CUSTOMER RELATIONSHIP MANAGEMENT

Follow the below video links
INTRODUCTION TO CRM
https://youtu.be/iJU60iaU7VY

EVOLUTION OF CRM
https://youtu.be/-bx5v3Uk43c

WHAT IS RELATIONSHIP MARKETING
https://youtu.be/FJmB6KASIyc

RELATIONSHIP BETWEEN CRM AND MARKETING
https://youtu.be/FJmB6KASIyc

LEARNING RELATIONSHIP PROCESS
https://youtu.be/eESL4czwRvs

SIX MARKETS FRAME WORK
https://youtu.be/uShAC2GDTrk

TRANSACTIONAL Vs RELATIONSHIP MARKETING
https://youtu.be/Vgr0YaBqvJQ
NON TRADITIONAL COMPETITION
https://youtu.be/bxSFkVfzRzU

MARKET MATURITY
https://youtu.be/VKacZC8PKtI

MISALIGNMENT BETWEEN REVENUE AND PROFITS
https://youtu.be/AabsaX4vcVs
BENEFITS OF CRM

Benefits of CRM

Organizations benefit from CRM by focusing on customer retention. Once a customer is satisfied with an organization's offerings, they increase their purchases over a period of time. These satisfied customers refer others to the organization. This serves as a positive word of mouth, which can have a very strong impact on an organization's reputation. 

The benefits of CRM can be broadly classified into the following 3 benefits:

a. Marketing benefits

b. Service benefits

c. Benefits to customers

MARKETING BENEFITS

SERVICE BENEFITS

BENEFITS TO CUSTOMERS

DEMANDS FACTORS
Why Should Businesses Adopt CRM?

Now that you understand the basic concepts of CRM, you must be wondering what prompted businesses to practice CRM. A combination of supply side and demand side factors led businesses to modify the way they operate.

The demand side factors include:

• Increase in affluence
• Media explosion
• Customer diversity

We understood that change is inevitable. It is important for organizations to modify their offerings,  to keep up with the changing customer expectations. In this podcast  we talk about the professional class and look at how increased affluence has led to an increase in expectations.

Media plays a major role in increasing awareness, which in-turn leads to an increase in expectations. In the previous podcast we spoke about the well traveled professional class.

One need not necessarily travel to gain awareness on the lifestyle and culture in other parts of the world. Thanks to the various lifestyle channels and travel shows that are easily accessible to most of us.

Another factor that has contributed to an increase in expectations is diversity. 

Read below to know how media and diversity has forced companies to modify their offerings.

SUPPLY SIDE FACTORS

Interview with Mr SIVA GANAPATHI

In this interview, Mr. Siva Ganapathi talks about how organizations have changed their strategies with respect to customer engagement over the last 10 years.

https://youtu.be/i8ypLgXJ8YA

Interview with Dr Rajasekhar

Watch the above interview with Dr. Rajshekar, where he talks about what really motivates people, to repeatedly visit his hospital when they need eyecare services. 
https://youtu.be/fxd7nsHChMw
Summary

Summary

• The core theme of CRM is building long term relationships with customers.
• Atul Parvatiyar and Jagdish Sheth have defined CRM as " Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for company and the customer".
• The three key challenges that enhanced the importance of CRM are non-traditional competition, market maturity, and misalignment between revenues and profits. 
• The benefits of CRM can be classified into marketing benefits, service benefits and benefits to customers.
• A combination of supply side and demand side factors led to the adoption of CRM.
• The demand side factors include increasing affluence, media explosion and customer diversity.
• The supply side factor includes advances in technology.