11.1 Compare
operational and analytical customer relationship
management
11.2
Identify the primary forces driving the
explosive growth of customer
relationship management
11.3 Define the relationship between decision making and analytical customer relationship management
11.4 Summarize
the best practices for implementing a
successful customer relationship management
system
Customer Relationship Management (CRM)
CRM enables an organization to:
- Provide better customer service
- Make call centers more efficient
- Cross sell products more effectively
- Help sales staff close deals faster
- Simplify marketing and sales processes
- Discover new customers
- Increase customer revenues
Recency, Frequency, and Monetary Value
Organizations can find their most valuable customers through “RFM” - Recency, Frequency, and Monetary value
- How recently a customer purchased items (Recency)
- How frequently a customer purchased items (Frequency)
- How much a customer spends on each purchase (Monetary Value)
The Evolution of CRM
- CRM reporting technology – help organizations identify their customers across other applications
- CRM analysis technologies – help organization segment their customers into categories such as best and worst customers
- CRM predicting technologies – help organizations make predictions regarding customer behavior such as which customers are at risk of leaving
Using Analytical CRM to Enhance Decisions
- Operational CRM – supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers
- Analytical CRM – supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers
Customer Relationship Management Success Factors
CRM success factors include:
- Clearly communicate the CRM strategy
- Define information needs and flows
- Build an integrated view of the customer
- Implement in iterations
- Scalability for organizational growth
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