CUSTOMER RELATIONSHIP MANAGEMENT IN SERVICE SECTOR : CUSTOMER RELATIONSHIP MANAGEMENT IN SERVICE SECTOR M.

KIRAN ANDHRA LOYOLA INSTITU TE OF ENGINEERING AND TECHNOLOGY, VIJAYAWADA Customer : Customer There is only one boss. The customer! He can fire everybody in the comp any, from the chairman on down, simply by spending his money somewhere else. ------------ Sam Walton, founder of Wal-Mart Our greatest asset is the customer! T reat each customer as if they are the only one! --------- LAURICE LEITAO Custome r is king Know your customer to capture & retain them! If, we don t take of our custo mers someone else will! INTRODUCTION MARKETING CONCEPT : INTRODUCTION MARKETING CONCEPT CRM is a powerful functional area of Marketing Ma nagement. It is therefore desirable that one should have a relook at the concept of marketing in some of its evolutionary phases with the change in focus from p roducts to relationships during the past 50years. Marketing and the Marketing co mmunication mix are changing. New opportunities new threats, new tools and innov ations are emerging. The worlds more than 650crore consumers and probably 50cror e industrial buyers are becoming increasingly accessible. Marketing has moved fr om Customers acquisition ( winning new customers ) to Customers retention ( keep ing customers for life ) The critical dominator in today s commercial world is sti ll CRM Marketing. CUSTOMER RELATIONSHIP MANAGEMENT : CUSTOMER RELATIONSHIP MANAGEMENT CRM:- CRM is broadly recognized and widely impl emented strategy for managing and nurturing a company s interactions with customer s clients and sales prospects. It involves using technology to organize automate and synchronize business process Principally sales activities, but also Those fo r marketing, Customer Services & technological support. When an implementation i s effective, people, processes and technology work in synergy to increase profit ability, and reduce operational costs. Phases & Determents of CRM : Phases & Determents of CRM ACQUIRE ENHANCE RETAIN TRUST VALUE SERVICE SECTOR : SERVICE SECTOR For the last 30 years there has been a substantial shift. The pri mary and secondary sector to the tertiary sector in industrialized countries. Th e tertiary sector is now the largest sector of the economy. The service sector c onsists of the soft parts of the economy. Where people offer their knowledge and t ime to improve productivity, performance, potentials the basic characteristic of this sector is the production of services instead of end products. CRM IN SERVICE SECTOR : CRM IN SERVICE SECTOR The service sector is receiving much deserved attention re

sulting from its inevitable role in a country s economic development. Where it is mainly focusing of developing an inbound relationship with the customer. Which h elps in terms of retaining the customer. Because service is an intangible good inc lude attention, advice, experience, discussion. The scope of CRM in service sect or is vast where it includes Govt, health care / hospitality education, banking, insurance, financial, legal, consulting, news media, hospitality(restaurants, h otels, casinos ), tourism, retail sales etc., Hospitality opts for CRM :- : Hospitality opts for CRM :- Developing CRM strategies Information and Communicat ion Technologies(ICT) CRM based market research Health Care Industry opts for CRM :- : Health Care Industry opts for CRM :- Communication Services Data base Constructi on CRM for Physicians Consulting Services Information Technology opts for CRM : Information Technology opts for CRM Customer touch points Application server Dat a stores Education sector opts for CRM: : Education sector opts for CRM: Student Relationship Management (SRM) Holygrall Telecom sector opts for CRM : Telecom sector opts for CRM Customer service is Key to sales and loyalty Custome r service become the differentiator Banking sector opts for CRM : Banking sector opts for CRM CRM banking focusing on the customer Overall profita bility Satisfied the customer Centralized the information Customer segregation Financial sector opts for CRM : Financial sector opts for CRM Increase of customer knowledge of employees. Provi sion of an excellent view of customer relationship. Easy access to collated fina ncial data Storage and provision of financial data of customers Enabling the bui lding of trust for brokers, agents and financial planners etc. Managing financia l deals Insurance sector opts for CRM : Insurance sector opts for CRM CRM insurance integrates marketing with other oper ations Increased insurance market share Insurance CRM guarantees lead management Insurance application queries /claim status queries can be answered sooner.

Retail Banking opts for CRM : Retail Banking opts for CRM Latest technology used by retail banking Very good d ata base maintaining by the banks Scope of more ATM s Call centers opts for CRM : Call centers opts for CRM Lead generation Tele-calling Email-campaign Market res earch. CRM benefits to the call center sector: : CRM benefits to the call center sector: Provision and storage of valuable custom er data Helps in assisting call centers with shorter call duration, CRM is of co nsiderable use in follow up actions Employees perform their duties easily and wi th less strain on a/c of its user friendly attributes. Outsourcing opts for CRM : Outsourcing opts for CRM Reducing operating costs Advantage sooner the competito r Better business process Operations being greatly improved Effective and increa sed customer service. Retail sector opts for CRM : Retail sector opts for CRM Retail sector is Indian s largest industry; this sector is valued at $200 billion account for over 10% of the country s GDP and around 8% of the country s employment. Modern retail has entered India as seen in sprawling shopping centers. According to Pareto s principle 80% of sales from 20% of the cu stomers. But this would happen if the retailer has the 20% as its most profitabl e customer and not just normal customer. The following are the some of the ex where retail malls are following : The following are the some of the ex where retail malls are following Pantaloon touch with its loyal customers through mailers, SMS, telephone informing them ab out their developments and promotions. Shoppers stop known as the first citizen c ard where customer can enjoy reward points for every purchase. CONCLUSION: : CONCLUSION: Customer Relationship Management entails all aspects of interaction a company has with its customer, whether it is sales or service related; it star ts with the foundation of relationship marketing. CRM is a systematic approach t owards using information and ongoing dialogue to built long lasting mutually ben eficial customer relationship. From the above all available data it is clear tha t how CRM is placing a vital role in service sector. So, it makes more strengthe n this sector.

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