVICES
REWARD THE LOYAL CUSTOMERS
FREQUENT CHANGE OF
DISPLAYED GOOD
UNDERSTAND THE ‘‘CUSTOMER FIRST,
PROFIT NEXT’’ CONCEPT
A. COLLECTING CUSTOMER DATA
• COLLECTION OF REQUIRED DATABASE OF CUSTOMERwhich includes following:
1.Personal details of customers.
2.Purchase pattern.
3.Mode of buying.
4.Response to marketing campaign.
• IDENTIFYING CUSTOMER INFORMATION
1.Ask for information personally from customer.
2.Frequent offering of gift vouchers or shopping cards.
• CONCEPT OF PRIVACY OF CUSTOMER’S INFORMATION
B. ANALYZING CUSTOMER DATA AND IDENTIFYING TARGET CUSTOMERS
TECHNIQUES OF ANALYSIS
DATA MININGMARKET
BASKET ANALYSIS
1.ANALYZING CUSTOMER DATA
c. RFM(Recency, frequency, monetary) ANALYSIS
1.FIRST TIME CUSTOMERS
2.EARLY REPEAT CUSTOMERS
3.HIGH VALUE CUSTOMERS
C.DEVELOPING CRM PROGRAMS
RETAINING HIGH LTV CUSTOMERS
CONVERTING MEDIUM LTV CUSTOMERS TO HIGH LTV CUSTOMERS
KEEPING AWAY LOW LTV CUSTOMERS
D. IMPLEMENTING CRM PROGRAMS
PROCESS DATA
ANALYSIS
CRM PROCESS PRE
PLANNING
CUSTOMISATION OF EXISTING
SYSTEM AS PER CRM
PROPOTYPE TESTING
QUALITY ASSURANCE
TESTINGFINAL ACTION
CONTINUOUS SUPPORT