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hi guys i hope you all are doing well my name is kitty and today i'm going to tell about crm that is customer relationship management today i will tell you that what is crm what are its importance need and what are its eight essential building block so let's first start with that what do you mean by crm that what is the definition of crm so crm in crm is the art of managing the organization's relationship with the customers and prospective clients refer to the customer relationship management customer relationship management includes various strategies and techniques to maintain healthy relationship with the organizations existing as well as potential customers organizations must ensure customers are satisfied with their products and services for higher customer retention remember one satisfied customer brings 10 new customers with him whereas one dissatisfied customer takes away 10 customers along with him in simpler words customer relationship management refers to the study of needs and expectations of the customers and providing them the right solution so the next thing we are going to talk about is the need for customer relationship management we need customer relationship management because customer relationship management leads to satisfied customers and eventually hire business every time crm goes goes a long way in retaining existing customers crm ensures customers return back home with a smile customer relationship management improves the relationship between the organization and customers such activities threaten the bond between the sales and representatives and customers so the need for customership is very clear that we need this so that we can ensure that the customer is satisfied and they go home with a smile and also that they bring new clients with them and this and by doing all these things by maintaining crm we can increase our revenue and our profitability as well so the next thing we have we are going to talk about is eight essential building blocks of crm so the crm leadership management it does a vital component of any contemporary business strategy enabling you to better track and interact with customers so that the eight essential building blocks of crm is vision strategy customer experience organizational collaboration process information technology and matrix gartner has already laid out the framework in their series of reports on the eight building blocks of crm so here we are going to talk about all these eight essential building blocks one by one so the first one is vision so the gardener says in the age building blocks of crm vision garden analysis sandy shan explains that in order to have a successful crm vision companies must understand the guiding principles of successful customer-centric strategies to help them develop a vision of what their organization wants to deliver to customers vision is the broadest of the eight building blocks and thus in some ways it is the most difficult one to achieve there is no step-by-step process to equation into creating a vision and the final product should be more specific and actionable than a vague vision mission statement a company must receive the following objectives to build a vision that is understand what crm and a crm vision are second establish your organization's personality third foster a culture that supports the crm vision and the last one is communicate the crm vision to employees the second essential building block is strategy what gartner says once you have a vision in place the next building block strategy can help you to actually implement that vision it is also one of the three building blocks that ed thompson views as most crucial to smbs so this issue primarily is going to be around vision strategy and matrix in the eight building block of crm strategy gardener analysis explains just how important is it to have a clear implementation strategy that is the impli the inability to develop document and execute a clear crm strategy is the major if not the leading cause of crm failures the best way to compact this failure ing to gardner research are to first create your strategy in conjunction with your entire organization don't simply impose a management mandated plan from above remember that the organization's goal will vary depending on your customers you must always keep that customer's base in mind in order for the strategy to prove effective the third essential building block is customer experience what gartner says customer experience is a building block that is going to vary greatly between enterprises and businesses simply due to the differences in of the number of customers and the types of experience they will have with the company when speaking about enterprise level companies the eight building blocks of crm customer experience explains organizations lack the ability to respond easily to changes in target customers segment let alone to changes that are relevant to individual customers in contact context to counter this we make recommends building cross-sectional continuously engaging customer experience and focusing on the voice of the customer via cross-channel feedback system however the resources do do they simply might not be there the fourth essential building block is organizational collaboration what gardner says ing to the goddess the building eight building blocks of crm organization collaboration explains many organization fails to realize that crm is a cross-functional initiative that requires collaboration which leads to poor project execution and poor results the problem that robinson processes proposes to this problem involves several moves on the part of id leadership to build customer-centric understanding across the organization the fifth building block is processes the eight building blocks of crm processes explains that organizations find it difficult to focus on cross-functional processes once again gardner finds that it leadership is responsible for addressing this problem in enterprise organizations in those large companies the solution is for the it team to focus on how crm is implemented throughout the business rather than just at the individual departmental level the sixth is information in the eight building block of crm data information explains that creating maintaining and leveraging a single view of the customer is hard to achieve internally and businesses struggle to apply relevant customer information and insight to deliver appropriate customer experience the solution that daigler proposes to this problem involved in part an enterprise information management program and creating multiple levels of structures and governance all of which apply to a large scale organization but don't fit as well as foreign small business the seventh one is technology in the eight building block of crm technology explained that is a crucial piece of research for large businesses it is not particularly useful to business with a more limited budget and it infrastructure the last one that is the eighth essential building block of crm is metrics in the eight building block of crm metrics explains that may may not carry over particularly well from one to one on to the another so we can conclude that it should be clear by now that the more specifics and granules each of the eight building blocks of crm success gets the more it applies better to gardner's enterprise level clients into smaller businesses however there is still a lot that you can learn from those building blocks by taking the universal advice given there in and applying it to your crm so we have seen that the eight essential building blocks of crm are very important vision strategy matrix collaboration customer experience process information and technology all of these are required for a successful customer relationship management which can lead to the new customers increasing the customers and increase in the revenues as well so the next thing that we are going to talk about is who