main main main crm

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Relationship Marketing

The concept of relationship marketing has emerged within the fields of service

marketing and industrial marketing. From the start service companies based their marketing on

the marketing mix paradigm. The marketing mix, which consists of the 4Ps(product, price, place

and promotion), has dominated the marketing research The concept emerges from the idea of the

marketer as a offers competitive. However, within the field of services the marketing mix showed to

have several disadvantages. This was made clear since the characteristics of services differ

noticeably from the characteristics of commodities. Often services are intangible and

consequently hard to demonstrate and its therefore difficult to estimate their value. In addition they


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normally require some kind of interaction between the seller and the customer during the

production of the service.

Fundamental Values of Relationship Marketing

According to Gummesson (2002) there are four fundamental values of Relationship

Marketing. Firstly, marketing management should be broadened into marketing-oriented company

management. This means that there must be a marketing orientation of the whole company;

marketing should not be an activity of a specialized department. Secondly, Relationship

Marketing emphasizes on long-term collaboration and win-win attitude. A company should view

their suppliers, customers and other parties as partners, where the goal is to create a mutual value.

The relationship must be meaningful for all those involved, with the purpose of retaining long-

term relationships with existing parties. Another fundamental value of Relationship Marketing is

that all parties should be active and take responsibility. The relationship should be interactive.

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22..11CCOOMMPPOONNEENNTTSSOOFFCCRRMM

CRM consists of three components:

customer,

relationship, and

management (Figure 1).

CRM tries to achieve a single integrated view of customers and a customercentric

approach [Roberts-Witt, 2000].

CUSTOMER

MANAGEMENTRELATIONSHIP


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profitability, customer satisfaction and retention. It analyzes the different aspects of customer

relationships, including customer services, sales, and marketing, to improve their customer focus.

Nowadays, three major types of customer relationship management systems, namely operational

CRM, analytical CRM and collaborative CRM are being used in many organizations.

Operational CRM Analytical CRM Collaborative CRM

Operational CRM

The operational application of CRM enables effective interaction with customers. For this purpose

various tools are used. These contact managementtools aim to reduce costs by improved process

efficiency and use of media based communication channels. These are also aimed to provide

customers with a consistent interface across all communication channels. To achieve this relevant

customer data is collected and also displayed at all customer touch points. This is the customer master

data. Another set of data where employees' contact with customers is also logged. This has

information like topics discussed, customer requirements, soft customer data like hobbies,

preferences, interests, details about children and other minor stuffs.

Banks are an exemplary implementation of CRM as customer contact management. Channel

managementtools aim to understand how customer interacts with the company. It aims to deliver

products and services across multiple channels in effective, efficient, and consistent

manner. Content management toolsenable the company to manage what is visible to the customers

i.e. what the customers are able to see when they interact with the company. The various processes

undertaken are: campaign management, sales management, service management, and complaint

management.


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Analytical CRM

The data collected in operational management is analyzed to segment customers. The valuable

information thus obtained is used to satisfy customers. Analytical CRM is composed of:

1. Pattern discovery component2. Product and customer analysis component3. Multitude component4.

Sorting and customer fractionation component

5. Customer value evaluation component

Analytical solutions provided for most companies are integrated view of customer across all

channels and applications, campaign performance analysis, customer profitability analysis, cross-

selling and up selling. The analytical solutions help answer questions like:

1. Who are their best customers?2. Whom they are likely to loose?3. How to retain them?4. How to attract new customers?5. How to improve profitability of customers?

Examples are data warehousing, online analytical processing (OLAP), and data mining systems.

Note : Concept of customer segmentation: the value of customer is judged based on RFM analysis

i.e. focusing on Recency, Frequency, and Monetary value from customer purchasing data in retail

business. Accordingly the customers are divided into various levels. The four main segments of

customers are:


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At the top is the VIP customer whose expenditure is most and form 1% of all customers in acertain period.

Then the main customer forming 5%. Next the ordinary customer forming 20%. And at the bottom is the scattered customer an overwhelming 80%.

The first three categories create more than 80% of all profits for the company and as a result they

are differentiated as the best customers. They are the real targets of Customer Centr ali zation.

