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Key Features of CRM Systems

Customer relationship management (CRM) involves developing strategies to build and refine relationships between a company and its customers to increase the value of products and services. Key aspects of CRM include focusing on customer value creation through lasting relationships, viewing products as an ongoing exchange process between the company and customer processes, and taking responsibility for developing relationships to allow customers to create their own value. When developing a CRM strategy, companies should tackle business issues before technology, explain real needs to vendors, keep the customer as the top priority, implement changes gradually, and take an enterprise-wide approach.

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Donna Claire Angus
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16 views12 pages

Key Features of CRM Systems

Customer relationship management (CRM) involves developing strategies to build and refine relationships between a company and its customers to increase the value of products and services. Key aspects of CRM include focusing on customer value creation through lasting relationships, viewing products as an ongoing exchange process between the company and customer processes, and taking responsibility for developing relationships to allow customers to create their own value. When developing a CRM strategy, companies should tackle business issues before technology, explain real needs to vendors, keep the customer as the top priority, implement changes gradually, and take an enterprise-wide approach.

Uploaded by

Donna Claire Angus
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Introduction

to
Customer Relationship Management
Company Assets

Product Financial
Manageme Manageme
nt nt

Customer
Human
Relationshi
Resource
p
Manageme
Manageme
nt
nt
Product Management

 an organizational function within a company dealing


with the product planning / marketing of a product

 performs the interest of delivering a particular product


to the market
Financial Management

 includes cost planning and allocation of physical and


financial resources

 professional auditing work at the full performance level,


auditing financial and accounting transactions and
systems
Human Resource Management
 its mission is to recruit and train the best employees

- to ensure high performance


- deal with operational issues
- ensure that personnel and management practices
conform to various regulations

 manages employees’ benefits, compensation, records,


and personnel policies
Customer Relationship Management

 develop relationship strategies that refine the


relationship between the company and customer, thus
increasing the value of the product or service
Cornerstones of CRM
1. Customer Value Creation
- the aim is not to maximize the revenue from single
transactions but rather to build a lasting relationship
with the customer

2. Viewing the Product as a Process


- the product is seen as an entity involving an exchange
between the provider’s & the customer’s processes.
Through this exchange, the provider’s competence is
partly transformed into customer value creation.

3. Provider’s Responsibilities
- the company can build a stronger relationship only if
it takes the responsibility for developing this
relationship and offer its customers possibilities to
create value for themselves
Top 5 Tips for CRM Strategy
1. Tackle business issues before choosing a
technology.
- almost all of the experts agreed that not all the
time technology is the answer to business
problems. In most cases, core businesses
processes need to be rethought to better serve
customers.

2. Explain real business needs to vendors/partners


before investing.
- it is clear that a distinct lack of communication
between many organizations and their vendor
partners has factored heavily into the climate of
disenchantment
3. Keep the customer as priority no. 1
- the customers should be the number one focus
throughout developing any CRM strategy

4. Eat the elephant in small pieces.


- take manageable, deliberate steps towards your
ultimate goal, make it work in one area at a time, and
make sure you have demonstrable results before moving
on.

5. Keep it enterprise.
- CRM needs to be managed at an enterprise level. It
needs to be emphasized that the enterprise approach
cannot fall prey to issues of departmental
independence.

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