Customer Relationship Management

Customer Relationship Management

 Defined as relationship between the customers and the companies.

 Includes capture, storage & analysis of customer, vendor, partner & internal process information.

Three key phases

1. Customer Acquisition : process of attracting customer for their first purchase

2. Customer Retention : customer returns and buys for a second time. This is most likely to be the purchase of a similar product or service, or the next level of product or service

3. Customer Extension :

a. Customers return regularly to purchase

b. Introduction of products and services to loyal customers that may not wholly relate to the original purchase.

c. These are additional, supplementary purchases.

Three contextual factors

Marketing Orientation : whole organization is focused upon the needs of customers

2. Value Creation : centers on the generation of shareholder value based upon the satisfaction of customer needs and the delivery of a sustainable competitive advantage

3. Innovative IT : CRM software collects data on consumers and their transactions so should be efficient, speedy and focus upon the needs of customers

CRM Of RELIANCE RETAIL

 CUSTOMER MANAGEMENT ON THE SHOP FLOOR

 CUSTOMER EXPERIENCE

 Welcoming Our Customers

 Listening And Talking To Our Customers

 Customer Complaint Management

 Exceeding Customers Expectations

Customer Management On The Shop Floor

 Customer Walking out without making payment

 ACTIVITY DETAIL

 Approach the customer

 Incase customer has forgotten to pay escort him/her to the billing counter.

 If customer pretends ignorance, request the customer to recheck, if customer denies, then request the customer to come to the back room and politely infor...

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...s are immediately called upon to handle the situation.

 They follow a centralized system of retailing.

 There’s no minimum purchase requirement for procuring a loyalty card.

Conclusion

• Reliance has adopted the ubiquitous philosophy of “CUSTOMER IS KING” inculcated by all major organizations in the world.

• Reliance Retail with an investment of Rs. 25000 Crores plans to be the biggest player in the Indian as well as the International Market, as a result has kept a CRM of an international standard so as to compete with the major players in this highly competitive environment.

• It has taken a fresh approach by making a foray into sectors like jewellery, footwear, entertainment etc. As a result of this diversification it becomes mandatory for an organization of reliance’s stature to anyhow retain its customers, making CRM an integral part of its Company Policy.