- CRM will allow an organization to:
- Provide better customer service
- Make call centers more efficient
- Cross-sell products more effectively
- Help sales staff close deals faster
- Simplify marketing and sales processes
- Discover new customers
- Increase customer revenues
Recency,Frequency,and Monetary Value
- an organization can find its most valuable customers by using a formula that industry insiders call RFM- recency,frequency,and monetary value.
- How recently a customer purchased items(recency)
- How frequency a customer purchases items(frequency)
- How much a customer spends on each purchase(monetary value)
The Evolution of CRM
- CRM reporting technologies help organizations identify their customers across other applications.
- CRM analysis technologies help organizations segment their customers into categories such as best and worst customers.
- CRM predicting technologies help organizations make predictions regarding customer behavior such as which customers are at risk of leaving
The Ugly Side of CRM: Why CRM Matters More Now Ever Before
Customer Relationship Management's Explosive Growth
Using Analytical CRM to Enhance Decisions
- Operational CRM supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers.
- Analytical CRM supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers.
- Personalization occurs when a website can know enough about a person's likes and dislikes that it can fashion offers that are more likely to appeal to that person.