Collaborative CRM

The various departments of company like the sales, technical support, and marketing, share the

information they collect about customers. The objective is to improve the quality of customer

service and increase customer loyalty.

It allows the company to synchronize and manage efficient, productive interaction with customers,

prospects, partners, and internal associates across all communication channels. The customers'

viewpoint is taken care of at every transaction level thus enabling better service to the customer.

Collaborative CRM also reduces web service costs by enabling web collaboration.

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3.1OBJECTIVES OF CRM

The real value to a company lies in the value they create for their customers and in the

value the customers deliver back to the company. Accordingly, it is important to mark. That the

value does not lie in more information and in more advanced technology. The value lies in the

customer knowledge and in how the company uses that knowledge to manage their customer

relationships. Knowledge is according to Newell (2000) the sole of CRM.

Unfortunately, few companies are transforming the information to customer

knowledge and therefore they miss the opportunity to provide value to their customer. However

applied in the right way, CRM is the tool that contributes to profit. If companies are transforming

the customer data into knowledge and then uses that knowledge to build relationships it will

create loyalty, followed by profit. (Newell, 2000)

According to Mr Swift (2001) companies can gain many benefits from CRM. He states that

the benefits are commonly found in one of these areas:


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1. Lower cost of recruiting customers:The cost for recruiting customers will decrease since there are savings to be made on

marketing, mailing, contact, follow-up, fulfillment, services, and so on2. No need to recruit so many customers to preserve a steady volume of business:

The number of long-term customers will increase and consequently the need for recruiting

many new customers decreases.

3. Reduced costs of sales:

The costs regarding selling are reduced owing to that existing customers are usually more

responsive. In addition, with better knowledge of channels and distributors the relationships

become more effective, as well as that costs for marketing campaigns is reduced. 4. Higher customer profitability:

The customer profitability will get higher since the customer wallet-share increases,

there are increases in up-selling, cross-selling and follow-up sales, and more referrals comes with

higher customer satisfaction among existing customers.

5. Increased customer retention and loyalty:

The customer retention increases since customers stay longer, buy more and buy more

frequently. The customer does also more often take initiatives, which increase the bounding

relationship, and as a result the customer loyalty increases as well.

6. Evaluation of customer profitability:

The company will get to know which customer are profitable, the ones who never might

become profitable, and which ones that might be profitable in the future.


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This is very important since the key to success in any business is to focus on acquiring

customers who generate profit, and once you have found them, never let them go. (Ibid)

All customers are not valuable; some may even be of danger to the business. This

occurs when the customers use the companys time, energy and resources withoutgenerating

enough business to make them worth the effort. (Budhwani, 2002) Hence, a company should

perform CRM efforts where they will get the best possible return, which means focusing on

customers who already are or will become the companys most profitable customers. (Newell,

2000)

3.2 THE BENEFITS OF CRM

Knowledge of Customer Needs

CRM allows an organization to develop a knowledge base that all employees can accessible easily.

This allows the company to analyze available data and provides employees with accurate information

about customers. It also empowers the organization to arrive at correct and well-informed decisions.

In addition, it helps the company be as close to the client base as possible so it can effectively

anticipate their changing needs and cater to such needs. With the knowledge base, employees can

easily share and update any piece of information to any department with ease.

Higher Revenues

CRM can boost customer revenue through efficient computerized bookkeeping. This allows the

organization to increase its revenue through higher volumes of purchases.

With improved customer satisfaction, businesses can be assured that their clients will veer away from

competitors. CRM assists an organization with its advertising campaigns, direct mail, and e-

commerce. It will also help manage customer profile analyses to enhance marketing strategies. With

CRM, coordination of various processes such as customer sales, customer care, orders,


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warehousing, payment processing, packing, returns processing, and inventory management becomes

easier. For example, you can make sure to offer the lower cost opportunities to clients who are more

conscious of price while offering the higher-end products to those clients in the luxury market.

