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Customer
Relationship Management
Customer relationship management (CRM) is
not so much for the customers' benefit (as is implied by the name), but
for the benefit of the vending enterprise. The objective is to
enhance sales volume and reduce attrition and thereby enhance
profitability.
CRM is a multi-disciplinary task
involving several organizational elements, if not the entire
organization. The obvious elements are marketing and sales.
The less obvious elements are production (inventory and quality
control), customer care (invoicing, credit and collections) and
information technology and analysis.
The core of the CRM process is conversion
of massive datasets of raw, ex post facto customer behavior data to
information which can be used to identify patterns that can be applied
to predict future customer behaviors.
These predictions can then be combined
with motivational factors to induce desired customer behaviors.
Undesirable behaviors (say, delinquencies) can be punished with fees
whereas desirable behaviors (say, buying a warranty along with a
product) can be rewarded with discounts.
Partners of Baker, Jake and Powell
specialize in the following aspects of CRM and stand prepared to help
you exploit the greatest resource possessed by any enterprise: your
existing customer base. Given the extraordinary cost of new
customer acquisition in most industries, the opportunity to expand
existing relationships is vastly more profitable.
Major Elements of CRM:
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