CRM-More than Technology , its an emotional Bond.

CRM is more than Technology,its an emotional bond
Retailers understand in theory that CRM is the foundation of profitable retailing.

Key aspects of this are customer value , customer-care & customer-retention. Most modeern retailers have adopted Loyalty schemes.Consumers may have Loyalty-cards.

However , loyalty is an emotional bond & sophisticated technology & a piece of plastic are not sufficient to inspire it.

During current slowdown every retailer is seeking ways to hold on to customers by invoking loyalty thro’ various methods.

Retailers must establish the link between consumer experiences & repeat purchasing. Quality of a cxustomer-relationship has an impact on recency , frequency & value-factor.(RFV)

What has strongest effect to engender that all imp. Loyalty & make strategic investments in technology.

Technology cannot deliver loyalty on its own.

Analogy-MS Wordred & green lines appear when we make a mistake.Ability to select words , construct sentences & express thoughts is something Bill Gates did not develop in us. He could make these jobs a little easier.

Most of CRM Solution fail to deliver.

CRM based on 3 core elements:

People

Processes

Technology

The best in business have been quick to realise that you cannot install a system & expect it to deliver the desired results unless it addresses People & Process Issues.

Unless the gap between CRM Understanding & Technology iscloesd, all CRM projects are at risk.
In Retail CRM , technilogy should primarily workto enable following steps:
· Toestablish who your loyal customers are,their satisfaction levels & what exactly it is that makes them keep coming back.
· To identify the customers who do not come back & why.

One can set upon % of customers you want to retain., no. of customers you want to acquire , your marketing budgets to atract & retain those customers.

Loyalty does not have to be about prizes.Once you have determined what motivates your loyal customers to stay, you should create right mix of bonds to further improve retention
& increase their spending.

Basic rules of Cust. Service must be in place before we go insearch of any tools to implement.Technology should be easy to adapt to your set rules & goals , & most of alleasdy to use by Business Managers
Profitable Customer service is another term for organised retailing & finding the right mix is likely to lead to a very high chance of successful CRM in your retail business.