Improved Communication and Customer Satisfaction

Employing efficient CRM processes will help achieve goals that target successful communication

and fulfillment of customer needs. Therefore, CRM helps improve communication between the

company and its customers. Employing CRM methods enhance customer satisfaction with the

company and all its products. If customers are happy and satisfied, the company can easily retain

customers for long periods of time without exerting much effort. This will also contribute to the

company's good reputation in the market and in the eyes of the customers. In other words, CRM will

help create and retain customers, and help keep them loyal. It ensures customers will have fulfilling

relationships with the company, which will always do its part in delivering excellent customer

service.

What Is the Importance of CRM?

Identification

Customer Relationship Management, or CRM, is a business strategy that focuses on customer

knowledge, satisfaction, and retention. While the goal of any business is profit, CRM strategies start

with the customer and work toward the sale, versus a "selling" strategy that starts with the product or

service and leads toward the customer. Starting with the customer involves collecting and analyzing

information to determine who the customer is, what the customer needs, and how a business can

meet, then exceed, those needs.


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Goals

To understand the importance of CRM, you need to look at its ultimate goals. Five important CRM

goals include superior customer service, a need-based selling strategy, effective cross-selling, sales

staff support, and customer generation and retention policies. Realizing these goals means your

business must create a marketing mix that involves product, price, place, and promotion unique to

each customer you serve. Adopting the goals of CRM involves a process of studying the customer

and the buying process, providing your sales staff with the training and technology required to match

products or services with needs, and assisting sales staff efforts to discover ways to add value and

profit with cross selling.

Strategies

CRM involves developing strategies that focus on customers because consumers can have a

significant impact on the bottom line. Essential CRM strategies include customer retention or win-

back strategies, new customer generation, personalized selling plans that work to ensure customer

loyalty, and continued enhancement of the product/service line to provide the right products in the

marketing mix. To carry out these strategies effectively requires commitment and communication,

along with the technology and infrastructure required to support it.

Implementation

CRM can bring a company together. Focusing attention on the needs of the customer and making

successful implementation of CRM strategies of the utmost importance creates a common goal for all

concerned. Implementing CRM strategies, however, requires an investment of both time and money.

Technology in the form of a network infrastructure and CRM software is essential for successful

implementation, as is training staff to use the software to its fullest potential.


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Potential

CRM significantly increases a business's potential for profit. It increases internal communication,

provides ways for employees to work together toward a common goal, makes the selling process

easier and more effective, and most importantly, increases customer satisfaction and loyalty. A

business that makes a commitment to CRM also makes a commitment to change and evolve as

customers move through their life cycle, change their wants, needs, and buying habits, and as

business and economic conditions change. This evolution is essential for continued success and

profitability.

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mmaarrkkeettiinnggeeffffiicciieenncciieess..TThheeyyccaanneennhhaanncceemmaarrkkeettiinnggeeffffeeccttiivveenneessssbbyyccaarreeffuullllyysseelleeccttiinngg,,ccuussttoommeerrss

ffoorriittssvvaarriioouusspprrooggrraammss,,iinnddiivviidduuaalliizziinnggaannddppeerrssoonnaalliizziinnggtthheeiirrmmaarrkkeettooffffeerriinnggssttooaannttiicciippaatteeaanndd

sseerrvveetthheeeemmeerrggiinnggnneeeeddssooffiinnddiivviidduuaallccuussttoommeerr,,bbuuiillddiinnggccuussttoommeerrllooyyaallttyyaannddccoommmmiittmmeenntt,,


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CCUUSSTTOOMMEERRVVAALLUUEEPPRROOPPOOSSIITTIIOONN..

IInntthheeffiieellddooffmmaarrkkeettiinngg,,aaccuussttoommeerrvvaalluueepprrooppoossiittiioonnccoonnssiissttssoofftthheessuummttoottaallooffbbeenneeffiittssaa

ccuussttoommeerriisspprroommiisseeddttoorreecceeiivveeiinnrreettuurrnnffoorrtthheeccuussttoommeerr''ssaassssoocciiaatteeddppaayymmeenntt((oorrootthheerrvvaalluuee

ttrraannssffeerr))..

IInnssiimmpplleewwoorrddss::vvaalluueepprrooppoossiittiioonn==wwhhaatttthheeccuussttoommeerrggeettssffoorrwwhhaatttthheeccuussttoommeerrppaayyss..


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