CRM and Customer Relationship Management Lecture

Key Concepts and Phases in CRM

• Awareness and Interaction with Customers

  • Being aware of customers and careful in interactions.
  • Initial contact and checking is essential to determine customer status.
  • Awareness of customer needs leads to successful management.

• Attracting and Selling to Customers

  • Three phases: awareness, attraction, and selling.
  • Techniques like cross-selling and upselling.
  • Importance of pricing strategy: example provided on changing product prices in different locations.

• Customer Segmentation and Service Quality

  • Understanding target groups and dividing customers based on service quality.
  • Mention of RFK model and service capabilities.

• Customer Retention and Loyalty

  • Retention strategies include maintaining contact and fostering customer loyalty.
  • Example: differences in pricing and strategies to reduce costs and increase customer loyalty.

CRM Models and Strategies

• IDIC Model

  • Four components: Identify, Differentiate, Interact, and Customize.
  • Emphasis on customer relationship through understanding and interaction.

• QCI Model

  • Activities and infrastructure necessary for customer acquisition and retention.
  • Importance of segmentation and value proposition.

• Pine and Gartner Models

  • Pine model has five stages, focusing on strategies and value creation.
  • Gartner model emphasizes leadership and strategy in CRM.

Operational and Analytical CRM

• Operational CRM

  • Focused on sales, marketing, and customer service processes.
  • Enhances customer interactions and service quality.

• Analytical CRM

  • Uses customer data for strategic planning and improvement.
  • Importance of customer insights and future service predictions.

CRM and Technology

• Social CRM

  • Integrates social media and customer interaction for enhanced communication.
  • More transparency and customer-focused strategies.

• Omni-channel and Multi-channel Approaches

  • Omni-channel: seamless experience across different platforms.
  • Multi-channel: multiple platforms without integration.

Challenges and Implementation

• Importance of maintaining a balance between cost and customer service quality.
• Use of CRM in various industries for better customer relationship management.

Conclusion

• Comprehensive understanding of CRM models can lead to improved customer relationships and business success.
• CRM involves strategic use of technology for better customer engagement and retention.