Customer Relationship Management

Category: Education

Presentation Description

A very simple presentation on CRM covering the basics. Helpful for newbies.


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Presentation Transcript

Customer relationship management - By Mahesh chauhan:

Customer relationship management - By Mahesh chauhan EMERGING TRENDS IN INFORMATION TECHNOLOGY SEMINAR ON


contents What is CRM? Determinants of CRM Components of CRM CRM Cycle Principles of CRM Tasks req. to achieve goals of CRM IT Factors of CRM Reasons for adopting CRM : The Business Drivers Benefits of CRM Boosting Customer loyalty : A BIG + CRM – Who leads the pack? Closing Comments Customer Relationship Management

What is crm ???:

What is crm ??? “An integrated cross-functional focus on improving customer retention and profitability for the company.” Other Definitions could be: “Process of creating and maintaining relationships with business customers or consumers” “A holistic process of identifying, attracting, differentiating, and retaining customers” “Integrating the firm’s value chain to create enhanced customer value at every step” Customer Relationship Management

determinants of crm:

determinants of crm Trust The willingness to rely on the ability, integrity, and motivation of one company to serve the needs of the other company as agreed upon implicitly and explicitly. Value The ability of a selling organisation to satisfy the needs of the customer at a comparatively lower cost or higher benefit than that offered by competitors and measured in monetary, temporal, functional and psychological terms. Customer Relationship Management

What is crm ???:

CRM is an abbreviation for Customer Relationship Management , not Customer Relationship Marketing . Management is a broader concept than marketing because it covers marketing manage., Manufacturing management, human resource management, service management, sales management, and research and development management. Thus, CRM requires organizational and business level approaches – which are customer centric – to doing business rather than a simple marketing strategy. What is crm ??? Customer Relationship Management

COMponents of crm:

COMponents of crm CRM CUSTOMER RELATIONSHIP MANAGEMENT Customer Relationship Management

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Customer: The customer is the only source of the company’s present profit and future growth. However, a good customer, who provides more profit with less resource, is always scarce because customers are knowledgeable and the competition is fierce. Components of crm Customer Relationship Management “ Businesses are not to paid to reform customers, they are paid to satisfy customers” – Peter Ducker

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Relationship: The relationship between a company and its customers involves continuous bi-directional communication and interaction . The relationship can be short term or long term, continuous or discrete, and repeating or one-time. Relationship can be attitudinal or behavioral. Even though customers have a positive attitude towards company and its products , their buying behavior is highly situational. Components of crm Customer Relationship Management

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Management: CRM is not an activity only within a marketing department. Rather it involves continuous corporate change in culture and processes. The customer information collected is transformed into corporate knowledge that lead to activities that take advantage of the information and of market opportunities. CRM required a compr- ehensive change in the organization and its people. Components of crm Customer Relationship Management

crm cycle:

crm cycle Customer Relationship Management

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Interact and Deliver : Interact with customers & prospective customers Deliver increased value to customers Acquire and Retain : Acquire customers & prospective customers Retain valuable customers Understand and Differentiate : Understand customer needs Differentiate based on customer needs, characteristics & behavior Deploy and Customize: Develop products, services, channels to meet customer needs Customize by customer segments C R M c y c l e Customer Relationship Management

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principles of crm Customer Relationship Management The overall processes and applications of CRM are based on the following basic principles. Treat Customer individually Acquire and retain customer loyalty through Personal Relationship Select “Good” customer instead of “Bad” customer based on Lifetime value. In summary , personalization, loyalty , and lifetime value are the main principles of CRM implementation.

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How to achieve goals of crm Customer Relationship Management Four basic tasks are required to achieve the basic goals of CRM. [Peppers, et al., 1999] Customer Identification To serve or provide value to the customer ,the company must know or identify the customer through marketing channels, transactions , and interactions over time. Customer Differentiation Each customer has their own lifetime value from the company’s point of view & each customer imposes unique demands and requirements for the company. Customer Interaction Customer demands change over time. So keeping track of customer behavior & needs is an important task of CRM. Customization/ Personalization “Treat each customer uniquely” is the motto of the entire CRM process .

