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CRM PROCESS

Submitted by: Ibneet kapoor Swati Jaret

CONTENTS
Introduction

CRM

Cycle
Acquisition Strategies

Customer

Customer
Customer

Retention Strategies
Complaint Management

INTRODUCTION

A Customer Relationship Management is a process to compile information that increases understanding of how to manage an organization's relationship with its customers. A CRM strategy helps the organizations improve the profitability of their interactions with current and potential customers while at the same time making those interactions appear friendlier through individualization and personalization.

CRM CYCLE

UNDERSTAND AND DIFFERENTIATE


Profiling to understand demographics, purchase patterns and channel preference. Segmentation to identify logical unique groups of customers that tend to look alike and behave in a similar fashion. Primary research to capture needs and attitudes. Customer valuation to understand profitability, as well as lifetime value or long-term potential.

DEVELOP AND CUSTOMIZE


In a customer-focused world, product and channel development have to follow the customer's lead. Organizations are increasingly developing products and services, and even new channels, based on customer needs and service expectations. Products, services, channels and media can be customized based on the needs of quantitative customer segments.

INTERACT AND DELIVER


To foster relationships, organizations need to insure that: All areas of the organization have easy access to relevant, actionable customer information. All areas are trained how to use customer information to tailor interactions based on both customer needs and potential customer value. Customers interact in many different ways with many different areas of the organization including distribution and shipping, customer service and online.

ACQUIRE AND RETAIN


Successful customer retention is based very simply on the organization's ability to constantly deliver on three principles:

Maintain interaction; never stop listening. Continue to deliver on the customer's definition of value. Remember that customers change as they move through differing life stages; be alert for the changes and be prepared to modify the service and value proposition as they change.

CUSTOMER ACQUISITION
STRATEGIES

Natural Referrals

Natural referrals is through word of mouth advertising. The best way to acquire new customers is through the sincere and heartfelt recommendations of satisfied, loyal customers.

Affinity Programs It is a strategy that is based on marketing to group memberships or associations. Group purchasing programs leverage the collective buying power of association members.

Affiliation Networks : Paying commissions for Referrals


It is a process to reward people who act as sales agents for the organization and who receive a commission on each sale based on their referral.

Relative Advantage Strong relationships with innovative customers and with dissatisfied sources can both be valuable sources for new product ideas. It can also be done through tracking customer complaints.

Point of Entry Identifying and interacting with new customer when they approach a point of entry is a fruitful acquisition strategy. Develop a system to identify who is most likely to enter the product category.

CUSTOMER RETENTION
STRATEGIES
The Welcome Making a good first impression can have a longlasting value Reliability Retaining customers requires that the products and services that are sold are reliable Responsiveness Customers want to be treated right. Responsiveness implies that the organization shows customers it really cares about their needs and feelings.

Recognition

Recognition refers to special attention or appreciation that identifies someone as having been known before.

CUSTOMER COMPLAINT MANAGEMENT


Be customer centric Listening attentively and displaying sensitivity to the customers position conveys a respect and communicates the message that the organization is customer-centric. Express Regret Resolve Conflict

Accommodation :-It s settlement of a conflict that emphasizes cooperative behavior. Compromise :-It is an attempt to find a mutually acceptable middle ground that is somewhat satisfactory to both parties. Termination :-It occurs when the organization or the customer ends the relationship and sees no hope of resolving the conflict

CONTD
Follow-up

and prevent recurrence It includes feedback from customers after query is resolved. Keep in touch and listen to customers It involves sending greeting cards, informing customers about any special offers or events, handling queries, learning about changing needs.