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ADM 2372 - Chapter 6 Notes - Customer Relations Management.docx

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thADM 2372Management Information SystemsMarch 26 2012 Chapter 6 Customer Relationship Management61 CRM FundamentalsIntroductionCustomer Relationship Management CRM Managing all aspects of a customers relationship with an organization to increase customer loyalty retention and an organizations profitabilityBusiness Benefits of CRMCRM enables an organization to 1 provide better customer service 2 make call centers more efficient 3 crosssell products more effectively 4 help sales staff close deals faster 5 simplify marketing and sales processes 6 discover new customers and increase revenuesOrganizations can find their most valuable customers through RFMRecency Frequency and Monetary valueoRecency How recently a customer purchased an item or itemsoFrequency How often a customer purchases itemsoMonetary How much a customer spends on each purchaseEvolution of CRM1CRM Reporting Technology Help organizations identify their customers across other applicationsAsking what happened2CRM Analysis Technologies Help organizations segment their customers into categories such as best and worst customersAsking why it happened3CRM Predicting Technologies Help organizations make predictions regarding customer behaviour such as which customers are at risk of leavingAsking what will happenIt takes time to evolve through the stages but with time the business value of each stage increasesOperational and Analytical CRMOperational CRM Supports traditional transactional processing for daytoday frontoffice operations or systems that deal directly with the customersoSales systems marketing systems and customer service systemsAnalytical CRM Supports backoffice operations and strategic analysis and includes all systems that do not deal directly with the customers oCollaborative CRM system data warehouse and data mining
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