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Customer Relationship Management (CRM)

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Customer Relationship Management (CRM):

Customer Relationship Management (CRM) is growing in importance due to the challenging business environment. Therefore which faced by organizations throughout the world today. So It is particularly critical in industries undergoing changes in traditional channel configuration. Since CRM is a means of addressing increasing competition, changing economic conditions and promotional dependence.

Since Through the use of intimate customer knowledge. And  knowledge gained through relationship development and past marketing programs. CRM is increasing in prominence because it focuses on current users. who the source of the major of business revenue and the best option for improving business in uncertain times. Especially relevant CRM has benefited from advances in data management and middleware new software.

Finally allows disparate data resources to work as a single integrated database. In conclusion CRM has also been supported by a new generation of promotional tools. For example, selective binding, variable valuation and new probabilistic targeting tools such as Spectra. the U.S., CRM is now practiced by approximately 45% of the companies in retailing, aircraft and utilities; 50-55% of the companies in financial services, pharmaceuticals and transportation. And 70% of the companies in telecommunications and credit.


Challenge:

Since there are a number of challenges facing organizations as they attempt to create the single customer view so critical to CRM. It is necessary to consolidate and resolve the problems resulting from:
• Disparate databases,
• multiple touch points,
• departmental disparity,
• dissimilar applications, and
• inconsistent customer data.

CDI is the process of managing the customer response or activity related to all possible touch points. Specific CDI steps are as follows:
• Identify touch points,
• Set up data collection business rules,
• Define input process logistics & data conversion rules,
• Perform Address Standardization,
• And Perform Address Correction,
• Perform Postal processing (NCOA in U.S. for change of address),
• De-duplication (Loose/tight), data enhancement, data suppression, data consolidation,
• Update process logistics regarding ODS or DW.

In Conclusion CRM and customer-centric thinking has created the need for a change in the role played by the sales function. As a result  The customer focus that organizations have adopted has created major changes in the evaluation of what value the sales force provides today. The purpose of a sales force is to add value to the distribution of products. Today, value is defined by customers and not by organizations. The traditional role of sales has been to communicate the value of company’s products; but for the sales force to be the sole communication link in business today is no longer practical or advisable.

Contents:

1 History and theory
2 Field concerns and data collection
3 Issues regarding communicationand CRM
4 Future of CRM

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