Customer relationship management (CRM) is a means of managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability.
To guarantee that every customer has a highly satisfying online buying experience, the company asks the dealers to agree to a number of standards including:
- Checking online orders twice daily
- Shipping online orders within 24 hours
- Responding to customer inquiries within 24 hours
A primary component of managing a customer relationship is knowing when and why the customer is communicating with the company.
THE BENEFITS OF CRM
-Enables a firm to treat customers as individuals, gaining important insights into their buying preferences and shopping behaviors.
-Enables a firm to treat customers as individuals, gaining important insights into their buying preferences and shopping behaviors.
Firms can find their most valuable customers by using the RFM formula-recency, frequency, and monetary value.
- How recently customer purchased items
- How frequently a customer purchases items
- The monetary value of each customer purchase
EVOLUTION OF CRM
OPERATIONAL AND ANALYTICAL CRM
OPERATIONAL CRM TECHNOLOGIES
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