Increase customer knowledge thro database management Formulating implementing

Increase customer knowledge thro database management

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Increase customer knowledge thro database management. Formulating & implementing marketing strategy that aimed at the development of long-lasting relationships with customer. A customer-oriented organization have to be created which incorporates the appropriate culture, structure & procedures.
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CRM DEFINITION ‘a process that addresses all aspects of identifying customers, creating customer knowledge, building customer relationships , and shaping their perceptions of the organisation and its products’
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CRM as a BUSINESS STRATEGY CRM as a BUSINESS STRATEGY Last Updated:November 10, 2019 © LMS SEGi education group 48 CRM is more than a functional strategy affects the organization as whole CRM strategy will provide directions to each dept or employee that maintain contact with customers In relationship marketing era – corporate strategy whose objective is the development of long-term, mutually profitable customer-supplier relationship CRM’s goal is so-called customer intimacy development of relationship requires both parties get to know one another, help, trust & make commitment to one another for long term
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ELEMENTS OF CRM ELEMENTS OF CRM Last Updated:November 10, 2019 © LMS SEGi education group 49 The realization of CRM strategy depend of the ability to create the infrastructure which make it possible for customer & supplier to recognize one another & able to interact in real- time
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ELEMENTS OF CRM ELEMENTS OF CRM Business strategy Relationship strategy Communication Customer knowledge Individual value proposition
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ELEMENTS OF CRM Last Updated:November 10, 2019 © LMS SEGi education group 51 Customer Knowledge Knowledge of individual customer is essential to develop a long-term relationship & to supply customization. Customer & prospects must be identifiable Customer profile must also be known. Databases have to be filled with correct & current data which can be transformed into individual customer info.
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ELEMENTS OF CRM Last Updated:November 10, 2019 © LMS SEGi education group 52 Economic consideration & manageability factors. The aim is to develop long-term relationship that are mutually profitable The info must result in companies being able to help customers on time & in more targeted manner
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ELEMENTS OF CRM Last Updated:November 10, 2019 © LMS SEGi education group 53 Relationship Strategy Individual customer info must be used to develop a long-lasting customer-supplier relationship. Organization with relationship strategy have longer term horizon, ‘tell’ & ‘listen’ more than ‘sell’ – have broader & deeper interest in the right customers. Their interest in individual customer does not end at the moment the transaction is completed
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ELEMENTS OF CRM Last Updated:November 10, 2019 © LMS SEGi education group 54 The purchase only marks the beginning of the relationship where the trust & commitment must grow.
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