Introduction :- Till now majority of marketers focused on traditional mode of marketing.
• Due to which they acquire few customers by targeting limited segment. • They use tools & techniques developed for mass marketing in industrial era. • But in present competitive era this proving to be highly ineffective.
• Relationship marketing is emerging as the core marketing activites.
• On an average, business spend six times more to acquire new customers than to keep them.
• As a result of which companies paying more attention to their relationship with exisiting customer.
• Facing the competitive threat such as a new entrants pricing pressure ,technology along with related cost organization realizing that traditional marketing model no longer effective
BENEFITS OF CRM:
• Help to retain customer.
• RM creates intelligent opportunities for cross selling. • Opens up the possibility of rapid introduction of new brands & product. • Organization must be able to customize their product offering, optimize price, integrated products. • Service & deliver the service as promised & demanded by customer base.
We can categories the benefits generally in following :
• Increased sales result from spending more times with customers, which results from spending less time chasing (i.e. Productivity, improvement)
• Win rates improves since companies can with draw from unlikely orbad deals realier on in the sales process.
• Increased margins resulting from knowing customers better providing a value sale.
• Improved customer satisfaction ratings.
• CRM is long term approaches that have to be adopted at strategic level. • Communicating customers at right time.