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Customer Relationship Management: Amity Global Business School

The document provides an overview of customer relationship management (CRM) processes and strategies. It discusses key aspects of CRM including acquiring and retaining customers, understanding customer needs, developing customized experiences, and interacting and delivering value. The document also outlines CRM goals of increasing revenue and customer loyalty while decreasing costs. It provides examples of CRM metrics like response rates, increased sales, customer retention rates, and return on investment.

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Thakur Ankit Chauhan
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110 views11 pages

Customer Relationship Management: Amity Global Business School

The document provides an overview of customer relationship management (CRM) processes and strategies. It discusses key aspects of CRM including acquiring and retaining customers, understanding customer needs, developing customized experiences, and interacting and delivering value. The document also outlines CRM goals of increasing revenue and customer loyalty while decreasing costs. It provides examples of CRM metrics like response rates, increased sales, customer retention rates, and return on investment.

Uploaded by

Thakur Ankit Chauhan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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AMITY GLOBAL

BUSINESS SCHOOL

Noida

Customer Relationship Management


Mamta Chawla

AMITY GLOBAL
BUSINESS SCHOOL

Noida

CRM
PROCESS

AMITY GLOBAL
BUSINESS SCHOOL

Noida

TO YOU: Talking with not at


customers and responding to
their needs throughout your
organizations lifecycle with
them:

Acquire & Retain


Understand & Differentiate
Develop & Customize
Interact & Deliver

TO YOUR CUSTOMERS:
You know me no matter
where or when I deal with
you. You treat me better the
more you know me, and give
me personal, friendly service.

AMITY GLOBAL
BUSINESS SCHOOL

Noida

CRM Processes / Mapping


Re-examine all of your customer management
business processes.
Re-/define where CRM provides the greatest value
to your best customers and your organization.
Dont repave the cow paths

Incrementally implement CRM to improve top


targeted processes.
Ex. Subscription Renewal processes

AMITY GLOBAL
BUSINESS SCHOOL

Noida

BRAND VS DIRECT RESPONSE:


AMITY GLOBAL
Seeing isSCHOOL
believing. vs. Put your money where your
BUSINESS
Noida
mouth is.

Measuring Clickthroughs undercounts branding


success, yet overcount direct response. Know your goals.
Brand builders (Buy later): Buy Branding campaigns and measure
CPMs only.
Direct marketers (Buy now!): use Click to Buy and measure
conversion to sales.
Examples:
B-to-C: Direct response: online catalogs, banner ads or links with
Buy Now. Branding: Sponsorships, articles, events, plain banners,
all print or non-direct TV ads.
B-to-B: Direct response: Configurator tools, ordering Extranets.
Branding: all print and non-direct TV, trade fairs.

THREE PHASES OF CUSTOMER


AMITY GLOBAL
BUSINESS SCHOOL
DEVELOPMENT

Noida

Acquisition: Attract new, profitable customers.


Differentiation, innovation and convenience
Enhancement: Make current customers more
profitable.
Increased bundling, reduction of costs, improved
customer service
Retention: Keep your profitable customers for life.
Delivering not what the market demands but what
your customers want and more.
Enabling total listening and multi-way conversations
between companies (including formerly isolated
internal employee experts), customers, and trading
10
partners.

CUSTOMER RETENTION

AMITY GLOBAL
BUSINESS SCHOOL

Noida

RETENTION: You dont know the worth of water until the


well runs dry. and Dont muddy up the well that you get
your water from.
Spend generously to keep your best customers with superior service,
rewards, and recognition. You cant afford to lose your great ones.

RECOGNITION:Im so durned glad to be home, Im glad I


went.
Use integrated systems to remember your customer from all touchpoints.
(Not done at AAA)
Make them feel at home with your business. (Ex. Hotel profiles, Hertz
Gold Clubs, Amazon.com personalized home page )

REWARDS: You catch more flies with honey than with


vinegar.
Reward your best current customers differently than new ones.
Customers pet peeves include getting discounts for new subscriptions and
none for loyal readers (Ex. Most print magazines give you discount when
you sign up as new reader, then charge full price for renewal, penalizing
loyal customers).

AMITY GLOBAL
BUSINESS SCHOOL

IMPLEMENTATION
You better make hay while the sun shines.

Noida

AMITY GLOBAL
BUSINESS SCHOOL

Noida

CRM Goals, Benefits and


Value
Increased Hard / Soft Results ($,%,#)
Internal: Revenue, Margins, Profitability, Results, ROI, ROA,
Conversion Rates, Knowledge, Strategy, Efficiency,
Effectiveness, Creativity, Products, Innovation, Morale,
Customer Focus
External: Customer Acquisition, Up-selling, Cross-selling,
Personalization, Interaction, Feedback, Service, Satisfaction,
Loyalty, Evangelism, Relationships, Value, Understanding
Decreased Hard / Soft Results ($,%,#)
Internal: Costs, Time, Errors, Employee Defection,
Frustration, Fear, Uncertainty, Doubt
External: Customer Issues, Complaints, Attrition, Churn
Dissatisfaction

AMITY GLOBAL
BUSINESS SCHOOL

Noida

CRM Metrics
Response Rates
Well-executed event-driven marketing campaigns typically
deliver response rates of the order of 25% - 50%.
Increased Sales
A well-used CRM system typically yields a direct sales revenue
increase of 10%-20%.
Customer Retention
Improvement of Average Observed Customer benefit 10%-18% for
Customers That Formally Measured.

ROI Justification
A 10% improvement in customer retention and increased
revenues and a 14% increase in customer satisfaction, though
small, can provide all the justification any company needs to
implement a CRM system.
(Aberdeen Group 2003)

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