- Customers relationship management(CRM) - managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability.
- for example checking online orders twice daily, shipping online orders within 24 hours.
THE BENEFITS OF CRM
- allows the company to operate more efficiently and effectively in the area of supporting customer needs.
- enables a firm to treat customers as individuals, gaining important insights into their buying preferences and shopping behaviors.
- firm can find their most valuable customers by using RFM formula - recently, frequently and monetary value.
CRM repoting technologies helps organizations identify their customers across other applications
CRM analysis technologies helps organizations segment their customers into categories.
CRM predicting technologies helps organization predict customers behaviors.
OPERATIONAL AND ANALYTICAL CRM
Operational CRM- supports traditional transactional processing for day-to-day front office operations or systems that deal directly with the consumer.
Analytical CRM- supports back-office operations and strategic analysis and include all systems that do not deal directly with the consumers.
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