...CRM - Customer Relationship Management System www.xincrm.com Customer relationship management (CRM) is a widely-implemented strategy for managing 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 describes a company-wide business strategy including customer-interface departments as well as other departments. phases The three phases in which CRM support the relationship between a business and its customers are to: Acquire: CRM can help a business acquire new customers through contact management, selling, and fulfillment. Enhance: web-enabled CRM combined with customer service tools offers customers service from a team of sales and service specialists, which offers customers the convenience of one-stop shopping. Retain: CRM software and databases enable a business to identify and reward its loyal customers and further develop its targeted marketing and relationship marketing initiatives. Benefits of CRM The use of a CRM system will confer several advantages to a company: Quality and efficiency Decreased costs Decision support Enterprise...
Words: 935 - Pages: 4
...through their marketing programs. But they have shown mixed results when it comes to retaining these customers. Customer Relationship Management helps businesses in successfully implementing strategies aimed at winning and retaining customers profitably. It is also helping businesses shift from a short-term transaction based mode of operation in their interactions with customers to a long-term relationship mode. Objectives – The objective of this course is to help students understand the concept and practice of CRM derived from research and applications across businesses. These concepts and applications from real life case studies will help identify opportunities, which can be successfully implemented for long term profitability. Pedagogy – The teaching methodology will include a mix of lectures, discussions of pre-readings, presentations by practitioners, exercises and case analysis. The cases are integrative in nature but will also help develop an appreciation of specific elements of CRM. Group Project – Option 1 - Identify any organisation which is practicing some form of CRM. Start working with them to understand the objectives, strategy, structure and process of relationship management. Identify the key issues they faced in implementation especially related to financial and marketing evaluation of the program. Interview some relationship customers of this organisation to understand the customer perspective. Option 2 – Choose any topic in CRM and write a paper...
Words: 1490 - Pages: 6
...relationship management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is to develop a process-oriented conceptual framework that positions CRM at a strategic level by identifying the key crossfunctional processes involved in the development of CRM strategy. More...
Words: 7859 - Pages: 32
...to describe a business-customer relationship, CRM systems are also used to manage business contacts, clients, contract wins and sales leads. How CRM is Used Today CRM solutions provide you with the customer business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up-sell more effectively, close deals, retain current customers and better understand who your customer are. Organizations frequently look for ways to personalize online experiences (a process also referred to as mass customization) through tools such as help-desk software, email organizers and different types of enterprise applications. CRM Usability CRM software has typically been considered difficult to use. As an enterprise application, stability, scalability and security has been the primary focal points of CRM solutions. Usability, according to this Enterprise Apps Today article, was not a key part of CRM which often resulted in failed software projects, largely attributed to undue complexity. With increased adoption of CRM applications, however, today's CRM software vendors make usability a central part of their products. To improve usability many vendors today focus on usability issues to make CRM workflow as simple and intuitive as possible, to offer navigation that can be performed in three clicks or less and to ensure CRM software is designed to suit the needs of sales teams. The CRM Strategy Customer relationship management is...
Words: 1680 - Pages: 7
...management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is to develop a process-oriented conceptual framework that positions CRM at a strategic level by identifying the key crossfunctional processes involved in the development of CRM strategy...
Words: 7859 - Pages: 32
...conception disseminated through this report. Sincerely Yours .…………………… Nayeemur Rahman Mia Id # 0210034 Contact: Mobile: 01711503442 E-mail: nayeemur@grameenphone.com Acknowledgement I would like to convey my respect to my course supervisor Mr. Shubhankar Shil, Lecturer, School of Business, Independent University, Bangladesh for his eager, helpful and enthusiastic guidance which encouraged me to accomplish this report on “The effects of customer service management on business performance in Bangladesh cell phone industry”. Without his incessant support this work would not have found the right track which I believe it did. Enough cannot be said to pay a proper attribute to Ms. Farzana Rahman, my manager in Trade Marketing Division. Her patience to answer my on and off-hour questions should, never be undermined to appraise its contribution to the success of this report. Customer managers of GrameenPhone, Aktel, Citycell and Banglalink enthusiastically supported the entire project. I will be happy to call them...
