‫In this video, we are going to check out customer relationship management in the era of cutthroat competition
‫globally as well as locally.
‫Customer relationship management plays a key role in marketing.
‫Customer relationship management can be defined as the process of predicting customer behavior and selecting
‫actions to influence that behavior to benefit the company, usually leveraging on information technology
‫and database related tools.
‫CRM involves using technology to organize, automate and synchronize business processes, principally
‫sales activities, but also those for marketing, customer service and technical support.
‫The overall goal is to find, attract and win new clients, nurture and retain those.
‫The company already has enticed former clients back into the fold and reduce the cost of marketing and
‫the client service.
‫CRM helps to retain the customers by understanding and fulfilling their needs proactively and thus delighting
‫them in the long run.
‫Earlier, it was very difficult to understand and manage the customer data, but now, with the usage
‫of CRM software from companies like SAP, Oracle, Amdocs and others, many companies are utilizing
‫the benefits of enhancing customer loyalty through customer relationship management.
‫In the banking sector in India, new private banks like ICICI Bank, HDFC Bank, Axis Bank are at the
‫forefront of utilising the data mining techniques to enhance the customer relationship.
‫Measuring and valuing customer relationships is critical to implement CRM strategy.
‫Examining and analyzing the data can turn raw data into valuable information about customers need by
‫predicting customer needs in advance.
‫Business can then market the right products to the right segment at the right time through the right
‫delivery channels.
‫Customer satisfaction can also be improved through more effective marketing.
‫Another objective of the CRM initiative is to transform the company into a customer centric organization
‫with a greater focus on customer profitability as compared to line profitability.
‫The insights gained from CRM enable companies to calculate or estimate the profitability of individual
‫accounts.
‫Other CRM objectives include increased cross-selling possibilities better lead management, better customer
‫response and improved customer loyalty.
‫In India, ICICI Bank is using CRM with the technique of data mining to acquire new customers also.
‫So let us recap.
‫In this video, we discuss the meaning and role of customer relationship management.
‫It can be defined as a process of predicting consumer behavior and selecting actions to influence the
‫consumer behaviour to benefit the company.
‫Now with the usage of CRM software, many companies are utilizing the benefits of enhancing customer
‫loyalty through customer relationship management.
‫Thank you.