CHAPTER 11: BUILDING A CUSTOMER CENTRIC ORGANIZATION- CUSTOMER RELATIONSHIP MANAGEMENT

CHAPTER 11: BUILDING A CUSTOMER CENTRIC ORGANIZATION- CUSTOMER RELATIONSHIP MANAGEMENT    

Assalamualaikun.. hello everyone..we meet again.. Now I would like to post new entry which is Chapter 11, building a customer centric organization- CRM. :)

                CUSTOMER RELATIONSHIP MANAGEMENT (CRM)

·         CRM enables an organization to:

–      Provide better customer service

–      Make call centers more efficient

–      Cross sell products more effectively

–      Help sales staff close deals faster

–      Simplify marketing and sales processes

–      Discover new customers

–      Increase customer revenues

RECENCY, FREQUENCY AND MONETARY VALUE

·         Organizations can find their most valuable customers through “RFM” - Recency, Frequency, and Monetary value

–      How recently a customer purchased items (Recency)

–      How frequently a customer purchased items (Frequency)

–      How much a customer spends on each purchase (Monetary Value)

THE EVOLUTION OF CRM

·         There are three phases in the evolution of CRM include reporting, analyzing, and predicting

This picture below shows the example of ugly side CRM

USING ANALYTICAL CRM TO ENHANCE DECISIONS

·         Operational CRM – supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers

·         Analytical CRM – supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers

Now, take a look at diagram below. It is show the Operational CRM and analytical CRM

THE END... TQ for reading my blog.. :)