Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
Management (CRM)
By Tesfahunegn
Hailu
Customer Relationship Management
• CRM refers to practices, strategies and
technologies that companies use to manage and
analyze customer interactions throughout the
customer lifecycle,
• With the goal of improving business relationships
with customers to driving sales growth.
• It is a strategy a company use to manage the
interaction with customers and potential
costumers.
Customer Relationship Management
• It is designed to compile information on
customers across different channels
• Point of contact:- Website, telephone, live
chat, direct mail, marketing materials and
social media.
• Data
– Personal info, purchasing history, buying
preferences, and concerns.
Evolution of CRM
• Pre-technology business owners knew the
value of their customers.
• If a firm provide the customer with the
services and goods up to the consumers’
standard, result happy customers.
• This happiness will be translated into repeated
sale and a growing customer base.
Evolution of CRM
• However, to know whether a customer was
satisfied or not, business owners had to speak
to them face-to-face.
• These business owners had no way of keeping
track of their relationship with customers.
• This was an obvious downside to projecting
sales pre-technology
The Goals of CRM
1. Customer Satisfaction :- Satisfied customers
are more likely to become loyal customer and
as a result, the company benefits from Word-
of-mouth marketing (or WOM marketing).
2. Run an Efficient Business :- CRM helps you to
understand your customers better and
deliver goods and services to your
customers’ standard. Respond customers’
demands and concerns efficiently.
The Goals of CRM
3. Produce Better Marketing Campaigns :-CRM data can
enable you to profile target groups. If you can work out
who to target and what communications they respond to
best, then you will be able to produce more efficient
marketing campaigns.
4. Gaining New Customers :- CRM will benefit you obtain
crucial information about your customer base. And
understand why customers fail to make a purchase your
goods & services.
– From the knowledge you gained from CRM, you may adapt new
policies and techniques which may help you attract new
customers.
The Goals of CRM
5. Boost Sales :- This objective is what drives all
of the other objectives above.
Customer Satisfaction + Efficient Business + Marketing
Campaigns + New Customers = Boost Sales
Profit
Questions to ask while establishing CRM goals