IMPLEMENTATION OF CRM TO INCREASE CUSTOMER LOYALTY
Customer relationship management, or CRM, is the management of the relationships between the firms and its customers so that both the firm and its customers receive maximum value from the relationship (McLeod, 2007). CRM concept is very popular nowadays and more interesting tools integrated with available Marketing Information System. CRM consists of the processes a company uses to track and organize its contacts with its current and prospective customers. By implementation this CRM, hopefully it can increasing customer loyalty.
CRM software is used to support these processes; the software system can be accessed, and information about customers and customer interactions can be entered, stored, and accessed by employees in different company departments. Typical CRM goals are to improve services provided to customers, and to use customer contact information for targeted marketing. CRM is a combination of policies, processes, and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information.
CRM includes many aspects which relate directly to one another:
1) Front office operations — Direct interaction with customers, e.g. face to face meetings, phone calls, e-mail, online services etc.
2) Back office operations — Operations that ultimately affect the activities of the front office (e.g., billing, maintenance, planning, marketing, advertising, finance, manufacturing, etc.)
3) Business relationships — Interaction with other companies and partners, such as suppliers/vendors and retail outlets/distributors, industry networks (lobbying groups, trade associations). This external network supports front and back office activities.
4) Analysis — Key CRM data can be analyzed in order to plan target-marketing campaigns, conceive business strategies, and judge the success of CRM activities (e.g., market share, number and types of customers, revenue, profitability).
Analytical CRM analyzes customer data for a variety of purposes:
1) Designing and executing targeted marketing campaigns
2) Designing and executing campaigns, e.g. customer acquisition, cross-selling, up-selling
3) Analyzing customer behavior in order to make decisions relating to products and services (e.g. pricing, product development)
4) Management information system (e.g. financial forecasting and customer profitability analysis)
The objectives of a CRM strategy must consider a company’s specific situation and its customers' needs and expectations. Information gained through CRM initiatives can support the development of marketing strategy by developing the organization's knowledge in areas such as identifying customer segments, improving customer retention, improving product offerings (by better understanding customer needs), and by identifying the organization's most profitable customers.
Customer relationship management, or CRM, is the management of the relationships between the firms and its customers so that both the firm and its customers receive maximum value from the relationship (McLeod, 2007). CRM concept is very popular nowadays and more interesting tools integrated with available Marketing Information System. CRM consists of the processes a company uses to track and organize its contacts with its current and prospective customers. By implementation this CRM, hopefully it can increasing customer loyalty.
CRM software is used to support these processes; the software system can be accessed, and information about customers and customer interactions can be entered, stored, and accessed by employees in different company departments. Typical CRM goals are to improve services provided to customers, and to use customer contact information for targeted marketing. CRM is a combination of policies, processes, and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information.
CRM includes many aspects which relate directly to one another:
1) Front office operations — Direct interaction with customers, e.g. face to face meetings, phone calls, e-mail, online services etc.
2) Back office operations — Operations that ultimately affect the activities of the front office (e.g., billing, maintenance, planning, marketing, advertising, finance, manufacturing, etc.)
3) Business relationships — Interaction with other companies and partners, such as suppliers/vendors and retail outlets/distributors, industry networks (lobbying groups, trade associations). This external network supports front and back office activities.
4) Analysis — Key CRM data can be analyzed in order to plan target-marketing campaigns, conceive business strategies, and judge the success of CRM activities (e.g., market share, number and types of customers, revenue, profitability).
Analytical CRM analyzes customer data for a variety of purposes:
1) Designing and executing targeted marketing campaigns
2) Designing and executing campaigns, e.g. customer acquisition, cross-selling, up-selling
3) Analyzing customer behavior in order to make decisions relating to products and services (e.g. pricing, product development)
4) Management information system (e.g. financial forecasting and customer profitability analysis)
The objectives of a CRM strategy must consider a company’s specific situation and its customers' needs and expectations. Information gained through CRM initiatives can support the development of marketing strategy by developing the organization's knowledge in areas such as identifying customer segments, improving customer retention, improving product offerings (by better understanding customer needs), and by identifying the organization's most profitable customers.
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