CUSTOMER RELATIONSHIP MANAGEMENT – BECAUSE OUR BUSINESS IS ABOUT GROWING TOGETHER CASE STUDY: ICICI BANK
BMS III, 6TH SEMESTER
ST. FRANCIS DEGREE COLLEGE FOR WOMEN
CHAPTER OF CONTENTS
2. Customer relationship
3. Origin of customer relationship management (CRM)
4. Features of CRM
5. Perspectives of CRM
6. Customer relationship measurement
7. Types of CRM systems
8. Scope of CRM
9. CRM business cycle
10. Components of CRM
11. CRM software’s
12. CRM and marketing
13. Six market framework
14. Work flow of CRM
15. Process of CRM
16. Reasons for adopting CRM : The Business Drivers
17. Principles of CRM
18. Myths of CRM
19. Use of technology in CRM
20. CRM leaders
21. Benefits of CRM
22. Challenges in CRM
23. CRM issues
24. Case study: ICICI bank’s CRM initiatives
Customer relationship management (CRM) is a broadly recognized, widely-implemented strategy for managing and nurturing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management denotes a company-wide business strategy embracing all client-facing departments and even beyond. When an implementation is effective, people, processes, and technology work in synergy to increase profitability, and reduce operational costs.
A company will store information that is related to their customers, and they will spend time analyzing it so that it can be used for this purpose. There are a number of reasons why CRM has become so important in the last 10 years. The competition in the global market has become highly competitive, and it has become easier for customers to switch companies if they are not happy with the service they receive. One of the primary goals of CRM is to maintain clients. When it is used effectively, a company will be able to build a relationship with their customers that can last a lifetime. Customer relationship management tools will generally come in the form of software. Each software program may vary in the way it approaches CRM. It is important to realize that CRM is more than just a technology.
Customer relationship management could be better defined as being a methodology, an approach that a company will use to achieve their goals. It should be directly connected to the philosophy of the company. It must guide all of its policies, and it must be an important part of customer service and marketing. If this is not done, the CRM system will become a failure. There are a number of things the ideal CRM system should have. It should allow the company to find the factors that interest their customers the most. A company must realize that it is impossible for them to succeed if they do not cater to the desires and needs of their customers. Customer relationship management is a powerful system that will allow them to do this.
It is also important for the CRM system to foster a philosophy that is oriented towards the customers. While this may sound like common sense, there are a sizeable number of companies that have failed to do it, and their businesses suffered as a result. With CRM, the customer is always right, and they are the most important factor in the success of the company. It is also important for the company to use measures that are dependent on their customers. This will greatly tip the odds of success in their favor. While CRM should not be viewed as a technology, it is important to realize that...
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