Payne's model of crm
- 1. Presented By:- Sougata Pan sougata_p2015@cms.ac.in Priyatama Vidushi priyatama_v2015@cms.ac.in Payne's Model of CRM
- 2. ‘Customer relationship management may be described as the strategic process involved in developing interactions between a company and its customer with an objectives of Optimizing current values of customer’. WHAT IS CRM ?
- 3. Model developed by Adrian Payne’ the model identifies five core processes in customer relationship management CRM such as the strategy development process, value creation process, multichannel integration process, performance assessment process and the information management process. PAYNE’S MODEL
- 4. BUSINESS STRATEGY 1.BUSINESS VISION 2.INDUSTRY AND COMPETATIVE CHARACTERISTS CUSTOMER STRATEGY 1.CUSTOMER CHOICE AND CUSTOMER CHARACTERISTICS 2.SEGEMENT GRANULARITY STRATEGY DEVELPOMENT PROCESS VALUE CUSTOMER RECEIVES 1. VALUE PROPOSITION 2. VALUE ASSESSMENT VALUE ORGANIZATION RECEIVES 1.ACQUISITION ECONOMICS 2.RETENTION ECONOMICS CUSTOMERSEGMENTLIFETIMEVALUEANALYSIS COCREATION SHAREHOLDER RESULTS 1.EMPLOYEE VALUE 2.CUSTOMER VALUE 3.SHAREHOLDE R VALUE 4.COST REDUCTION PERFORMANCE MONITORING 1.STANDARDS 2.QUANTITATI- VE AND QUALITATIVE MEASUREMEN- T 3.RESULTS AND KEY PERFORMANCE INDICATORS DATA REPOSITORY IT SYSTEMS ANALYSIS TOOLS FRONT OFFICE APPLICATION BACK OFFICE APPLICATION SALES FORCE DIRECT MARKETING ELECTRONIC COMMERCE OUTLETS TELEPHONY MOBILE COMMERCE INTEGRATEDCHANNELMANAGEMENT VALUE CREATION MULTICHANNEL INTEGRATION PROCESS PERFORMANCE ASSESSMENT PROCESS PHYSICA L VIRTUA L
- 5. • STRATEGY DEVELOPMENT PROCESS:- It is concerned with integrating the business strategy from organization angle and customer strtegy as to how firm interact and choose their customer • VALUE CREATION PROCESS:- The main purpose of identifying the value the firm can create for customer and the value the organization can also benefit from. • MULTICHANNEL INTEGRATION:- It consist of all virtual and physical channels with which the firm plans to interact with. But the main thing here is that, regardless of channel contact, the aim is to create an experience that is uniform and also common.
- 6. • INFORMATION MANAGEMENT SYSTEM:- It consist of many different of data repository it systems, back and front office applications and analytical tools. It is thus necessary to access the visibility of the system. • PERFORMANCE ASSESSMENT PROCESS:- It is concerned at the strategic monitoring can be used to determine customer satisfaction and standards.
- 7. Taking a Hypothetical Example of Flipkart….
- 8. • Integrated marketing channel • In IDIC ,there is no storage channel • It is a comprehensive model • It talks about cross domain integration • There is also a co-creation process How different it Is……
- 9. • CRM is understanding customers and their expectation , and offering them pre searched valuable service or products . • “Nurturing excellent customer relationship builds this defensive wall around a business that most competitors struggle to break down”. Conclusion