CRM - Customer Relationship Management
Customer Relationship Management (or CRM) is a phrase that describes how your business CRM as a system to capture information about your customers. However, . advisory company, released a report in called. “Three Steps to . Jul 31, PDF | Customer relationship management is a common tool in large The rush for CRM-systems was started by a report about the trend to. Jun 18, CRM Team Final Report. 2. Table of Contents. 1. Creating A . Integration. Appendix D: CRM Project Team Charge.
Custom software For the ultimate in tailored CRM solutions, consultants and software engineers will customise or create a CRM system and integrate it with your existing software. However, this can be expensive and time consuming.
If you choose this option, make sure you carefully specify exactly what you want. This will usually be the most expensive option and costs will vary depending on what your software designer quotes.
Managed solutions A half-way house between custom and outsourced solutions, this involves renting a customised suite of CRM applications as a tailored package.
This can be cost effective but it may mean that you have to compromise in terms of functionality. How to implement CRM The implementation of a customer relationship management CRM solution is best treated as a six-stage process, moving from collecting information about your customers and processing it to using that information to improve your marketing and the customer experience.
Stage 1 - Collecting information The priority should be to capture the information you need to identify your customers and categorise their behaviour. Those businesses with a website and online customer service have an advantage as customers can enter and maintain their own details when they buy.
Stage 2 - Storing information The most effective way to store and manage your customer information is in a relational database - a centralised customer database that will allow you to run all your systems from the same source, ensuring that everyone uses up-to-date information.
Stage 3 - Accessing information With information collected and stored centrally, the next stage is to make this information available to staff in the most useful format. Stage 4 - Analysing customer behaviour Using data mining tools in spreadsheet programs, which analyse data to identify patterns or relationships, you can begin to profile customers and develop sales strategies.
Stage 5 - Marketing more effectively Many businesses find that a small percentage of their customers generate a high percentage of their profits. Using CRM to gain a better understanding of your customers' needs, desires and self-perception, you can reward and target your most valuable customers.
Stage 6 - Enhancing the customer experience Just as a small group of customers are the most profitable, a small number of complaining customers often take up a disproportionate amount of staff time. If their problems can be identified and resolved quickly, your staff will have more time for other customers.
Potential drawbacks of CRM There are several reasons why implementing a customer relationship management CRM solution might not have the desired results. There could be a lack of commitment from people within the company to the implementation of a CRM solution. Adapting to a customer-focused approach may require a cultural change. There is a danger that relationships with customers will break down somewhere along the line, unless everyone in the business is committed to viewing their operations from the customers' perspective.
The result is customer dissatisfaction and eventual loss of revenue. Poor communication can prevent buy-in. In order to make CRM work, all the relevant people in your business must know what information you need and how to use it.
Weak leadership could cause problems for any CRM implementation plan. The onus is on management to lead by example and push for a customer focus on every project.
Customer Relationship Management: Implementation Process Perspective
If a proposed plan isn't right for your customers, don't do it. Send your teams back to the drawing board to come up with a solution that will work. The undertaken study was not about specific systems see, e. Therefore, we are limiting ourselves on a short introduction and do not elaborate every CRM definition and approach. In general, IT- systems do not guarantee an improved customer relationship; yet are essential to realise CRM-strategies in the first place Schwetz, Here, we define a CRM-system as a holistic approach to merge functionality and information in an IT-system to administrate customers and their relationship with other organisations.
The alignment and replication of enterprise-wide customer information allowed a more efficient and effective handling of customer related activities Helmke et al.
CRM-systems distinguish themselves from former customer- retention-systems by comprising customer acquisition and customer win-back Hippner, The rush for CRM-systems was started by a report about the trend to gain advantage by analysing and forecasting customer information Stengl et al.
The high expectations in integrated systems was contrasted by the circumstances that projects were managed by the IT departments; missing crucial considerations about strategic and organisational aspects Stengl et al. Only smoothly integrated processes concerning the customer allow taking advantage of the potential inherited by CRM-systems Stengl et al. Identify your customers To launch a one to one initiative the company must be able to locate and contact a fair number of customers or at least a substantial portion of its valuable customers.
It is crucial to know the customer details as much as possible, not just their names or address, but their habits, preferences and so forth. Differentiating your customers Customers are different in two principal ways, they represent different levels of value and have different needs. Once the company identifies its customers differentiating them will help the company to focus its efforts to gain the most advantage with the most valuable customers.
Interacting with the customer Interaction is also a crucial component of a successful CRM initiative. It is important to remember that interaction just not occur through marketing and sales channels, customer interact in many different ways with many different areas of the organization so to foster relationship all the areas of the organization must be accessible to the customer.
Significance of the study The CRM customer relationship management is an integrated effort to strengthen the network of relationship for the mutual benefit of both the parties. They have to retain the customers for a long time to avail the benefit of their relations. The customer relationship management is one of the effective tool to identify, establish and maintain relationship with the customers.
With the help of this research we are going to identify the importance of CRM in textile industry. Focus of the problem The textile industry is basically manufacturing based industry. Through this study we are going to identify the importance of CRM in the textile industry. How it is benefited from CRM? Is their any relevance of implementing CRM? And what role does information technology can play in CRM? To study the current practices of CRM.
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To find out the impact of CRM on the profitability of the organization. To study the factors affecting the CRM practices. To study the role of information technology in CRM. Research Methodology A research design is simply a plan for study in collecting and analyzing the data. It helps the researcher to conduct the study in an economical method and relevant to the problem.
Research methodology is a systematic way to solve a research problem. The methodology should combine economy with efficiency.
Customer relationship management
Research design The study conducted here is exploratory cum descriptive. Collection of the data There are two types of data. These data are basically observed and collected by the researcher for the first time. I have used primary data for my project work. Comments and complaints are taken through face to face interviews. Customer retention is also improving. It is because the number of retailers is very large as compared to the wholesalers.
So it is not possible for the company to approach to the retailers. Therefore the company sells to the wholesalers and then wholesalers sell to the retailers.