Customer Relationship Management

GURU Nanak khalsa
College
TOPIC :
CUSTOMER relationship
ManagemenT
Group members
Manpreet singh
36
Rosedeep singh
09
Sahil bhambri
03
Class : ty bbi.
SEMester - vi
Professor sign.
INTRODUCTION :
Customer relationship management (CRM) is a broadly recognized, widely-implemented

strategy for managing and nurturing a companys interactions with customers, clients and sales
prospects. It involves using technology to organize, automate, and synchronize business
processesprincipally sales activities, but also those for marketing, customer service, and
technical support. The overall goals are to find, attract, and win new clients, nurture and retain
those the company already has, entice former clients back into the fold, and reduce the costs of
marketing and client service. Customer relationship management denotes a company-wide
business strategy embracing all client-facing departments and even beyond. When an
implementation is effective, people, processes, and technology work in synergy to increase
profitability, and reduce operational costs. Some of the methods connected with CRM are
automated, and the purpose of this is to create marketing strategies which are targeted towards
specific customers. The strategies used will be dependent on the information that is contained
within the system. Customer relationship management is commonly used by corporations, and
they will focus on maintaining a strong relationship with their clients.
There are a number of reasons why CRM has become so important in the last 10 years.
The competition in the global market has become highly competitive, and it has become easier
for customers to switch companies if they are not happy with the service they receive. One of
the primary goals of CRM is to maintain clients. When it is used effectively, a company will be
able to build a relationship with their customers that can last a lifetime. Customer relationship
management tools will generally come in the form of software. Each software program may vary
in the way it approaches CRM. It is important to realize that CRM is more than just a technology.
Customer relationship management could be better defined as being a methodology, an
approach that a company will use to achieve their goals. It should be directly connected to the
philosophy of the company. It must guide all of its policies, and it must be an important part of
customer service and marketing. If this is not done, the CRM system will become a failure.
There are a number of things the ideal CRM system should have. It should allow the company
to find the factors that interest their customers the most. A company must realize that it is
impossible for them to succeed if they do not cater to the desires and needs of their customers.
It is also important for the CRM system to foster a philosophy that is oriented towards the
customers. While this may sound like common sense, there are a sizeable number of
companies that have failed to do it, and their businesses suffered as a result. With CRM, the
customer is always right, and they are the most important factor in the success of the company.
It is also important for the company to use measures that are dependent on their customers.
This will greatly tip the odds of success in their favor. While CRM should not be viewed as a
technology, it is important to realize that there are end to end processes that must be created so
that customers can be properly served. In many cases, these processes will use computers and
software.
Customer support is directly connected to CRM. If a company fails to provide quality
customer support, they have also failed with their CRM system. When a customer makes
complaints, they must be handled quickly and efficiently. The company should also seek to
make sure those mistakes are not repeated. The collaborative aspect of CRM deals with
communication between companies and their clients.
DEFINITION :
What is CRM (Customer Relationship
Management)?
CRM (customer relationship management) is an information industry
term for methodologies, software, and usually Internet capabilities that help
an enterprise manage customer relationships in an organized way. For
example, an enterprise might build a database about its customers that
described relationships in sufficient detail so that management,
salespeople, people providing service, and perhaps the customer directly
could access information, match customer needs with product plans and
offerings, remind customers of service requirements, know what other
products a customer had purchased, and so forth.
Importance of CRM :
Customer relationship management is a broad approach for creating,
maintaining and expanding customer relationships. CRM is the business
strategy that aims to understand, anticipate, manage and personalize the
needs of an organizations current and potential customers. At the heart of
a perfect strategy is the creation of mutual value for all parties involved in
the business process. It is about creating a sustainable competitive
advantage by being the best at understanding, communicating, and
delivering and developing existing customer relationships in addition to
creating and keeping new customers. So the concept of product life cycle is
giving way to the concept of customer life cycle focusing on the
development of products and services that anticipate the future need of the
existing customers and creating additional services that extend existing
customer relationships beyond transactions.
Benefits :
These tools have been shown to help companies attain these
objectives:
Streamlined sales and marketing processes
Higher sales productivity
Added cross-selling and up-selling
Improved service, loyalty, and retention
Increased call center efficiency
Higher close rates
Better profiling and targeting
Reduced expenses
Increased market share
Higher overall profitability
Marginal costing
Challenges :
Despite the benefits, many companies are still not fully leveraging
these tools and services to align marketing, sales, and service to best
serve the enterprise.
Tools and workflows can be complex to implement, especially for large
enterprises. Previously these tools were generally limited to contact
management: monitoring and recording interactions and communications.
Software solutions then expanded to embrace deal tracking, territories,
opportunities, and at the sales pipeline itself. Next came the advent of tools
for other client-facing business functions, as described below. These
technologies have been, and still are, offered as on-premises software that
companies purchase and run on their own IT infrastructure.
Often, implementations are fragmented; isolated initiatives by individual
departments to address their own needs. Systems that start disunited
usually stay that way: siloed thinking and decision processes frequently
lead to separate and incompatible systems, and dysfunctional processes.
Purpose of CRM :
Purpose of CRM Provide product information, product use information, and
technical assistance on websites that are accessible 24 hours a day, 7
days a week. Identify how each individual customer defines quality, and
then design a service strategy for each customer based on these individual
requirements and expectations. Provide a fast mechanism for correcting
service deficiencies (correct the problem before other customers
experience the same dissatisfaction). Use internet cookies to track
customer interests and personalize product offerings accordingly. Provide a
fast mechanism for managing and scheduling maintenance, repair, and
ongoing support (improve efficiency and effectiveness).
CRM may refer to :
Sales and marketing
Customer relationship management, processes implemented by a company to handle its

contact with its customers
cause-related marketing, a type of marketing
Courtesy reply mail, a type of business mail
Companies and institutions
Centre de Recherches Mathmatiques, a Canadian mathematical research institute
Salesforce.com's NYSE ticker symbol
Comas Racing Management, a driver management firm of rik Comas
Commander Mexicana's ICAO code
Resource management
Crew Resource Management or Cockpit Resource Management, an aviation training

program
Cultural resources management, the practice of managing cultural resources.

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GURU Nanak khalsa

Customer relationship management (CRM) is a broadly recognized, widely-implemented

CRM may refer to :

Sales and marketing

Customer relationship management, processes implemented by a company to handle its

cause-related marketing, a type of marketing

Courtesy reply mail, a type of business mail

Companies and institutions

Centre de Recherches Mathmatiques, a Canadian mathematical research institute

Salesforce.com's NYSE ticker symbol

Comas Racing Management, a driver management firm of rik Comas

Commander Mexicana's ICAO code

Crew Resource Management or Cockpit Resource Management, an aviation training

Cultural resources management, the practice of managing cultural resources.

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