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    A Project On:: Customer Relationship Management (CRM)

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    nnjha
    This document discusses customer relationship management (CRM) frameworks and strategies. It summarizes Peppers & Rogers' CRM framework which involves identifying and differentiating customers, interacting with customers to understand their needs, customizing offerings for each customer, and focusing disproportionately on high value customers. It also discusses measuring CRM performance, developing customer loyalty through perceived value maximization and strategic customer care, and how one-to-one marketing can enhance customer retention compared to mass marketing.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    A Project On:: Customer Relationship Management (CRM)

    Uploaded by

    nnjha
    30 views20 pages
    This document discusses customer relationship management (CRM) frameworks and strategies. It summarizes Peppers & Rogers' CRM framework which involves identifying and differentiating customers, interacting with customers to understand their needs, customizing offerings for each customer, and focusing disproportionately on high value customers. It also discusses measuring CRM performance, developing customer loyalty through perceived value maximization and strategic customer care, and how one-to-one marketing can enhance customer retention compared to mass marketing.

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    Crm

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    This document discusses customer relationship management (CRM) frameworks and strategies. It summarizes Peppers & Rogers' CRM framework which involves identifying and differentiating customers, interacting with customers to understand their needs, customizing offerings for each customer, and focusing disproportionately on high value customers. It also discusses measuring CRM performance, developing customer loyalty through perceived value maximization and strategic customer care, and how one-to-one marketing can enhance customer retention compared to mass marketing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    30 views20 pages

    A Project On:: Customer Relationship Management (CRM)

    Uploaded by

    nnjha
    This document discusses customer relationship management (CRM) frameworks and strategies. It summarizes Peppers & Rogers' CRM framework which involves identifying and differentiating customers, interacting with customers to understand their needs, customizing offerings for each customer, and focusing disproportionately on high value customers. It also discusses measuring CRM performance, developing customer loyalty through perceived value maximization and strategic customer care, and how one-to-one marketing can enhance customer retention compared to mass marketing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 20

    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

    Peppers & Rogers Framework For CRM:


    Identify your Prospects & Customers. Differentiate customers in terms of 1.Their needs. 2.Their value to your company. Interact with individual customer to improve your knowledge about their individual needs & to built stronger relationship.

    Peppers & Rogers Framework For CRM (contd)


    Customize products, services & messages to each customers. Reducing the rate of customer defection. Increasing the longevity of the customer relationship. Enhancing the growth potential of each customer through Share of Wallet,Cross Selling & Up- Selling.

    Peppers & Rogers Framework For CRM (contd)


    Making lowprofit customer more profitable or terminating them. Focusing disproportionate efforts on high value customers .

    4 Categories of Customers in any Organization Portfolio


    Resistance to change Good value for money at its existing price. Better value for money than competitors. Needs ,Aspiration meeting their expectation.

    Market leader focus on following Goal


    1. Enhancing customer Loyalty

    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

    Strategies For Customer Loyalty Development


    Customer acquisition

    Customer retention Strategic customer care

    Market leader focus on following Goal (cntd)


    2. Maximizing returns on customer segments or customer accounts 5 Different levels of investments in customer Relationship building: Basic Marketing Reactive Marketing Accountable Marketing Proactive Marketing Partnership Marketing

    Market leader focus on following Goal (cntd)


    3. Creating a strong interdependence between the customer & the company.

    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

    CRM Process (contd)


    2. Development of Appropriate organizational Structure. 3. Investments in Technology. 4. People Development.

    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

    Customer Front-line people Middle Management


    Top Management

    Mass Marketing Vs One-to-One Marketing

    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

    Customer Loyalty Gets Enhanced with Perceived Value Maximization

    Perceived Value Maximization

    Low Low High Customer Loyalty

    High

    Strategic Customer Care Customer Loyalty CRM Curve

    Customer Retention
    Low Customer Acquisition Low Average Lifetime Value High

    Customer Retention Acquisition

    Strategic Customer Care Customer Retention Strategy


    High

    Profitability High

    Low

    Low Loyalty

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