uses a crm system so there are four things that the b2b companies b2c companies smp small and medium enterprises india and enterprises these are the four who uses the crm system customer relationship management systems can be easily customized to meet the specific needs of any business type and size startups large enterprises and verticals like real estate health care insurance legal media restaurants travel banking tax freelances and non-profits all use a cnm software for increasing their sales marketing and customer support efforts so the first we are going to talk about is b2b business for managing an accounts contact information to staying up to date with business deals payments and reports b2b companies do best with a sales crm in place it helps them create a common platform to keep their partners vendors and other stakeholders of their business in sign with each other the second one is b2c companies b2c companies have shorter customer life cycles and they typically require a solution that is more direct and less time consuming a multi-channel crm tool with features like lead management sending out instant service marketing automation etc helps b2cs reach out their customers more easily the last one is small and media businesses cmbs are aren't small and medium businesses but smart and modern businesses there's no true to the common misconception that cloud crm is too expensive and complicated for smbs they can always start their serum journey with the free crm system by being a great technological liberal small business crm system provide smbs with the level playing field and the ability to compete against the bigger players in their industries the last one is enterprises with advanced crm features like workflow management advanced analytics territory management sales and marketing automation enterprise crm system can help reduce the time sales person spend on mundane stocks have more time to constantly concentrate on their customers and unify their operations across multiple multiple geographic locations so it helps b2b companies to maintain we don't keep the tracks of their investors beyond their in one way only in one place only for b2cs it helps them for their sales to keep their customers satisfied for smz it help for their it has in their competition that they can give a tough competition to the large and they can survive in the market and for enterprise did it help them so that they can focus on the other important things as well as on the customer satisfaction so the next thing that we are going to talk about is benefits of using a crf system that what kind of benefits benefit the crm system gives to us so the first one is enhanced better customer services cra provides crm systems provide business with numerous strategic benefits one of such is the capability to add a personal touch to existing relationships between the business and the customers it is possible to treat each client individually rather than as a group by maintaining a repository on each customer profile these systems allow each employee to understand the specific need of their customer as well as their transaction file the second benefit is facilitates discovery of new customers crm systems are useful in identifying potential customers they keep track of the profiles of the existing clients and can use them to determine the people to target for maximum clientage returns new customers are an indication of future growth however a growing business utilizing crm software should encounter a higher number of existing customers versus new prospect each week the third one is increases customer revenues crm data ensures effective coordination of marketing campaign it is possible to filter the data and ensure the promotions do not target those who have already purchased particular products businesses can also use the data to introduce loyalty programs that facilitate a higher customer retention ratios the fourth one is help the sale team in closing deals deal faster our crm systems helps in closing faster deals by facilitating quicker and more efficient responses to customer leads and information customers get more convinced to turn their inquiries into purchases once they have once they responded to promptly organizations that have successfully implemented a crm system have observed a drastic decrease in turn around time the next one is enhance effective cross and upselling of products cross selling involves offering complimentary products to customers based on their previous purchases on the other hand upselling involves offering premium cap products to customers in the same category with a crm system both cross and up selling can be made possible within a few min minutes of cloth checking available data apart from facilitating quicker offers to customers the two form of selling helps staff in getting a better understanding of their customers need the next one is simplify the sales and marketing process a crm system facilitates development of better and effective communication channels technological integrations like websites and interactive voice response system can make work easier for the sales representative as well as the organization consequently businesses with the crm have a chance to provide their customers with various ways of communication the next one is makes call centers more efficient targeting clients with crm software is much easier since employees have access to order histories and customer details the software helps the organization's workforce to know how to deal with each customer depending upon the recorded achieves information from the software can be instantly accessed from any point within the organization the next one is enhanced customer loyalty crm says software is useful in measuring customer loyalty in a less costly manner in most cases loyal customers become professional recommendations of the business and the services offered consequently the business can promote their services to new prospects based on testimonial testimonials from loyal customers testimonials are often convincing more than presenting theoretical frameworks to your future prospect the second last is building upon effective internal communication a serum strategy is effective in building up effective communication with the within the company different departments can share customer data remotely hence enhancing teams work the last one is facilitates optimized marketing crm enables a business understand the need and behavior of their customers this allows them to identify the correct time to market their products to customer the software gives ideas about the most like creative customer groups to sales representative such information is useful in targeting certain prospect that allows you to profit the business optimize marketing utilize the utilize the business resource meaningfully so these were the some benefits of using the crm system that is help us to understand the customer better if we can improve we can improve our customer services we can also discover new customers and etc even we can increase the customer reviews also we can reduce our cost and we can make we can enhance the customer's loyalty so the next thing that we are going to talk about is that what you get from crm system so the first thing that we get from crm system is better knowledge of customers as simple as it may sound but a mere fact that you all have information stored on each contact in one place makes cnm a such powerful communication tool like a cheat sheet offering easy access to key information a crm gives your sales marketing and customer service teams a competitive advantage the second one is better segmentation nobody wants to do business with the faceless crowd everybody wants to deal with the perfect audio you can do it by segmenting contacts customers and prospects into target audience and there is hardly anything else out there that does segmentation better than a crm crm allows you to break down data by categories and criteria making it easy to