CUSTOMER RELATIONSHIP MANAGEMENT
♦Customer Relationship Management (CRM) is a means of managing all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization’s profitability.
RECENCY, FREQUENCY AND MONETARY VALUE
Organizations can find their most valuable customers through “RFM”
♦How recently a customer purchased item.
♦How frequently a customer purchased item.
♦How much a customer spends on each purchase.
EVOLUTION OF CRM
Three phase in evolution of CRM:
♦Reporting
♦Analyzing
♦Predicting
OPERATIONAL AND ANALYTICAL CRM
Operational CRM
♦support traditional processing day-to-day front-office operation or system that deal directly with the customers.
Analytical CRM
♦support back-office operation and strategic analysis and includes all systems that do not deal directly to the customers.
CUSTOMER RELATIONSHIP MANAGEMENT SUCCESS FACTORS
CRM success factors include:
♦Clearly communicate the CRM strategy.
♦Define information needs and flows.
♦Build an integrated view of the customer.
♦Implement in iterations.
♦Scalability for organizational growth.
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