This website uses cookies to ensure you have the best experience. Learn more

Crm Notes Essay

3196 words - 13 pages

CRM 11- Performance measurement

Important stakeholders of a company

- Shareholders / Board of directors
- Customers
- Employees/Management

An organisation must maximize the main sources of revenue, profit and growth within the context of both business and customer strategy. The three key stakeholders group are:

Employee Value
Employee value needs to be considered from two perspectives.

#1 the value employees deliver to the organization
- This is usually measured against a number of performance objectives, where employees are appraised against performance targets

#2 the value the organisation delivers to the employees
- Comprises the benefits the ...view middle of the document...

Performance management
Good Performance over time will only come from well-motivated staff. Performance management is an approach which allows managers to impact their goals and responsibilities in serving the customers internally and externally.

It involves a cycle of clarifying business goals and customer needs and then agreeing individual objectives and standards of performance. With coaching, developing and rewards, improved performance is possible from employees who:
- What is expected of them
- How they are doing
- What they need to do next
- What help they will receive

Customer Equity is no different from life time value of a customer. It is the lifetime value/profit of its customers minus the cost of acquiring or retaining them

The focus is on the components of Customer Equity :

#1 Brand equity: It is the customer’s subjective and intangible assessment of the brand, in particularly, the emotional connection to the brand.

#2 Value equity: It is the customer’s objective evaluation on the value of quality, price and convenience.

#3 Retention /Relationship equity: It is the tendency of the customer to stick with the brand, above and beyond the customer’s objective and subjective assessment of the brand.

These allow marketers to seek clarity in dissecting their strategies according to their objectives in the areas of building Brand, Value and Relationship with their lifetime customers.
Example One: New Company with a new brand may place more emphasis on Brand Equity.
Example Two: A highly competitive industry in the likes of Retail will focus more on Relationship/Retention as customers to tend to defect easily.

Customer Equity is achieved by a company’s commitment to delivering ALL the 3 components. The 3 components are interdependent.
Example: If a company focuses only in Brand and Value, and not Relationship, then this may lead to only short term gains in market shares and brand awareness.

Importance Of Customer Equity
- Shifts focus from” sales” and “market share” which leads to ill-considered promotions and acquiring the wrong customers => drop in profitability
- Empowers segmentation strategies => provides insights to resources deployment.

Assessing Customer Equity

#1 Brand Value
- Are you the industry leader in brand awareness?
- Do customers pay attention to and remember your advertising and the information you send them?
- Are you known as a good corporate citizen?
- Active in community events?
- Do you lead your industry in the development and maintenance of ethical standards?
- Do customers feel a strong emotional connection to the brand?

#2 Value Equity
- Are you the industry leader in overall quality? Do you have initiatives in place to continuously improve quality?
- Do your customers perceive that the quality they receive is worth the price they paid?
- Do you consistently have the lowest...

Other Papers Like Crm Notes

Communication Strategy Essay

2402 words - 10 pages , sharing information on order status, improved supply logistics and CRM tools * Improves cost-competitiveness through * reduced inventories * shorter ‘order-to-ship’ lead time * improved ‘time-to-market’ * faster ‘order-to-cash’ cycle times. * better utilization of resources * higher manpower productivity * better vendor management * reduced procurement costs * Streamlines

Office Automation and Group Collaboration Essay

1036 words - 5 pages , and Knowledge Base software are used daily. These applications include collaboration and improve performance while providing technical assistance to customers and business partners. Siebel is a successful Customer Relationship Management (CRM) developed by Oracle Corporation. This ticketing solution helps leverage Web technologies to enhance our customer relationship with product support personnel. When a customer reports a problem on our

Management Information System

950 words - 4 pages “Swiss Army knife of the digital age.” A flick of the finger turns it into a Web browser, a telephone, a camera, a music or video player, an e-mail and messaging machine, and for some, a gateway into corporate systems. New software applications for social networking and salesforce management (CRM) make these devices even more versatile business tools. The BlackBerry has been the favored mobile handheld for business because it was optimized for e

Mis of Icic Bank

5833 words - 24 pages | Title | Page No. | 1 | Introduction | 1 | 2 | Overview of Financial MIS and Network diagrams | 8 | 3 | Information system ICICI bank | 12 | 4 | Organization Transaction processing system | 14 | 5 | ICICI CRM initiatives | 25 | 6 | Knowledge management at ICICI | 30 | 7 | Conclusion | 33 | 8 | References | 34 | ABLE OF CONTENTS 1.INTRODUCTION 1.1 MANAGEMENT INFORMATION SYSTEM

