What do you mean by crm?

Customer relationship management is a number of strategies and technologies that are used tobuild stronger relationships between companies and their customers. A company will storeinformation that is related to their customers, and they will spend time analyzing it so that it canbe used for this purpose. Some of the methods connected with CRM are automated, and thepurpose of this is to create marketing strategies which are targeted towards specific customers.The strategies used will be dependent on the information that is contained within the system.Customer relationship management is commonly used by corporations, and they will focus onmaintaining a strong relationship with their clients. Customer Relationship Management (CRM) is a way of improving business efficiency. Itis all about building and strengthening customer relationships to keep them coming back,while helping businesses gain new customers. Essentially, a CRM system will help anorganization manage all of its relationships. Customer feedback Customers are satisfied with the bank credit card facility but they arenot satisfied with the hidden charges which are taken on credit card. The facility of reimbursement account is only for those customerswho are having salary account Hey should provide all the information related to credit card and also give the reason to take a charge on credit card facility Customers are more satisfied if the get supplementary services with regular services

 According to the customers, they are satisfied with these VAS butfew of them are not because these services are not of their use. Crm at icici bank CRM at ICICI Bank involves increased communication between the bank and its present and prospective customers. Its philosophy focuses on each and every customers satisfaction. CRM facilitated coordination of multiple business functions & multiple channel ofcommunication with the customers to carry out customer management more efficiently. It alsoautomated the process flow tracking in the product sales process and helped generate customizedreports and promote cross-sellingThe aim of CRM is to optimize the use of technology and human resources. CRM services consist of the following major segments: Consulting services Implementation services CRM Outsourcing services Training services

Features of crm Understand and differentiate: Understanding customers is important in order to develop a sound relationship with them. Customer profiling is done in order to

understand demographics, purchase pattern and channel preference. CRM also helpedCICI in valuation of its customers to understand customer profitability and Customer Life Time Value (CLV). - Develop and customize: - In a customer centric business environment, the products and processes have to be according to customers needs and preferences. ICICI has alwaysfocused on developing channels of service delivery according to customers need andservice expectation. - Interact and Deliver: To foster a strong customer relationship ICICI ensured that all areas of the bank have easy access to relevant, actionable customer information andemployees should be trained on how to use customer information to tailor interactionsbased on both customer needs and potential customer value. - Acquire and Retain: CRM helped ICICI to figure out valuable customers and made it easy to formulate retention strategies for them. It also helped it cope up with the change in customers life cycle and offer services accordingly The key to implementing CRM was in understanding organization and customers in a better way. There are five interrelated areas that were taken care of before implementing CRM: - Business Focus - Organizational Structure - Business Metrics - Marketing Focus and Technology Business Focus: There are various components of CRM like customer information, sales,

marketing trends and marketing efficacy that acted in tandem to improve relationship betweenICICI and its consumers. ICICI captured customer data and analyzed them while dealing withcustomers at these very touch points. A CRM solution from Siebel was implemented for theautomation of customer handling in all key retail products of the Group. The solution allowscustomer service agents to track all customer complaints and requests. It also allows targetsetting and centralized tracking of turnaround times for request fulfillment. The solution wentlive in phases during fiscal 2002. The Bank has also undertaken a retail data warehouse initiativeto achieve customer integration at the back-office. This central view of the total customerrelationship is being used extensively for identifying opportunities to cross-sell new products andservices to the existing customer base. Technology Focus: ICICI Bank continues to leverage ICT2 as a strategic tool for its business operations to gain competitive advantage. Its technology strategy emphasizes enhanced level of

The next step in the CRM implementation process was gap analysis which essentially is assessing different loopholes in: - Marketing, sales and service practices - Collection, capture, processing and deployment of customer information - Distribution and operations effectiveness at customer touch points