Customer RELATIONSHIP MANAGEMENT

Presented byPaluru munesh

What is CRM

“CRM is concerned with the creation,

development and enhancement of individualised

customer relationships with carefully targeted

customers and customer groups resulting in

maximizing their total customer life-time value”

Origin Of CRM

• Customer relationship management was originated in early 1970s

• CRM came as a process that dealt with relationships with customers surpassing the whole business

• As said by Father of management “The true business of every company is to make and keep customers”.

The Purpose Of CRM

• The focus [of CRM] is on creating value for the customer

and the company over the longer term.

• When customers value the customer service that they

receive from suppliers, they are less likely to look to

alternative suppliers for their needs .

• CRM enables organisations to gain competitive advantage

over competitors that supply similar products or services.

Customer Relationship Management (CRM)

Traditional Marketing CRM

Goal: Expand customer base, increase market share by mass marketing

Goal: Establish a profitable, long-term, one-to-one relationship with customers; understanding their needs, preferences, expectations

Product oriented view Customer oriented view

Mass marketing / mass production Mass customization, one-to-one marketing

Standardization of customer needs Customer-supplier relationship

Transactional relationship Relational approach

Challenges in CRM

• Richness of customer data.

• Integrated view of customer information.

• Feedback mechanism from customer.

• Intelligence at operational touch points.

• Consistence of communication.

• Convenience of interacting with insurer.

Benefits of CRM

• Reduced costs, because the right things are being done (ie., effective and efficient operation)

• Increased customer satisfaction, because they are getting exactly what they want (ie. meeting and exceeding expectations)

• Ensuring that the focus of the organisation is external

• Growth in numbers of customers .

• Maximisation of opportunities (eg. increased services, referrals, etc.)

• Increased access to a source of market and competitor information

• Highlighting poor operational processes

• Long term profitability and sustainability

Foreign Companies Adopting CRM

& Many More….

Indian Companies adopting CRM

& Many More….