Customer Relationship Management: Guest BY Mehraj Ud Din Wani

CUSTOMER
RELATIONSHIP
MANAGEMENT
GUEST
LECTURE
BY
MEHRAJ UD DIN
WANI
There is only one boss. The
Customer! He can fire
everybody in the company, from the
chairman on
down, simply by spending his money
somewhere else.”
-Sam Walton, founder of Wal-Mart

Customer relationship management (CRM) is an
approach to manage a company's interaction with
current and potential customers. It uses data
analysis about customers' history with a company
to improve business relationships with customers,
specifically focusing on customer retention and
ultimately driving sales growth.
Process
Receiving the customer
CRM SOFTWARES
CRM software manages your
relationships with individual customers
to create advantages for both parties. To
select the appropriate software and
ensure it includes the features you need,
you have to know how CRM works and
what effects it has on your retail
operations.
 Segmentation
 Promotion
 Purchases
 Retention
 Segmentation : CRM helps you gather
information about each of your
customers, including preferences and
demographic data. You can use such
information to segment your market and
customize your approach to each group
of customers.
 Promotions: The data you gather within a
CRM system lets you not only target a
market segment with promotions that
appeal to its members, but also to target
individual customers.
 Purchases: A CRM system keeps records
of customer purchases and customer
service calls. You can keep track of the
products each customer has purchased
and whether there have been any
warranty or dissatisfaction issues with
the purchase.
 Retention : The overall effect of CRM is to
increase the retention of customers by
serving them in a more focused and
convenient way. You can further increase
this effect by using the CRM software to
implement customer loyalty programs.
Since the applications already track
purchases, you can issue reward points
and bonuses to keep valuable customers.
Effect on Customer Satisfaction
Customer satisfaction has important

implications for the economic performance of
firms because it has the ability to increase
customer loyalty and usage behavior and
reduce customer complaints and the likelihood
of customer defection. The implementation of
a CRM approach is likely to have an effect on
customer satisfaction and customer knowledge
for a variety of different reasons.
Customer Benefits
 Enhanced ability to target profitable customers.

 Integrated assistance across channels.
 Enhanced sales force efficiency and effectiveness.
 Improved pricing.
 Customized products and services.
 Improved customer service efficiency and effectiveness.
 Individualized marketing messages also called campaigns
Satisfaction Drivers
 Person-to-person experience—The store has helpful,
friendly, knowledgeable employees who anticipate
customer needs and exceed customer expectations.
 Store experience—The store is clean, well-designed,
organized, adequately stocked with quality merchandise
and provides “fun” experiences.
 Price and value—The price that customers pay for goods is
matched by the perceived value that they receive for
making the purchase.
 Marketing and communications—The store’s promotions
are well-communicated, easy to redeem and valuable to
customers.
 Data integration and analytics—The store provides the
same product selection and product information across all
sales channels, and uses information from a consumer’s
past purchases to provide better service.
Conclusion
Customer relationship marketing implies that you are
invested in your customer and are willing to put the time
and effort into building a long-term, personalized
relationship. There's no doubt that this takes both time and
a commitment to tailor your marketing, customer service
and sales process accordingly.
Personalization has a couple of dimensions to it, namely

overall store experience, customer service experience and
marketing experience. When these three work in tandem
you're golden, you become top of mind for customers.
They will find that engaging with your brand is exciting and
worth the effort. Often one of these three pillars is missing.
 Store experience.
 Customer service experience.
 Marketing experience
Happy customers who keep coming back
and become evangelists which translates
into more sales. And, a more productive
and profitable retail business that will
thrive!

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CUSTOMER

-Sam Walton, founder of Wal-Mart

Customer satisfaction has important

 Enhanced ability to target profitable customers.

Personalization has a couple of dimensions to it, namely

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