Customer Relationship Management

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Customer Relationship Management (CRM)

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Terms in this set (34)

-transformation of people, processes and technology needed to become a customer driven organization

-philosophy: putting customer first
-method to enhance experience of individual customers so theyre customer 4life

What is CRM about?

-building and maintaining profitable long term relationship beyond buy/ sell transaction

By:
-focus on customer requirements
-deliver products in manner of high customer satisfaction

How?
-communicating w customers
-understanding behavior
-building system to satisfy

CRM Program

-successful CRM program is simple and complex

-simple: involves training ppl to make customers feel valued

-complex: finding affordable ways to identify potential customers&needs

design customer contact strategies for customer satisfaction

Why do companies need CRM?

1. Acquire new customers
2. Retain existing customers
3. Meet changing expectations of customers

Loyal customers are source of most profits and small % of those customers may generate most of profits for the company

Goals and Benefits of CRM

1. Inc customer satisfaction, loyalty and retention
2. Faster responses to customer inquiries
3. Increased revenue
4. Growth of customer base thru referrals
5. Simplified and more cost effective marketing/sales process
6. increased sales effectiveness (closing sales faster, cross selling, up selling)
7. Access to updated customer info
8. Automations of repetitive tasks