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CRM is an IT enhanced value process, which identifies, develops, integrates and focuses the various competencies of the firm to the voice of the customer in order to deliver long-term superior customer value, at a profit to well identified existing and potential customers.
(Plakoyiannaki and Tzokas, 2001)
CRM is a business philosophy based on upon individual customers and customised products and services supported by open lines of communication and feedback from the participating firms that mutually benefit both buying and selling organisations. The buying and selling firms enter into a learning relationship, with the customer being willing to collaborate with the seller and grow as a loyal customer. In return,, the seller works to maximize the value of the relationship for the customers benefit. In short, CRM provides selling organisations with the platform to obtain a competitive advantage by embracing customer needs and building value-driven long-term relationships.
Determinants of CRM Trust The willingness to rely on the ability, integrity, and motivation of one company to serve the needs of the other company as agreed upon implicitly and explicitly.
Value
The ability of a selling organisation to satisfy the needs of the customer at a comparatively lower cost or higher benefit than that offered by competitors and measured in monetary, temporal, functional and psychological terms.
Functions of Customer Relationship Management Direct functions (are the basic requirements of a company that are necessary to survive in the competitive marketplace) Profit; Volume; and Safeguard Indirect functions (are the actions necessary to convince the customer to participate in various marketing activities). Innovation: Market; Scout: and Access.
The role of salespeople as relationship builders and promoters Salespeople by: identifying potential customers and their needs; approaching key decision makers in the buying firm; negotiating and advancing dialogue and mutual trust; coordinating the cooperation between the customers and their company; encouraging the inter-organisational learning process; contributing to constructive resolution of existing conflicts; and leading the customer relationship development team
are the individuals in any organisation who act both as relationship builders and as relationship promoters.
Managing Customer Relationships The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer. Initiating the relationship Engage in strategic prospecting and qualifying; Gather and study pre-call information; Identify buying influences; Plan the initial sales call; Demonstrate an understanding of the customers needs; Identify opportunities to build a relationship; and
Managing Customer Relationships The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer. Developing the relationship Select an appropriate offering; Customise the relationship; Link the solutions with the customers needs; Discuss customer concerns; Summarize the solution to confirm benefits; and Secure commitment.
3 Important Points
The Most Important Goal is CREATE & KEEP THE CUSTOMER Not To sell Help Them To buy People love to buy Hate to be sold
Use of survey
Result of the survey - Best marketing tool Keep asking - keep Improvising Make an effective study to avoid problems.
BE RELIABLE- consistent performance is what customer wants from us BE CREDIBLE- if the customer buys the product, he wants to safe and guaranteed. BE ATTRACTIVE- body language, personality, appearance BE RESPONSIVE accessible, available and willing to help customer whenever the customer has a problem. BE EMPATHIC- to be in customers shoes and grasp his point of view
Relationship Marketing
Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement.
Relationship marketing is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication..
The RM approach has a great significant from organizations point of View due to the following
Reduction in Customer recruitment cost,
Service quality,
Personalized care, Reduction of customer stress, Increased value for money, Customer empowerment, etc.
Personal Reasons