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Customer Relationship Management

Customer Relationship Management


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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

  • Analytics Business Reporting 
  • Customer Service 
  • Human Resource Management 
  • Lead Management 
  • Marketing 
  • Sales Force Automation 
  • Workflow Automation 

Objectives of CRM

  • Improve Customer Satisfaction 
  • Expand the Customer Base 
  • Enhance Business Sales 
  • Improve Workforce Productivity 

History of CRM

CRM - Types

CRM systems are divided based on their prominent characteristics. There are four basic types of CRM systems −

  • Strategic CRM
  • Operational CRM
  • Analytical CRM
  • Collaborative CRM

CRM Software Buying Considerations

  • Business strategy and processes 
  • Business requirements 
  • Size of business 
  • Customer base 
  • Budget 
  • Context 
  • Sales channels 
  • System integration 
  • Strength of partners 

 

CRM - Customer Relationships

  • What is Relationship?
  • Evolution of Customer-Supplier Relationship
  • Why a Business Wants Relationship with its Customers?

Relationship Management Theories

  • Theory by Industrial Marketing and Purchasing Group (IMP Group)
  • Theory by Nordic School
  • Theory by Anglo-Australian School
  • Theory by North American School
  • Theory by (Guanxi) Asian School

 

CRM - 21st Century Customers

  • Who is an Empowered Customer?
  • Customer Life Cycle
  • Consumer vs. Customer
  • Types of Customers
  • Customer Orientation
  • Customer Management Strategies
  • Customer Acquisition
  • CRM - Building Value for Customers
  •  

What is Value?

  • Customer’s Sacrifices
  • Value through Product Leadership
  • Value through Customer Intimacy
  • Value through Marketing Mix

CRM - Managing the Customers

The New Customers

  • Customer New to the Business Organization 
  • Customer New to the Product or Service 
  • Strategies for Customer Acquisition

CRM Tools for Customer Acquisition

  • Lead Management
  • Campaign Management
  • Event Based Marketing
  • CRM Analytics

 

Phases of Customer Development

  • Customer Discovery
  • Customer Validation
  • Customer Creation
  • Company Building

Strategies for Customer Retention

  • Negative Strategies
  • Positive Strategies

Which Customers a Business Should Retain?

CRM Tools for Customer Retention

  • Campaign Management Software 
  • Data Mining 
  • Event-based Marketing 
  • Channel Integration 
  • Market Optimizing Software 

 

Strategies for Terminating Customer Relationship

  • Which Customer Relationship a Business Should Terminate?
  • Raise the Prices
  • Re-specify Product
  • Unbundle Offers

CRM - Implementing CRM Projects

  • Developing CRM Strategy
  • Situation Analysis
  • Building CRM Project Foundation
  • Identifying Business Processes
  • Specifying Requirements
  • Data Requirements
  • Technology Requirements
  • Creating Proposals
  • Selecting Partner
  • Implementing the CRM Project
  • Performance Evaluation

 

CRM - Customer Related Databases

  • What is Customer-Related Database?
  • Developing and Maintaining Customer-Related Database

Types of Customer Data

  • Database and Hardware for CRM
  • Database Management Systems for CRM
  • Hardware Considerations for CRM Database
  • Data Attributes
  • Data Warehousing (DW)
  • Data Marts
  • Data Access and Interrogation
  • Data Mining
  • Database Queries
  • Reports
  • Position of CRM with Respect to Database

CRM - Sales Force Automation (SFA)

  • SFA Solution Providers
  • SFA Hardware and Infrastructure
  • SFA Allied Services
  • Benefits of Sales Force Automation

CRM - Marketing Automation

  • Marketing Automation Software Applications
  • Benefits of Marketing Automation

CRM - Service Automation

  • Benefits of Service Automation
  • Service Automation Software Applications

CRM - Emerging Trends

  • What is ECRM?
  • Features of ECRM
  • Difference between CRM and ECRM
  • Future CRM Trends
  • Integrating Data from Multiple Channels
  • Handling Big Data
  • Shifting to Cloud-based CRM
  • Social CRM
  • The Mobile CRM is Expected to be Powerful
  • Using CRM data effectively
  • CRM Software Systems with Wearables
  • Creating Best Customer Experiences
  • CRM to XRM

 

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