Page 246 - DMGT522_SERVICES MANAGEMENT

Unit 11: Customer Loyalty

Develop and Customise Notes

In the product-focused world of yesterday, companies developed products and services and
expected customers to buy them. In a customer-focused world, product and channel development
have to follow the customer’s lead. Organizations are increasingly developing products and
services, and even new channels based on customer needs and service expectations.
Commercialization is a stage in product development process where the decision to order full-
scale production and launch is made. Commercialisation is the process or cycle of introducing a
new product into the market.

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Caution Once the service is developed, it has to be introduced into the market.

Interact and Deliver

Interaction is also a critical component of a successful CRM initiative. It is important to remember
that interaction does not just occur through marketing and sales channels and media; customers
interact in many different ways with many different areas of the organisation, including
distribution and shipping, customer service and online. With access to information and
appropriate training, organisations will be prepared to steadily increase the value they deliver
to customers.

11.6.2 Customer Relationship Analytics

There are different analytical aspects of Customer Relationship Management which are as follows:

The Bottom Line of CRM: Know Your Customer
CRM was practiced by businesses long before CRM technology came along.

Companies now rely on databases and automated tracking tools to track needs of customers.
Operational and collaborative CRM covers the nuts and bolts of this process – interacting with
customers, managing the process and sharing actions with various channels and trading
partners. Analytical CRM integrates customer data coming in from various channels into a
single system to provide a decision-making platform. Such channels include the various
components of CRM systems – call centers, customer service automation, marketing automation
and sales automation.
The new model focuses on an integrative approach with one single program that covers ERP
functions, sales automation, service management and marketing automation capabilities rather
than using individual systems as was done in the past.

Did u know? CRM itself is not a technology, but a process of gathering and retaining
information about customers and their interactions with your company.
Returns

Implementing CRM systems tends to be a complicated and expensive endeavor. While money
is being spent on CRM initiatives, many companies have not been able to figure out what kind
of return on investment they are getting with their systems, beyond anecdotal evidence. Add to

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