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IT factors of crm Customer Relationship Management Traditional (mass) marketing doesn’t need to use information technologies extensively because there is no need to distinguish, differentiate, interact with, and customize for individual customer needs. Although some argue that IT has a small role in CRM, each of the four key CRM tasks depends heavily on information technologies and systems. Process Identification Differentiation Interaction Customization Goal Identify individual customers Evaluate customer value and needs Build a continuing relationship 1. F ulfil customer needs 2. Generate Profit Traditional mass Marketing Not Done Clustering Call centre 1. Sales 2. Services CRM Customer Profiling Individual Level analysis 1. Call centre management 2. Auto response system 1. Sales automation 2. Marketing process automation Information technologies 1. Cookies 2. Web Site personalization 1. Data Mining 2. Organization learning 1. Web Application 2. Wireless Communication 1. ERP 2. E-Commerce

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Reasons for adopting crm : The business drivers Customer Relationship Management Competition for customer is intense. From a purely economic point of few, firms learned that it is less costly to retain a customer than to find a new one. By Pareto’s principle it is assumed that 20% of a company’s customers generate 80% of its profits. In industrial sales, it takes an average of 8 to 10 physical calls in person to sell a new customer, 2 to 3 calls to sell an existing customer. It is 5 to 10 times more expensive to acquire a new customer than obtain repeat business from an existing customer. A typical dissatisfied customer tells 8 to 10 people about his or her experience. A 5% increase in retaining existing customers translates into 25% or more increase in profitability.

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benefits of crm Customer Relationship Management It is a business strategy that applies to almost every organization; therefore almost all organizations stand to gain from its use. Customers are motivated to return again and again as they receive good customer service and continue to do business. CRM enables a company to target their audience more precisely and gain customer retention, all at a lesser cost. CRM delivers company-wide access to customer information. Builds customer loyalty and decreases customer loss. It enables an organization to create detailed profiles such as customer likes/dislikes etc. CRM gains the trust of customers by meeting their needs in a more personalized way. Companies opting for CRM find it easy to identify new selling opportunities.

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boosting customer loyalty: a big + Customer Relationship Management Customer retention is imminently important for organization success as the cost of acquiring a new customer is greater than holding onto an old customer. The customer centric strategy of the decade – CRM achieves customer loyalty with ease. TYPES OF CUSTOMER RETENTION PROGRAMS : Discount Programs Card Programs Loyalty Programs

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boosting customer loyalty: a big + Customer Relationship Management Benefits of customer retention programs : They permits the collation of important customer data. They allow the usage of this data in the understanding and dealing of customers. The data collected is often used while making valuable customer decisions. They assist in making the customer feel special. They boost customer service and thereby increases customer loyalty. Pitfalls of customer retention programs : The main inhibition in this area is the cost factor. Customer retention program often involve huge costs to the organization & therefore most firms are reluctant to embark on this. In this respect it is important to focus on the possible returns rather than the cost involved as customer retention is a direct simulator for profitability and growth.

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crm - Who leads the pack ? Customer Relationship Management With the wide variety of CRM software available in the market one wonders who to choose. There will always be those who excel in any field. Some of the leaders are : Oracle Oracle CRM boasts of excellent storage and usage of customer information besides an amazing ability to streamline processes and the ability to improve the quality of data as well. Accurate information is Oracle CRM's best. Salesforce Salesforce's CRM options are based on customers' needs and offer excellent integration with all non CRM business applications. Siebel Siebel solutions boast of shorter implementation time. They are customized to fit industry needs. Siebel solutions provide employees and customers with accurate, relevant and up-to-date information. Simplicity and functionality are the keywords when dealing with Siebel's CRM solutions.

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Closing comments Customer Relationship Management CRM requires a cultural change with organizations. CRM can be enabled by technology, but this alone will not deliver business benefits – Change Management is vital The customer experience needs to be consistently enhanced. It’s an ongoing business process and will create sustainable competitive advantage. Remember : “If you aren’t listening to your customers, your competitors will.”

Thank you for your valuable time:

T hank you for your valuable time Customer Realtionship Management

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