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    5) Explain The Importance of Customer Relationship Management (CRM) When Especially Managing A High - Profile Client

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    Indrachapa Ranasinghe
    Customer relationship management (CRM) is important for managing high-profile clients by analyzing customer interactions and data over time. CRM involves tracking customer behavior, using the data to improve marketing strategies while respecting legal and ethical boundaries, and gaining insights from customer data usage to enhance customer relationships and lifetime value.

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    5) Explain The Importance of Customer Relationship Management (CRM) When Especially Managing A High - Profile Client

    Uploaded by

    Indrachapa Ranasinghe
    11 views2 pages
    Customer relationship management (CRM) is important for managing high-profile clients by analyzing customer interactions and data over time. CRM involves tracking customer behavior, using the data to improve marketing strategies while respecting legal and ethical boundaries, and gaining insights from customer data usage to enhance customer relationships and lifetime value.

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    Related to the subjects of service management

    Original Title

    CRM

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    Customer relationship management (CRM) is important for managing high-profile clients by analyzing customer interactions and data over time. CRM involves tracking customer behavior, using the data to improve marketing strategies while respecting legal and ethical boundaries, and gaining insights from customer data usage to enhance customer relationships and lifetime value.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views2 pages

    5) Explain The Importance of Customer Relationship Management (CRM) When Especially Managing A High - Profile Client

    Uploaded by

    Indrachapa Ranasinghe
    Customer relationship management (CRM) is important for managing high-profile clients by analyzing customer interactions and data over time. CRM involves tracking customer behavior, using the data to improve marketing strategies while respecting legal and ethical boundaries, and gaining insights from customer data usage to enhance customer relationships and lifetime value.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    5) Explain the importance of Customer Relationship Management (CRM) when especially managing a

    high -profile client.

    Customer relationship management (CRM) is the combination of practices, strategies and technologies
    that companies use to manage and analyze customer long term interactions and data throughout
    the customer lifecycle.

    CRM Process

    • Customer behavior
    • Organization (Product or service)
    • Boundaries – Legal/ethical
    • Marketing strategy
    • Customer data usage

    Customer behavior

    Customer behavior refers to an individual's buying habits, including social trends, frequency patterns,
    and background factors influencing their decision to buy something. Businesses study customer
    behavior to understand their target audience and create more-enticing products and service offers.

    Ex: Customer experience in banking refers to a customer's collective experience interacting with various
    touchpoints, including online banking systems, emails, call centers, online advertising, face-to-face
    interactions, and even social media.

    Organization (Product or service)

    A CRM can help you store customer data such as user behavior, how long a customer has been with
    your business, purchase records, and notes on sales interactions, which you can use to optimize your
    sales and marketing processes and improve customer service across your organization.

    Ex: Banking organization means any national or state bank, trust company, banking company, land bank,
    savings bank, Safe-deposit Company, private banker, or any similar organization.

    Boundaries – Legal/ethical

    Boundaries refer to guidelines that ought to govern caregiving relationships making them distinct from
    personal, intimate or business relationships.
    Marketing strategy

    Marketing strategy is a company-wide plan for your business to grow revenues and profit, reduce costs
    and enhance customer relationships (putting them first). Many choose to do this with the help of CRM
    technology in addition to other marketing strategies and customer support models.

    Ex: A banking CRM is a consolidated system that can integrate with your other banking software
    programs to provide a single view of every customer account. From depositing at an ATM to requesting
    information about a specific type of loan, every pre-determined action a customer takes can be
    recorded in your CRM

    Customer data usage

    A CRM system helps businesses keep customer contact details up to date, track every customer
    interaction, and manage customer accounts. It is designed to help businesses improve customer
    relationships and also Customer Lifetime Value.

    Customer data includes personal, demographic, and behavioral data that helps you better understand
    your audience, improving the way you communicate and engage with your potential and existing
    customers

    Ex: With legible customer data, banks can identify and predict trends in customer behavior and create
    personalized approaches. Historically, banks have been more product-centric, for example focused on
    pushing credit cards or specific types of accounts.

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