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Managing Customer Relationship- Qualifying prospects for relationship building

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The Qualifying Prospects for Relationship Building (QPR) matrix The relationship matrix method is based on the relationship life cycle theory that can be used to determine what priorities should be given in managing customer relationships. To ensure long-term profitability and value creation, a company should focus on building a strong and lasting relationship for continuous growth in terms of value and profit. It has 2 dimensions: Potential profitability of customer and opportunities for adding value. The basic idea behind the matrix is that the customer having highest potential profitability and which gives the highest opportunities for adding value the better it is for the company. Placing profitability/opportunities in the matrix results in 4 approaches in the qualifying prospects for relationship building of a company: 1. Build a Strong and lasting relationship (=high profitability, high opportunity for adding value).- use large amounts of cash and are leaders in the bu...
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CRM is a Strategic Business Process or approach aimed towards creating, developing and enhancing relationship with customer and increase stakeholder/shareholder value. To achieve this we need to target our customer carefully, develop relationship with good service and enhance the value we are getting out of the relationship.There are too many definitions of CRM available online. Varying from person to person, Company to company and in many cases even within in an organization, where different branch seems to have different outlook for the much talked about CRM. In other terms CRM is aimed towards enhancing the acquisition and retention of profitable customers by respectively, initiating and improving relationship with them. The content we’ll be sharing here will vary from discussing CRM, exploring Open Source CRM tools or Open Source ERP software’s which also support CRM or SFA. WE will also be exploring the CRM functionality offered by different Open Source tools like OpenTaps, SugarC...
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