CRM-A BUSINESS OBJECTIVE
Today the availability of econometric, demographic, lifestyle and psychographic data, decision support systems, Internet and other customer access techniques are helping marketing and senior management make customer care a reality rather then just a vision.
There are three primary reasons why CRM has taken hold as rapidly as it has:
Competition is fierce.
The economics of customer retention are unequivocal.
Technology allows the organisations to do this more effectively and profitably today.
There are only three ways to increase the profitability of customer base:
Acquire more customers
Optimize the value of the existing customers
And retain the right customer longer.
Most importantly, all these benefits must be achieved with lower cost.
Unlike in the past, future CRM solutions should be heavily characterized by:
1. Proactive rather than reactive
2. Personalized care to each individual
3. Heavily technology driven
4. Product and service specific rather than a generic CRM solution across products and
services
5. Shall work on extension of product and service offerings beyond the primary
product/service sold
6. CRM solutions shall work on collaborative arrangement among different service offerings so as to cater to the complex needs of individuals
Today the availability of econometric, demographic, lifestyle and psychographic data, decision support systems, Internet and other customer access techniques are helping marketing and senior management make customer care a reality rather then just a vision.
There are three primary reasons why CRM has taken hold as rapidly as it has:
Competition is fierce.
The economics of customer retention are unequivocal.
Technology allows the organisations to do this more effectively and profitably today.
There are only three ways to increase the profitability of customer base:
Acquire more customers
Optimize the value of the existing customers
And retain the right customer longer.
Most importantly, all these benefits must be achieved with lower cost.
Unlike in the past, future CRM solutions should be heavily characterized by:
1. Proactive rather than reactive
2. Personalized care to each individual
3. Heavily technology driven
4. Product and service specific rather than a generic CRM solution across products and
services
5. Shall work on extension of product and service offerings beyond the primary
product/service sold
6. CRM solutions shall work on collaborative arrangement among different service offerings so as to cater to the complex needs of individuals