CRM and Business Intelligence

CRM is about attracting and maintaining customer relationships.

Operational CRM the basics of how to use CRM to manage business. Analytical is looking at future trends and what can be changed to improve CRM.

Example - Persons history into purchasing.

Customer Relation Management (CRM) - Involves managing all aspects of a customer's relationship with an organisation to increase customer loyalty and retention and an organsiation's profitability.

Many organisations, such as Charles Schwab, have obtained great success through implementing a CRM system.

Bigger businesses have a CRM. Different departments can update sections of the CRM; like accounting look at the costs, inventory management, customer services department makes the return calls.

CRM is a strategy, a strategy and business goal that an organisation must embrace fully to be effective.

CRM enables the ability to; identify the customer, design individual market campaigns, treat each customer individually, customer buying behaving.

Identifying behaviours - Like people buying snacks at lunch time along with their chips and fries. etc.

Business Benefits of CRM: Providing better customer service, discovering new customers, increasing customer revenues, cross-selling more effectively.

Organisations can find most valuable customers through RFM: Recency, Frequency & Monetary Value. How recent was the customer's purchase? How often does the customer come? Home much a customer spends on each purchase?

Evolutions of CRM: Reporting, Predicting & Analysis.

Operation CRM is the front office (i.e. ordering a pizza and they know your name) and Analytical is where they analyse your trends as a customer (business analyst)

CRM metrics: sales, service & marketing. Tracking and monitoring performance is a best practice for many companies.

Sales Metrics: Prospective customers, sales calls, proposals given, retained customers, recurring revenue.

Service Metrics: Cases closed same day, number of service calls, tie to resolution, number of service requests by type.