A Project On:: Customer Relationship Management (CRM)
A Project On:: Customer Relationship Management (CRM)
A Project On:: Customer Relationship Management (CRM)
Introduction:
Managing Detailed Information about Customers. Enables to provide Excellent Real Time customer services. Increases Profitability. Helps corporate to fight competition. Provides value for customer
Loyal Customers Are More Profitable : Willing to pay a premium Helps in acquiring new business Cost saving Acquisition cost goes down Increase in sales Variety of product
CRM Process
1. Creation and management of data mining and warehousing Cost involved for data mining and warehousing Initial investment cost Running or Operational cost Enhancement cost Workforce Cost
Measuring CRM
1. Balanced Score Card a) b) c) d) e) Financial Objectives Customer Perseverance Organizational Analysis Learning Organizational Knowledge Management
Top Management
Middle Management
Front-line people
Customer
Mass marketing
Average customer
One-to-One Marketing
Individual customer Customer profile Customized market offering Customized production Individualized distribution
Customer anonymity
Standard product Mass product Mass distribution Mass advertising Mass promotion One-way message
Individualized incentives
Individualized message Two-way messages Economies of Scope Share of customer Profitable customer Customer retention
Economies of scale
Share of market All customers Customer attraction
High
High
Customer Retention
Low Customer Acquisition Low Average Lifetime Value High
Profitability High
Low
Low Loyalty