Mgt301 Assignement No. 1 Solution
Sunday, October 31, 2010 Posted In MGT Edit ThisCRM? What is Customer Relationship Management.
CRM is the overall progress of building and maintaining profitable customer relationships by delivering superior customer value and services.
In the new view, marketing is the science and art of find, retaining and serving the customer. This is what changes the concept of marketing
- Stating this we know that Marketing must be concerned with the life time of the customer. The more the life of the customer is there the more chances are
there to survive in the Market. - For an efficient Customer relationship management customer value and satisfaction is the major point, the purpose behind the CRM is to sustain and keep your customer with you, it helps you apply
the strategies which are focused on increasing the customers satisfaction,
loyalty, and profitability by providing him better service qualities over
your competitors. - Increases the life cycle of a loyal customer as we know that a churning customer is very harmful for the revenue and the market repute of the company at the same time.
- Analysis of customers buying trends is made, you know what you are to offer to the targeted customer
- Identification of potential customer on his grounds.
- Customer satisfaction is 85% more than compared to old school marketing techniques.
- You keep the customer wondering, “What is Next?”
- Customer demands more than you know what you have to offer them.
Common Goals of CRM.
- You want to keep that customer with you then use a CRM design.
- It helps business to use technology to get inside the customers life cycle, his trends, his likes and dislikes.
- Your company can keep the customers track.
- You can follow your buying behavior by the help of a CRM.
- Create call center where you can facilitate the customer talk to them, make them feel better by giving them one stop solution.
Elaborate your answers with an example
Collecting data, mining, extracting and Data base Management is the new view. Now marketing is the sciences of searching, attaining, retaining and delighting the customer. Marketing must be considered with the life time value of the value and keeping this in mind CRM is the right tool to keep your customers with you. CRM acts as a Relationship building block with the customer.
Example
Telenor Pakistan
A leading Telecommunication firm establishing its ground in 2005 first quarter is now the second largest in Coverage and Number 1 in customer services (Call center) and Customer Feedback handling (By using CRM)
This firm uses an ORACLE based CRM Customer Relationship management Software called Siebel.
Siebel is the Biggest CRM tools till now available in the market. It contains unlimited Logs of data base and customer information related to every field.
This software being the most advanced DBMS of its time till present definitely given Telenor Pakistan a really big edge over all its competitors.
Advantages of this CRM.
- It contains Users primary information
- Keeps a track of all the package plan the user has converted into
- His last 10 used Value added services
- His mostly frequently dialed number
- His credit classification according to the revenue he is generating to the company.
- Every call the customer has ever made to the call centre for any query is recorded in this CRM for a future reference with a work code assigned for
the question the customer asks. - This basic tool has helped the company evolve into a major Telecommunications Giant in just a small frame of 5 years.
- By using this tool the company manages the customer and his feedback.
- Over sees what are his expectation and where can we profit from it.
- Keeps track of every change made against his number.
- Every customer account is equipped with a predictable table where this CRM tells what could be the customer’s next need or what offer could be attractive
to the customer.
WHY IS CRM DIFFERENT FROM TRADITIONAL MARKETING??
Traditional marketing | CRM Based Marketing. |
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