create focus less the third one is better customer retention apart from being a great asset in finding and nurturing your potential a new customer crm is also a great tool for keeping the existing customers happy but crm systems come with the handful of customer retention benefits the next one is better anticipation of needs we feel more confident when we when we know what to expect the same applies to businesses it is just cross sell or upsell a customer when you have been tracking their buying habits and since one of the key benefits of having a crm system is to help sales person sell more and sell faster the last this last one is better better protection of data privacy finally let's address the buzzword of the last few years the general data protection regulations in order to compile with the data privacy requirements of the new eu regulation it's over important to have a serum software that has inbuilt gdp related functionality the main benefit or the main thing that we get from crm is here is that it will save you a lot of time and effort as being gdpr complement is a job in itself not to mention all the unpleasant legal consequences if you violate this privacy law with gdp it's better to save than sorry a crm system can help you obtain and document your contacts permission to store and use your personal details send automatic notifications to all new contacts informing that you would like to store their data manage your customer subscription to email communication preferences and even set up rules to update personal details for groups of contact all at one time so these were something that we get from crm that we can get the great knowledge about the customers we can understand them better we can segment that we can segment the customers into the categories that we want to focus even we can anticipate their needs we can know that what they what they want from us and then we can provide it better and we can keep the customers happy itself and the last one that we do is that it provides the better protection of data privacy we can ask the customer by just sending up the notification that if that we are going to store that information all these things are that we can get from crm system so the next thing that we are going to talk about the importance of crm we have seen what are its benefits what are its need it's it's eight essential blocks so the next thing we're going to talk about is importance of crm the first importance is better services to customers crm provides more avenues for customers to communicate and explain their needs to the organization through numerous contact points customers get increased satisfaction and a feeling of being special and important because of the increased personalization of services and customization of goods offered to them we can see the example of icic bank maintains a list of priority customers and provides them with additional facilities and special offers such as free tickets to concert movies and so on the next important is customization of market offerings companies case customizer product or service or service depending on the data available with the firm the firm can facilitate customer company interaction through the company contact center and website such interactions help develop customized product the third one is reduction in the customer defection rate crm emphasises on training and development of the employees to become more customer oriented due to crm training and development employees show care and concern towards the valuable customers therefore the customer defection rate may be reduced to a great extent the fourth one is increase and improvement in long-term relationship some firms treat their customers as partners firms solicit the help of the customer to design new products or to improve their services if the customer get involved with the firm they are more likely to remain with the firm the next one is increase in customer equity crm increases customer equity firms focus the marketing efforts more on the most valuable customers the main aim of crm is to produce high customer equity customer equity is the sum of lifetime values of all customers more focus on mvcs will enable the firm to increase the customer equity the next one is competitive advantage the firm that adobe adopts crm gets competitive advantage in the market they can face the competition with much ease competitive advantage helps in generating higher returns of investment the second last is building and maintaining corporate image the image of the firm also gets enhanced loyal customers become evangelists the evangelists provide a good word about the company is products this enable a firm to get additional customer its fold the last one is higher return on investment due to crm a company gains a position to generate higher returns on investment this is because of the repeat purchases on the part of the loyal customers the company also makes money through cross selling the higher return on investment increases the sharehold value so these were the main importance of the crm that it provided that is help in increasing the return it's mean it helps to maintain the corporate image and it gives the competitive advantage as well the next thing that we are going to talk about is steps to customer relation management that how we can maintain it so the steps is it is essential for the sales representative to understand the needs interest as well as budget of the customers don't suggest anything which would burn a hole in their pockets the next one is never tell lies to the customers convey them only what your product offers don't cook stories or ever try to fool them the third one is it is a sign to make customers waiting sales professionals should reach meetings on or before time make sure you are there at the venue before the customer reaches the next one is a sales professional should think from the customer's perspective don't only think about your own targeted incentives suggest only what is right for the customer don't sell an expensive mobile to a customer who earns rupees five thousand per month he would never come back to you an organization would lose one of its esteemed customers the next is don't over sell being pushy doesn't work in sales it is a customer needs something he would definitely purchase the same never he did the customer or make his life health don't call him more than twice in a single day the next one is an individual needs time to develop interest in you and your product give him time to think and decide the next one is never be due to the customers handle the customers with patient and care one should never get hyped with the customers the next one is attend sales meeting with a cold mind we the customers with a smile and try to solve their queries at the earliest the second one the last second last is keep in touch with the customers even after the deal device customer loyalty programs for them to return to your organization give them bonus points or gifts on every second purchase the last one is the sales manager must provide necessary training to the sales team to teach them how to interact with the customers remember customers are the assets of every business and it is important to keep them happy and satisfied for successful functioning of organization so these were the steps that the organization or business can take to maintain crm that is they can they can meet they can read come on the meeting on time they can talk to them politely they shouldn't call them more than twice in a day they should always listen to them and they should always suggest what is right for them they should just not only focus on their targets but they should also understand the needs of the customers so we have completed what that what is crm its needs its it is essential blocks its benefit but we get from the crm what is its importance and how we can maintain crm in the business and organization i hope i have given you a lot of knowledge about crm thank you for listening