Words: 9754 - Pages: 40
...Chapter # 1. Introduction to CRM 1.1 Evolution of CRM Customer Relationship Management (CRM) is one of those magnificent concepts that swept the business world in the 1990’s with the promise of forever changing the way businesses small and large interacted with their customer bases. In the short term, however, it proved to be an unwieldy process that was better in theory than in practice for a variety of reasons. First among these was that it was simply so difficult and expensive to track and keep the high volume of records needed accurately and constantly update them. In the last several years, however, newer software systems and advanced tracking features have vastly improved CRM capabilities and the real promise of CRM is becoming a reality. As the price of newer, more customizable Internet solutions have hit the marketplace; competition has driven the prices down so that even relatively small businesses are reaping the benefits of some custom CRM programs. 1.2 In the beginning… The 1980’s saw the emergence of database marketing, which was simply a catch phrase to define the practice of setting up customer service groups to speak individually to all of a company’s customers. In the case of larger, key clients it was a valuable tool for keeping the lines of communication open and tailoring service to the clients needs. In the case of smaller clients, however, it tended to provide repetitive, survey-like information that cluttered databases and didn’t provide much...
Words: 25651 - Pages: 103
...Task A: TeraTech will increase company profits and maximize shareholder wealth by, utilizing strategies to optimize | |customer services and their business processes while engaging the support of vital stakeholders. | |Topic A: Entellium Ltd.- Sharena Barriga | |Response to Topic A: | |Entellium Ltd. is a Malaysian firm and new hosted CRM service provider. The firm formally announced their intentions to tap into | |the North American market for hosted sales, marketing and customer service applications. Entellium’s target includes small and | |midsized businesses and departments of larger organizations. Like TeraTech, the firm’s problem lies in the fact that the hosted CRM| |market is already crowded and is concerned with the ability to keep up with there competitors. Entellium is a small company in | |comparison with to their competitors with just 100 customer and 3,000 users mostly in the Asian Pacific Region (Callaghan, 2004). | |In order to successfully compete in such a competitive market, Entellium will continue to develop their product in Malaysia while | |only moving their headquarters to Seattle. This will enable the firm to reduce their prices significantly charging $59 per month | |for their service. The firm hopes...
Words: 3145 - Pages: 13
...TOP 40 2011 Edition CRM SOFTWARE VENDORS REVEALED Profiles of the Leading CRM Software Vendors For more information, visit Business-Software.com/CRM CRM Solutions For businesses of all sizes, acquiring, retaining, and supporting customers is more challenging than ever before. Activities that were already complex have become highlycomplicated, multi-faceted workflows and procedures that are difficult to coordinate, track and manage. Marketing teams must plan and develop an increasing number of sophisticated campaigns, and deliver them through multiple mediums. Sales reps must follow-up on hundreds of new leads, while juggling existing sales cycles. Support staff must rapidly resolve a growing volume of customer problems and issues. And, management must oversee customer-facing operations across all departments, and ensure that all client interactions are handled in a responsive and professional manner. Customer relationship management (CRM) systems has emerged as a way for businesses to streamline customer-related processes across functional areas, increase the efficiency and effectiveness of customer transactions at all levels, and optimize service quality at each touch-point. Within the CRM world, there are many types of solutions, each having their own flavor, and each meeting different business needs. What is Enterprise CRM? Enterprise customer relationship management is a family of tightly-integrated applications that span both front- and back-office operations...
Words: 24494 - Pages: 98
...has become more and more computer-aided – including ERP-systems, CRM-systems,...
Words: 1156 - Pages: 5
...Perspective Olaf Acker Florian Gröne Rami Yazbek Fares Akkad Social CRM How Companies Can Link into the Social Web of Consumers Contact Information Beirut Ramez Shehadi Partner +961-1-336433 ramez.shehadi@booz.com Raymond Khoury Principal +961-1-336433 raymond.khoury@booz.com Berlin Dr. Florian Gröne Senior Associate +49-30-88705-844 florian.groene@booz.com Canberra David Batrouney Principal +61-2-6279-1235 david.batrouney@booz.com Chicago Eduardo Alvarez Partner +1-312-578-4774 eduardo.alvarez@booz.com Mike Cooke Partner +1-312-578-4639 mike.cooke@booz.com Delhi Suvojoy Sengupta Partner +44-20-7393-3314 suvojoy.sengupta@booz.com Dubai Fares Akkad Senior Associate +971-4-390-0260 fares.akkad@booz.com Rami Yazbek Associate +971-4-390-0260 rami.yazbek@booz.com Frankfurt Stefan Stroh Partner +49-69-97167-423 stefan.stroh@booz.com Olaf Acker Partner +49-69-97167-453 olaf.acker@booz.com London Hugo Trépant Partner +44-20-7393-3230 hugo.trepant@booz.com Rami Mourtada Principal +44-20-7393-3444 rami.mourtada@booz.com Saibal Chakraborty Senior Associate +44-20-7393-3540 saibal.chakraborty@booz.com Milan Enrico Strada Partner +39-02-72-50-93-00 enrico.strada@booz.com New York Jeffrey Tucker Partner +1-212-551-6653 jeffrey.tucker@booz.com São Paulo Jorge Lionel Principal +55-11-5501-6200 jorge.lionel@booz.com Shanghai Andrew Cainey Partner +86-21-2327-9800 andrew.cainey@booz.com Sydney Peter Burns Partner +61-2-9321-1974 peter.burns@booz.com Ramez Shehadi and Florian Poetscher...
