Professionals who stand out in today’s business world are those who have mastered the ability to build trusted client relationships. With certain technologies making business interactions void of personal touch, the rules have changed. Expertise is essential but clients seek out those advisors they have confidence in and know they can depend on. Customer Relationship Management, also known as CRM, helps businesses successfully implement strategies, practices and technologies aimed at winning and retaining customers profitably. The objective of this business and management course is to equip you with a sound foundation of CRM concepts and best practices so you can implement CRM practices successfully for long-term profitability. Businesses aim to win and keep customers. Their competitors also seek to do the same. Even the most successful firms, with excellent marketing programs for attracting customers, have trouble with customer retention.
Business people started using the term Customer Relationship Management (CRM) since the early 1990s when the concept of business started to change from being transactional to relational. CRM directly contributes towards customer benefits and the growth of businesses. Information Technology plays a very critical role in identifying, acquiring, and retaining the customers, and thereby managing a healthy relationship with them.
Here in this chapter, we will discuss the very basics of CRM.
Ingredients of CRM
Objectives of CRM
History of CRM
CRM - Types
CRM systems are divided based on their prominent characteristics. There are four basic types of CRM systems −
CRM Software Buying Considerations
CRM - Customer Relationships
Relationship Management Theories
CRM - 21st Century Customers
What is Value?
CRM - Managing the Customers
The New Customers
CRM Tools for Customer Acquisition
Phases of Customer Development
Strategies for Customer Retention
Which Customers a Business Should Retain?
CRM Tools for Customer Retention
Strategies for Terminating Customer Relationship
CRM - Implementing CRM Projects
CRM - Customer Related Databases
Types of Customer Data
CRM - Sales Force Automation (SFA)
CRM - Marketing Automation
CRM - Service Automation
CRM - Emerging Trends