ITM 102 Lecture Notes - Lecture 6: Opportunity Management, Data Integrity, Supplier Relationship Management

120 views2 pages

For unlimited access to Class Notes, a Class+ subscription is required.

ITM102 - Business Driven Information Systems - Lecture 6: Customer Management
Customer relationship management
Involves managing all aspects of a customer’s relationship with an organization to
increase loyalty and profitability.
As a business strategy, CRM enables an organization to follow suit with many things.
Providing better customer service to individuals.
Making call centers and cross-selling products easier through promotional offers.
Helping sales staff close deals faster; including the simplification of marketing
and sales processes.
Discovering new customers which allow an increase in customer revenue.
CRM finds valuability in customers through “RFM”, or Recency, Frequency and
Monetary value.
How recently an item is purchased; how frequently a customer purchases items
and how monetary the value is of each purchase.
Operational customer service management - supports traditional transaction processes,
including daily frontal office operations that deal with customers.
Analytical customer service management - supports middle and upper management
operations and strategic analysis of systems that deal directly with customers.
List generators - compile customer data for marketing campaigns.
Campaign management systems - guiding campaign planners through key tasks.
Cross-selling and up-selling strategies - identifying customer needs and interests
through additional product inquiries and values.
Sales force automation - systems that track all steps in the sale process.
Sales management CRM -- automates each phase of the sale process helping
individual representatives stay organized.
Contract management CRM - maintains customer contact information and future
customer relations.
Opportunity management CRM - targets sales opportunities by finding new
customers.
There are three customer service operational CRM technologies: a contact center, web-
based self service system and a call scripting system.
Using information systems to drive CRM
Analytical CRM - digs deep into company data to expose and create customer behavior
patterns.
Personalization - when web sites pre-select options based upon preference visits by
customers.
Analytical CRM has vital information about customers that incentivizes them revisiting an
organization.
Giving customers more of what they want; and a similar positive experience to
the best customers.
Finding out what the organization does best through: beating competitors,
reactivating inactive customers and letting them know they matter.
Unlock document

This preview shows half of the first page of the document.
Unlock all 2 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
1 Booster Class
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Class Notes
Textbook Notes
30 Verified Answers
Study Guides
1 Booster Class