What’s the primary function of Client Relationship Management (CRM)?

Answer: Collecting and using information about customers and prospects.
(Caution: there are customer privacy and data security considerations)

Why?
Develop and cultivate the customer relationship with two goals in-mind:
1 Deliver value to the customer, and
2 create profit for the business

How?

• Capture )) there are many practical ways of capturing information through
• Storage )) adoption of Customer Management Systems (CMS)
• Analysis
• Application

Making use of the Information

Analyse the business; number and type of customers, sales segments, customer behaviour, purchasing preferences, market category, market share, revenue and profitability by customer and category.

Application of the Analytical Data

Enhance focus on customers’ needs and expectations

Improve the quality of customer service & customer retention

Streamline product offerings and aid new product/service pricing decisions

Design specific customer campaigns and targeted marketing campaigns including email and web-based strategies.

Assist financial forecasting and “what if” scenarios

Help to predict the probability of customer defection.