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WHAT IS CRM
EMAIL ANALYTICS
WEB CUSTOMERS
CUSTOMER INFORMATION
CONTACT CENTERS
BACK OFFICE
FIELD
MARKETING
WHAT IS CRM
Is the collective term for processes and strategies regarding individualized relationships between enterprise and customers, prospects and business partners for marketing, sales and service with the goal of winning new customers, extending existing customer relationships across the entire customer lifecycle, and improving competitiveness and business success by optimizing the profitability of individualized customer relationship.
It is defined as a way to help the companies keep track of their customers, improve customer interactions and engender customer loyalty and revenue through specifically targeted services and promotions.
Goals of CRM:
Gain insight into the behavior of the customers and the value of those customers Acquire new customers. Simplify marketing and sales process. Improve Up and Cross selling. Increase business revenues
3 aspects of CRM:
Operational CRM : Support of customer processes involving sales and service representatives Collaborative CRM : direct communication with the customers Analytical CRM : analysis of customer data for a broad range for purposes
Key drivers
Customers perspective and expectation Information given to the customers Customer satisfaction Gain a 360 degree view of the customer while interacting with them Customer values
RESEARCH WORK
Done on the basis of questionnaire designed in two ways: 1. B2C i.e. Business To Customer To know the mind set of the common people and their perspective towards insurance.(Done on LIKERT SCALE) 2. B2B i.e. Business To Business to know about the CRM strategies followed by different companies.
DATA ANALYSIS
I.
BUSINESS TO CUSTOMERS
Factors taken into consideration are the different features which the customers consider the most while going for any insurance policy. To read the mind set of the common people and to know their perspective.
Investment instrument
35 30 25 20 15 10 5 0
percentage of respondents
bank deposits
mutual funds
insurance
20
15 10 5 0
Percentage of companies
Methodology adopted
60
50
40
30
Percentage of companies
20
10
product differentiation
brand Image
others
30
20 10 0
Percentage of companies
Others
Interpretation
Following are main extracted prominent factors that influence the consumer and that help in building relationship with the customer are: Customer services High returns associated with insurance policy. Minimum Risk involved Customization of services Product differentiation Tax benefit from the insurance policy. Flexible investment options
5%
11%
Flexible investment options high returns customization of products product differentiation Risk involved
17%
43% 5%
7%
Recommendations
1.
2.
Sponsoring events, seminars and talk shows in order to spread awareness among the people. 3. Must launch an open source software. 4. Should provide flexibility under its various products. 5. Effective communication at contact centers 6. Emphasize more on face to face interaction 7. Must obtain regular feedback from the customers 8. Should contact consultancy companies for promotion. 9. Should get an early bird advantage 10. Should understand the consumer buying behavior.
REFERENCES
http://www.google.co.in/ http://www.licindia.in/ http://www.licindia.in/periodic_moneyback_003_features.htm http://www.sbilife.co.in/sbilife/content/home http://www.sbilife.co.in/sbilife/content/9_817 http://www.idbifortis.com/ http://www.idbifortis.com/Incomesurance/Why_Incomesurance.aspx?mm=3&lm1=1 www.metlife.co.in http://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorMoneyBack.aspx www.hdfcinsurance.com http://www.hdfcinsurance.com/Products/SavingsPlans/MoneyBack.aspx www.eagonreligare.com http://www.scribd.com www.irda.org
Other Materials: Marketing Management by Philip Kotler. Implementation of CRM in services by S Bhaskaran Product Brochures.