Customer Relationship Management
- customer relationship management (CRM) is a means of managing all aspects of a customer's relationship with an organizations to increase customer loyalty and retention and an organization's profitability.
The Benefits of CRM
- firms can find their most valuable customers by using the RFM formula-recency, frequency, and monetary value.
*Evolution of CRM
- 3 phrases in evolution of CRM : i) reporting ii) analyzing iii) predicting
- CRM reporting technologies help organizations identify their customers across other application.
- CRM analysis technologies help organizations segment their customers into categories such as best and worst customers.
- CRM predicting technologies help organizations predict customers behaviour such as which customer are at risk of leaving.
*Operational and Analytical CRM
- operational CRM supports traditional transactional processing day-to-day front-office operations or systems that deal directly with the customers.
- analytical CRM supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers.
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