Challenges Addressed by CRM?

CRM helps in addressing a lot of challenges which are otherwise overlooked by routine business practices for e.g.
1. Lack of a disciplined customer engagement process. This is among the major concerns for lack of customer retention.
Few of the things need to overcome this barrier are Consistent, Repeatable Processes, Systematic and Recurring Approach and Customer-driven Business Strategies.
2. Companies also face lots of difficulty in gathering and sharing customer information which impacts not only External Customer Relations and Internal Communication and Coordination but also makes it a Challenge to turn customer requirements into Desirable Solution Offerings
Determinants of CRM
 Trust
The willingness to rely on the ability, integrity, and motivation of one company to serve the needs of the other company as agreed upon implicitly and explicitly.
Value
The ability of a selling organisation to satisfy the needs of the customer at a comparatively lower cost or higher benefit than that offered by competitors and measured in monetary, temporal, functional and psychological terms.

Comments

Post a Comment

Popular posts from this blog

Managing Customer Relationship- Qualifying prospects for relationship building

Image
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...
Read more

Jog Falls: Life when its wet

its among the most amazing palces on earth.. be it africa or India. I felt at peace with my self for the first time in years. there was no one but me, someone i care about and the water. serene, pure, unadultarated. in it glory... The chill form the water falling above on top of u, is nothing compared to the sensation which u gets from reaching to that point with all the planning, scouting fcr the best possible route, where if someone has to get hurt it will b u then someone u love.. it was amazing everthing the tinniest bit of the place, the rocks, pebbles, water, the people.. my frnds who were there to make this moment a life long one... Waiting anciously for my next visit to most probaly,River Turn Lodge.
Read more