E-CRM

What is CRM?“a management process of acquiring customers by understanding their requirements, retaining customers by fulfilling their requirements more than their expectations and attracting new customers through customer specific strategic marketing approaches. The process invites total commitment on the part of the entire organization in evolving and implementing relationship strategies that would be rewarding to all concerned”

Customer relationship management is a broadly recognized, widely-implemented strategy for managing and nurturing a company’s interactions with customers and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales related activities, but also those for marketing, customer service, and technical support.

Need For CRM

• Reduction in customer recruitment cost.

• Generation of more and more loyal customers.• Expansion of customer base.

• Reduction in advertisement and other sales promotion expenses.

• Increase in the number of profitable customers.• Easy introduction of new products.

• Easy business expansion possibilities.

Stages in CRM

1. Collecting Information

2. Storing Information

3. Accessing Information

4. Analyzing Customer Behavior

5. Marketing More Effectively

6. Enhancing the Customer Experience

Types of CRM

• Sales Force Automation

• Marketing

• Customer Service and Support

• Analytics

• Integrated/Collaborative

•Social Media

3 Phases Of CRM

ACQUISITION : Acquire new customers by promoting product/service leadership that pushes performance boundaries with respect to convenience and innovation.

ENHANCEMENT : Enhance the relationship by encouraging excellence in cross-selling and up-selling.

RETENTION : Retention focuses on service adaptability, i.e. it delivers not what the market wants, but what the customers want.

Customer satisfaction

CustomerCommitment

Customerretention

Profit

In current business environment, the focus is being shifted to customer retention.

Significance of CRM• Reduction in customer recruitment cost.

• Generation of more and more loyal customers.• Expansion of customer base.

• Reduction in advertisement and other sales promotion expenses.

• Increase in the number of profitable customers.• Easy introduction of new products.

• Easy business expansion possibilities.

Benefits Of CRM

• Streamlined sales and marketing processes• Higher sales productivity• Added cross-selling and up-selling opportunities• Improved customer service, loyalty, and retention• Better customer profiling and targeting• Reduced expenses• Increased market share• Higher overall profitability

E-CRM

Electronic CRM concerns all forms of managing relationships with customers making use of Information Technology

Activities to manage CR using internet, web browser or other electronic media etc.

NEED OF E-CRM

1) Optimize the value of inter active relationship.

2) Enable business to extend its personalized messaging to web and e-mail.

3) Leverage customer information for more effective e - marketing and e-business

GOALS OF E - CRM

1) Reduce Cost of Marketing

2) Improve : customer satisfaction ,accuracy and relevancy of recommendation

3) Increase conversion rate i.e. turn surfers into buyers; customer retention; order size; customer response; profitability

DIFFERENT LEVELS OF E-CRM

1) Foundation Services : website effectiveness and responsiveness, order fulfillment

2) Customer Centered Services : Order tracking, product configuration & customization

3) Value Added Services : extra services e.g. online auctions, online trading etc

STRATEGY FOR E - CRM

• Customer Information Environment : Customer information repository, Customer profiles, Transactions and behaviors

• Customer Value Orientation : Behavior analysis , Profitability analysis

• Customer Loyalty

How Technology Can Help?• Reducing Cost per contact• Decreasing Development time• Creating Emotional bonds• Displaying empathy• Reducing Human error• Improving Interactivity• Presenting Emotive Content• Communicating Personality• Increasing Quality• Providing Reassurance• Improving Responsiveness• Increasing Scalability

E – CRM TOOLKIT

Customer

E-mail management

Assisted selling

Customer Management

E-marketing

Storefront Services

Content

An E-CRM toolkit is a system for customer relationship management to cover wide diversity of channels across online business. It fulfils the following criteria• Content – a content as required by customer should be delivered online and managed properly on IT platform• Storefront and merchandising services – Storefront services should propel the customers to the cash point and convert visitor into buyer.• E-mail Management – How effective e-mails are focused to promote offers to customer which cannot be refused. And how easily this leads customer to actual buying site in a seamless manner.• Customer management – Is customer data well managed across the company.

•E-marketing – How well e-marketing and online selling operation

are combined.• Assisted Selling – How assisted selling is incorporated to enhance business

BENEFITS OF E - CRM

• Interaction with customer and customer satisfaction : Interact with the customers right at your site through phone, chat , mail.

• Speed of Transaction Processing is increased.

• Betters Service Quality.

• Convenience and Trust