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Customer Relatioship

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Customer Relationship introduction & types

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.

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• 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 :

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• 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 Challenges:

• CRM is long term approaches that have to be adopted at strategic level. • Communicating customers at right time.
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