CUSTOMER RELATIONSHIP MANAGEMENT (CRM)

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CUSTOMER RELATIONSHIP MANAGEMENT (CRM):

CUSTOMER RELATIONSHIP MANAGEMENT (CRM) ANU PRERNA R.N0- 8

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Companies are turning to customer relationship management for becoming customer focussed business. The Customer Relationship Management (CRM) is defined as an approach for building and sustaining long term business with customers. The application of information technology to achieve customer relationship management is a key element of e-business. CRM promises to help companies get to know their customers well enough to understand which ones to keep and which ones should be willing to lose and why? CRM also means integrating and automating many of the business processes and accompanying analysis and saving precious time in bargain. CRM system includes a family of software modules which enables the business and its employees to provide fast, convenient, reliable and consistent services to the customers.

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COMPONENTS OF CRM: Contact and account management: Relevant data for customer profile is captured with the help of CRM software. CRM system stores data in common customer database. The database integrates customer account information and present it in desirable format to the company. This database can be accessed on internet, intranet and on other network links. The data is used for sales, marketing, services and other applications. The contact management software contains various modules of databases, displays, charts, workflow programs. 2. Sales: Sales process management follows a customized sales methodology with specific sales policies and procedures. Sales activities include- product information, product configuration, sales prospectus, sales quote generation. CRM also provide the history of customer account so that the sales call can be scheduled accordingly. 3. Marketing and fulfillment: CRM helps the professionals in product marketing, target marketing, relationship marketing and compaign management. By analyzing customer and business value of direct marketing can be estimated.

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CRM also helps in customer retention, behaviour prediction, channel optimization, personalization. Customer service and support: CRM system provides service representatives with adequate software tools and access to customer database. It also helps to create, assign and manage the service requests by customers. Call centre software is designed to route customer calls to respective attendants as per the skills and authority to handle special cases. Help desk software is developed to help customer service representative to help customers who face problems with product or service to resolve it. 5. Retention and loyalty programs: The primary objective of CRM is to enhance and optimize customer retention and loyalty. CRM systems are also useful in determining most loyal and profitable customers and reward.

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Benefits of Integrating ERP CRM: Automates key business processes to improve productivity and business ROI. Helps you to safely control and manage all aspects of business functions with just one single solution. Enables you to access and analyze powerful business information in a timely manner. Facilitates effective business forecasting. Business risks can be studied and policies can be implemented in a more confident manner. Easily scalable, more flexible, and can be quickly customized to meet unique business needs.

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