It205 Syllabus

3062 words - 13 pages | | | | |the Effect of CRM Software on |In this scenario, you gain an understanding of how enterprise CRM systems may be used to help| | | |Business Success |organizations achieve enhanced customer intimacy and improved business performance. This | | | | |scenario presents you with a variety of situations and assessment types. Take notes to

Us Pharmaceuticals of Korea

3431 words - 14 pages Strategies and Tactics 12 ii vii ix xiii xv 1 xviii Contents Emerging Trends in Sales Management 13 Global Perspective 13 Revolution in Technology 14 Customer Relationship Management (CRM) 14 Salesforce Diversity 14 Team Selling Approach 14 Managing Multi-channels 15 Ethical and Social Issues 15 Sales Professionalism 15 E-Selling 16 Linking Sales and Distribution Management 16 Distribution Channels 18 Maximising Customer Service 18 Sales

Information System Proposal

684 words - 3 pages account codes, pay bill, ship items out change shelf count and conduct follow-ups. The POM IS will help the management to make solid financial decisions. POM Information System will definitely help my company future growth. Customer Resource Management (CRM) will obtain the customer tracking information such as city/state, type of music they enjoy, education level, and how many children are in the home etc. With this information the Nostalgic Record

Business Law

1166 words - 5 pages ? After reviewing the four tutorials of Economics, Accounting, Finance, and Business Statistics I have come up with that I really need to review all of these areas because I have been out of school since graduating at the University San Marcos in native country (Peru) and I have been out of the business work place for over nine years. I feel I need a little more help in all this areas to refresh my memory and take my time to review my old notes that

Discuss The Sales Theories Surrounding Team Selling

1145 words - 5 pages environment. It is very easy for sales people to say contradicting statements, leaving the customer with the impression that the team is disorganized. This is where CRM systems come into play providing tools that are pivotal to staying on the same page. Barclay (1997) notes that existing sales incentives are rarely compatible with the use of selling teams explained with a great example, "Let's put some of your salary at risk. Let's back off your salary


3568 words - 15 pages customer loyalty and retention. Companies involved in customer relationship management train customer-contact personnel to deal with angry customers. Customer service personnel need to listen carefully to determine the customer’s feeling and then respond sympathetically, ensuring that the complaint is understood. 4. CRM 153 This is the process of managing details information about individual customers and carefully managing all the customer

The Evolution Of Selling: A Study Of Historic And Contemporary Sales Methods And Attitudes’

2216 words - 9 pages customers’ needs—some of which they may not even realize they have,” (social media today, APPLE). CRM (customer relation management) is the most important aspect in being competitive because ‘A modern CRM program relies on a variety of technologies to improve communications in a sales organization and enhance customer responsiveness.’ On the other hand Social media had a huge impact in the way customer were advertised to and communicated, such as

Related Essays

Implementation Of A Contact Resource Management (Crm) System

2215 words - 9 pages by helping better target the right customer segment, provide intelligence about long-term sales trends, adjust sales strategy, and track results. V. Benefits of solving the problem The ability to seamlessly share information across an organization is a strength that cannot be under emphasized. A CRM allows for the sharing of not only notes about a contact, company or sales opportunity in order to give everyone clear visibility of

Crm Software Essay

5650 words - 23 pages potential customer. The following are a few of the major components of sales automation functionality: • Contact Management. This is a very standard capability offered by even the smallest CRM software vendors. Contact Management tracks names, addresses, contact profiles, history information, notes fields, and all of the information pertinent to that contact in one place where the information can be maintained and accessed. • Lead Management. Lead

Syllabus It/205 Essay

2472 words - 10 pages understanding of how enterprise CRM systems may be used to help organizations achieve enhanced customer intimacy and improved business performance. This scenario presents you with a variety of situations and assessment types. Take notes to prepare to address the assessments. Access the Toolwire® lab using the following instructions: • Log in to the student website. • Click Week 6, then click the link to the Toolwire lab. A new window will open

Instructor’s Manual Erp Essay

8305 words - 34 pages report on common IT priorities. Determine Feasibility of an ERP System (Step 8) Web-based resources on ERP and CRM; Articles in trade publications; Vendor resources. See “Further Notes” below.* Write a recommendation to address these questions: (1) Should Bandon Group pursue an ERP solution? (2) Should they pursue a CRM solution? and (3) In what order should they plan to acquire ERP? CRM? Identify the business benefits of (1) ERP; (2) CRM; and