Words: 4179 - Pages: 17
...Fundamentals Of Marketing Sharon Toney SUNY Empire State College Customer Relationships Customer relationship management has become the marketing buzzword of the past two decades with business-to-business firms jumping in, many without really being certain of what they hope to achieve from it, and oftentimes being disappointed with the results. Gummesson (2004) describes CRM as "the values and strategies of relationship marketing with particular emphasis on customer relationships- turned into a practical application." CRM has become a necessity to successfully and profitability manage customers and a firm’s relationship with them, with the market reaching a value of approximately $11.5 billion in 2002. (Xu et al. 2002). However, despite this large spending it is estimated that 70% of CRM implementations fail. (Xu et al. 2002). There are a number of reasons for these failures, such as a failure to implement it throughout the organization and resistance from employees. But in some cases the buyer-seller relationship does not merit a collaborative-style relationship; the customer may only require a transactional relationship. It is because of this reason than I believe that CRM does not always have to constitute the heart of B2B marketing. Many firms adopt CRM technologies because it is what their competitors are doing, without clarifying exactly what they hope to achieve from it. Many do not realize that they are already undertaking basic CRM practices, without the use of...
Words: 1112 - Pages: 5
...their marketing programs. But they have shown mixed results when it comes to retaining these customers. Customer Relationship Management helps businesses in successfully implementing strategies aimed at winning and retaining customers profitably. It is also helping businesses shift from a short-term transaction based mode of operation in their interactions with customers to a long-term relationship mode. Objectives – The objective of this course is to help students understand the concept and practice of CRM derived from research and applications across businesses. These concepts and applications from real life case studies will help identify opportunities, which can be successfully implemented for long term profitability. Pedagogy – The teaching methodology will include a mix of lectures, discussions, presentations by practitioners, videos, exercises and case analysis. The cases are integrative in nature but will also help develop an appreciation of specific elements of CRM. Each session will require preparation of assigned reading / case and active participation by students. A significant portion of the performance will depend on student’s contribution to the class. Group Project – Identify any organisation which is practicing some form of CRM. Start working with them to understand the objectives, strategy, structure and process of relationship management. Identify the key issues they faced in implementation especially related to financial and marketing evaluation...
Words: 2004 - Pages: 9
...Customer relationship management (CRM) is a widely-implemented strategy for managing 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.[1] 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.[2] Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.[3] Measuring and valuing customer relationships is critical to implementing this strategy.[4] Benefits of CRM A CRM system may be chosen because it is thought to provide the following advantages:[citation needed] Quality and efficiency Decrease in overall costs Decision support Enterprise agility Customer Attention [edit] Challenges Successful development, implementation, use and support of customer relationship management systems can provide a significant advantage to the user, but often, there are obstacles that obstruct the user from using the system to its full potential. Instances of a CRM attempting to contain a large, complex group of data can become cumbersome and difficult to understand for an ill-trained user. Additionally, an interface...
Words: 5644 - Pages: 23
...| small business consultation on the implementation of a Contact resource management (CRM) system | | Table of Contents I. Abstract II. Brief Company background III. Discussion of business problem IV. High level solution V. Benefits of solving the problem VI. Business/technical approach VII. Business process changes VIII. Conclusions and overall recommendations IX. High-level implementation plan X. Summary of project References I. Abstract This proposal will detail how the purchase and implementation of CRM system not only eliminates the current challenges Aces Wild Casino Parties’(AWCP) faces in data mining, data sharing, and effective email follow-up/marketing, but also that once a CRM is purchased and fully implemented some of the benefits that can be expected are: * AWCP customer data becomes centrally managed, eliminating duplicates and providing more security for sensitive information. In addition, sales overlap can be eliminated. * AWCP marketing teams have access to better quality customer information and can effectively reach out with more targeted campaigns. * Sales pipeline reports become more accurate and can be used for forecasting cash flow predictions. * AWCP management decision-making processes are streamlined due to the wealth of customer and sales information provided by a properly maintained CRM system * AWCP customer retention is improved due to a variety of reminders, follow-ups...
Words: 2195 - Pages: 9
