• CRM enables an organization to:
– Provide better customer service
– Make call centers more efficient
– Cross sell products more effectively
– Help sales staff close deals faster
– Simplify marketing and sales processes
– Discover new customers
– Increase customer revenues
Recency, Frequency, and Monetary Value
•
Organizations
can find their most valuable customers through “RFM” - Recency, Frequency,
and Monetary value
– How recently a customer purchased items
(Recency)
– How frequently a customer purchased items
(Frequency)
– How much a customer spends on each purchase
(Monetary Value)
The Evolution of CRM
•
CRM reporting technology – help organizations identify their customers
across other applications
•
CRM analysis technologies – help organization segment their customers
into categories such as best and worst customers
•
CRM predicting technologies – help organizations make predictions
regarding customer behavior such as which customers are at risk of leaving
•
Three
phases in the evolution of CRM include reporting, analyzing, and predicting
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