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The approach of identifying, establishing, maintaining, and enhancing lasting relationships with customers. The formation of bonds between a company and its customers.
Benefits of CRM
Quality and Efficiency Decrease in Overall Costs Decision Support Customer Attention Increase Profitability
Reasons of CRM
Customer-Firm Relationship
Todays marketers seek to develop long-term relationships with customers. Relationship marketing includes:
Database Marketing: Involves the use of technology by delivering differentiated service levels to consumers and subsequently tracking the relationship. Interaction Marketing: Usually in B2B context where people and the social process also add mutually beneficial value. Network Marketing: Common in B2B context where companies commit resources to develop positions in a network of relationships with the stakeholders and relevant agencies.
Discrete transactions
Recommend new customers to firm (act as unpaid sales people) Trust leads to willingness to pay regular prices vs. shopping for discounts
Create a mix of segments to reduce risks of volatility during swings of economic cycles
User behavior
when, where, how services used quantity/value of purchases frequency of use profitability of relationship sensitivity to marketing variables
Pacesetters
Significant Projects
Entry-level tasks for new associates or for research assistants & paraprofessionals
Which segment sees high value in our offer, spends more with us over time, costs less to maintain, and spreads positive word-of-mouth?
Which segment costs us in time, effort and money, yet does not provide the return we want? Which segment is difficult to do business with?
Social benefits
mutual recognition, known by name friendship, enjoyment of social aspects
Near Apostle
60
40
20
Terrorist 0
1
Very dissatisfied
5
Very Satisfied
Satisfaction
Customer Loyalty
Value Proposition
Pricing
High Price Price Increases Unfair Pricing Deceptive Pricing
Service Switching
Inconvenience
Location/Hours Wait for Appointment Wait for Service
Competition
Found Better Service
Others
Involuntary Switching
Customer Moved Provider Closed
Ethical Problems
Unsafe Cheat Hard Sell Conflict of Interest
Marketing automation
Call center automation
Managing Customer Relationships The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer. Initiating the relationship Engage in strategic prospecting and qualifying; Gather and study pre-call information; Identify buying influences; Plan the initial sales call; Demonstrate an understanding of the customers needs; Identify opportunities to build a relationship; and
Managing Customer Relationships The global salesperson must be involved in the following activities in order to initiate, develop and enhance the process that is aimed at building trust and commitment with the customer. Developing the relationship Select an appropriate offering; Customise the relationship; Link the solutions with the customers needs; Discuss customer concerns; Summarize the solution to confirm benefits; and Secure commitment.