Describe Customer relationship management

[FuzzyLunkun]

I am currently studying in the final year of B.sc IT. I have Customer relationship management as one of the subject. As i am an IT student so i don't know much about the CRM as it is a management subject. I have to prepare my notes for this subject. So i am looking for some information related with this topic. I have little bit of info related with this, but still i need more information. Does anyone have any knowledge about this? Please do try to help me out. Any help regarding this will be appreciated. Thanks

[Odalis]

Customer relationship management is one of the approaches of managing the better relationship with the customer. The main goal of using the CRM is to attract more no of clients towards the product of the company. It provides a tool for improving the relationship with the customer. It is also use to calculate the customer life time value, on the basis of the time from which the customer is associated with the company. On the basis of the customer life time value, the customers are provided with the subsidies. I feel that i have provided you enough information on the CRM. I hope that the information which i have provided to you will help you out.

[OS-X-10+]

CRM is used by the industry in order to handle the customers' needs and behavior better way. With the help of CRM the company can interact with customers in the better way and helps in improving the relationship with the customer. Even it is used to calculate the loyalty of the customer with the company i.e how many times the customer has taken the offers of the company? How regularly he visits the sites of the organization? Etc. CRM helps in reducing the overall cost of the company in maintaining and retaining the customer. Hope have helped you.

[desilva]

I have bit information about the CRM so I would like to tell you something about that. CRM was started in 1980s. The process helps organization in assimilating information regarding customers, sales, marketing effectiveness, responsiveness, and market trends. The objectives of using CRM are as follows.

• CRM is used in order to shorten the marketing and sales process.
• CRM helps in making the call centers well-organized
• It helps in discovering new customers for the company
• It increases the overall profit of the company.

There are three types of CRM

1. Operational CRM
2. Analytical CRM
3. Collaborative CRM

I have provided you enough information on this topic. If you require more help regarding this, then reply me back.

[FuzzyLunkun]

Thanks for the reply. I have referred all the posts which are being posted here. All the posts have explained the CRM in a nice way. I have saved these posts for making my notes. But can you provide me some information on the types of CRM. In the above post you have just mentioned the types, so can you provide me the detailed explanation of the same. I would like to thank you once again for your kind help. Please do remember to reply me back.

[Deepest BLUE]

I wpuld like to give you some details about the types of CRM.
Operational CRM:-

• It is an ERP like segment of the CRM.
• Typical business functions involve customer services, order management, invoices or billing and marketing automation.
• It also provides the support tot the front office business processes.
• Here each interaction with the customer is added to a customer contact history and the staff can retrieve the information on the customer whenever needed.
• One of the main benefits of this history is that the customer can interact with different people in a company without having to describe about the history of their interaction each time.

Analytical CRM:-

• Analytical CRM is the capture, storage, processing, understanding and recording customer data to the user.
• It makes the use of data mining.
• It is responsible for design and execution of specific customer campaigns.
• Provide a tool in predicting the probability of customer definition.

Collaborative CRM:-

• It is a communication center which helps in providing the path to the customers and its supplier.
• In other word it is a CRM function that provides a point of interaction between the customer and the channel itself.
• Communication channels such as web, emails, voice applications, etc.

I think the content which i have posted will help you.

[isreal]

Benefits of Customer Relationship Management are:
a. Sell additional products and services
b. Develop new products
c. Increase product utilization
d. Reduce marketing costs
e. Identify and retain profitable customers
f. Optimize service delivery costs
g. Retain high lifetime value customers
h. Enable personal and relevant communications
i. Improve customer loyalty
j. Improve response rates to direct mail
k. Increase product profitability
l. Respond quickly to market opportunities
m. Acquire new, profitable customers