Customer relationship management (CRM) is not just the application of technology, but is . to lead by example and push for a customer focus on every project. 5 days ago Overview. Customer Relationship Management (CRM) is an approach to actively track and manage customer information and simplify. Customer relationship management (CRM) implementation projects reflect a growing This requires effective project management across various phases of the.
Therefore using technology to improve CRM makes good business sense. CRM solutions fall into the following four broad categories. Outsourced solutions Application service providers can provide web-based CRM solutions for your business. This approach is ideal if you need to implement a solution quickly and your company does not have the in-house skills necessary to tackle the job from scratch. It is also a good solution if you are already geared towards online e-commerce.
Off-the-shelf solutions Several software companies offer CRM applications that integrate with existing packages. Cut-down versions of such software may be suitable for smaller businesses.
This approach is generally the cheapest option as you are investing in standard software components.
The downside is that the software may not always do precisely what you want and you may have to trade off functionality for convenience and price. The key to success is to be flexible without compromising too much.
Customer relationship management
Custom software For the ultimate in tailored CRM solutions, consultants and software engineers will customise or create a CRM system and integrate it with your existing software. However, this can be expensive and time consuming.
If you choose this option, make sure you carefully specify exactly what you want. This will usually be the most expensive option and costs will vary depending on what your software designer quotes. Managed solutions A half-way house between custom and outsourced solutions, this involves renting a customised suite of CRM applications as a tailored package.
This can be cost effective but it may mean that you have to compromise in terms of functionality. How to implement CRM The implementation of a customer relationship management CRM solution is best treated as a six-stage process, moving from collecting information about your customers and processing it to using that information to improve your marketing and the customer experience.
Stage 1 - Collecting information The priority should be to capture the information you need to identify your customers and categorise their behaviour.
Those businesses with a website and online customer service have an advantage as customers can enter and maintain their own details when they buy.
Stage 2 - Storing information The most effective way to store and manage your customer information is in a relational database - a centralised customer database that will allow you to run all your systems from the same source, ensuring that everyone uses up-to-date information.
Stage 3 - Accessing information With information collected and stored centrally, the next stage is to make this information available to staff in the most useful format. Stage 4 - Analysing customer behaviour Using data mining tools in spreadsheet programs, which analyse data to identify patterns or relationships, you can begin to profile customers and develop sales strategies. Stage 5 - Marketing more effectively Many businesses find that a small percentage of their customers generate a high percentage of their profits.
Using CRM to gain a better understanding of your customers' needs, desires and self-perception, you can reward and target your most valuable customers. Stage 6 - Enhancing the customer experience Just as a small group of customers are the most profitable, a small number of complaining customers often take up a disproportionate amount of staff time.
If their problems can be identified and resolved quickly, your staff will have more time for other customers. Potential drawbacks of CRM There are several reasons why implementing a customer relationship management CRM solution might not have the desired results. There could be a lack of commitment from people within the company to the implementation of a CRM solution.
Adapting to a customer-focused approach may require a cultural change. There is a danger that relationships with customers will break down somewhere along the line, unless everyone in the business is committed to viewing their operations from the customers' perspective. The result is customer dissatisfaction and eventual loss of revenue.
Poor communication can prevent buy-in. In order to make CRM work, all the relevant people in your business must know what information you need and how to use it. Weak leadership could cause problems for any CRM implementation plan. The onus is on management to lead by example and push for a customer focus on every project.
Customer relationship management
If a proposed plan isn't right for your customers, don't do it. Send your teams back to the drawing board to come up with a solution that will work. Trying to implement CRM as a complete solution in one go is a tempting but risky strategy. It is better to break your CRM project down into manageable pieces by setting up pilot programs and short-term milestones. Consider starting with a pilot project that incorporates all the necessary departments and groups but is small and flexible enough to allow adjustments along the way.
Don't underestimate how much data you will require, and make sure that you can expand your systems if necessary. Focus of the problem The textile industry is basically manufacturing based industry. Through this study we are going to identify the importance of CRM in the textile industry. How it is benefited from CRM? Is their any relevance of implementing CRM? And what role does information technology can play in CRM? To study the current practices of CRM.
To find out the impact of CRM on the profitability of the organization. To study the factors affecting the CRM practices. To study the role of information technology in CRM. Research Methodology A research design is simply a plan for study in collecting and analyzing the data. It helps the researcher to conduct the study in an economical method and relevant to the problem.
Research methodology is a systematic way to solve a research problem. The methodology should combine economy with efficiency. Research design The study conducted here is exploratory cum descriptive.
Collection of the data There are two types of data. These data are basically observed and collected by the researcher for the first time. I have used primary data for my project work.
Comments and complaints are taken through face to face interviews. Customer retention is also improving. It is because the number of retailers is very large as compared to the wholesalers. So it is not possible for the company to approach to the retailers. Therefore the company sells to the wholesalers and then wholesalers sell to the retailers. Customers are encouraged to give suggestions and complaints so that the company can improve its working and services.
Different customers have different requirements. So the company customize its product accordingly to satisfy the customers. It also gives more choice to the customers. To get the information about the customers and to measure the satisfaction the company conducts surveys.
The company gives credit facility to its customers to increase the sales volume. If the company do not sell on credit the customers may switch over to other companies. The company maintains frequent communication with the customers. As soon as the product is ready or a new product is launched the information is provided to the customers. Communication is also necessary to maintain the interest of the customers in the company.
CRM - Customer Relationship Management
The company gives concession to its regular customers so as to retain its most valuable and profitable customers. The company regularly reviews the business process in order to eliminate non value-adding activities, to reduce the cost and to make the whole work efficient and effective. If the internal customers are not satisfied and there is lack of coordination among the departments then it will affect the external customers also.
Conclusion From this study it can be concluded that the customer relationship management in Company is satisfactory.Soft Skills - Customer Relationship Management
The company is using various CRM practices like customization of the product, maintaining interaction with the customers regularly and providing good quality product etc.
Customer relationship management has a certain impact on the profitability of the company. Customer response rate towards marketing activities is also improving. There are various factors affecting the customer relationship management like working environment of the company, support from top management and coordination among the departments of the company.
Information technology is not used as much as it should be.
The company is using traditional tools of CRM like quantitative research, personal interviews. The company should modern tools like data mining, contact center, e-CRM and web based survey tools. Time constraint is unavoidable limitation of my study. Financial problem is also there in completing this project in a proper way. As no work has been done earlier in this regard so scarcity of secondary data is also there.
Inadequate disclosure of information is also the problem. Suggestions There should be more and more emphasis given by the company for satisfying the customer up to a apex limit and by providing the utility of every penny of his money. There should be more use of information technology.