Objectives of CRM Strategy22nd November 2020
Objectives of CRM Strategy
(i) To simplify marketing and sales process.
(ii) To make call centre’s more efficient.
(iii) To provide better customer service.
(iv) To discover new customers and increase customer revenue.
(v) To cross sell products more effectively.
Context of CRM:
The context of CRM can be summarized as follows:
(i) Increased Sales Revenue:
Increased sales result from spending more time with customers, which results from spending less time chasing needed information, (i.e., productivity improvement).
(ii) Increased Win Rates:
Win rates improve since companies can withdraw from unlikely or bad deals earlier on in the sales process.
(iii) Increased Margins:
Increased margins resulting from knowing customer better, providing a value-sell and discount prices.
(iv) Improved Customer Satisfaction Rating:
This increase occurs since customers find the company to be more responsive and better in touch with their specific needs.
(v) Decreased General Sales and Marketing Administrative Costs:
This decrease occurs since the company has specified its target segment customers, it knows their need better, and thus it is not wasting money and time, for example, on mailing information to all customers in all existing and potential target segments.
Purposes of Adopting CRM Processes:
(i) Develop better communication channels.
(ii) Collect customer related data.
(iii) Create detailed profiles of individual customers.
(iv) Increase customer satisfaction.
(v) Access to customer account history, order information and customer information at all touch points.
(vi) Identify new selling opportunities.
(vii) Increased market share and profit margin.
(viii) Increased revenues.
(ix) More effective reach and marketing.
(x) Improved customer service and support.
(xi) Improved response time to customer requests for information.
(xii) Enhanced customer loyalty.
(xiii) Improved ability to meet customer requirements.
(xiv) Improved quality communication and networking.
(xv) Reduced costs of buying and using product and services.
(xvi) Better stand against global competition.