Hi all Today we are going to learn about a key aspect in marketing
that is concerned with retaining the customers for a long time known as Customer relationship management..
Any organization has the primary objective of providing satisfaction to its customers…
but because of liberalization and globalization the competition has increased manifolds..
Also the expectations of the customers for quality, service and value are also rising..
This has led to organizations to organize their businesses around the customers they
serve.. which makes customer relationship management practices crucial for the success of any organization..
Now lets understand what is CRM or customer relationship management..
It refers to the holistic approach that organizations can take to manage their relationships with
their customers, includ¬ing policies related to contact with customers, collecting, storing,
analyzing customer information, and the technology needed to perform these tasks.
Let us look at this example to understand how organizations use different techniques
for maintain the relationship with customers..if you log into the amazon app, it would record
the kind of products you are looking for.. so that the next time you log into the app
it can suggest you some products matching your taste and preference.. this is how companies
serve their customers in order to have long lasting relationships with them..
Now we will look at the various techniques that organizations employ for doing CRM
The first one is Data warehousing and data mining. Under this technique a company maintains the
entire record of purchases made by the consumer like… what did he buy??
At what time and place he bought it??
How many times he purchased the product from the organization .. when the companies
gather data at a central location it is called as data warehousing and when this data is
analysed to find out interesting facts about consumer it is called as data mining..
the above example of amazon app is of data warehousing and mining..
2.Priority Customer Programmes: Under this scheme organizations give priority
to its strategic or high net worth individuals in terms of after sales service, delivery
of products and resolution of complaints..
An example of an organization using this technique is CITIBANK..
Citibank keeps a record of its priority customers and gives them additional facilities such as free movie tickets. Concerts .
3. Loyalty programmes Many organizations try to retain their customers
by offering loyalty programs .. an example can be an airlines company offering discount
to the customers making frequent use of the service.. these programmes discourage the
customer from shifting to some other brand or product..
4. One to one marketing This is particularly used by B2B market firms
to retain their customers.. these firms regard their customers as their partners.. and design
their products or improve their services with their help.. in case the customer gets engaged
with the company then most likely it remains loyal to the customer for a long time.
With this we come to the end of this video lecture..
I am sure it helped you to understand this interesting topic of Customer relationship management..Thank You.