week14

 Customer Relationship Management (CRM)

Retaining customers is far most cost effective than recruiting new ones

benefits of CRM

Customer retention

Share of customer or share of wallet

Cross-selling

Up-selling

3 phases of CRM:

1. Acquiring New Relationships
2. Enhancing Existing Relationships
3. Retaining Customer Relationships

steps to improve CRM:

1. Build a database
2. Analyse, define types, profitability
3. Customer selection
4. Activities to delight selected customers- discourage others
5. Analyse again to see how we’re doing