Such programs let your further reduce costs because sales to long term customers are less expensive than sales to new customers References 4. Such a strategy keeps your products in front of the customer just when he might need them and gives him the benefit of lower pricing if he buys from you again.
Purchases A CRM system keeps records of customer purchases and customer service calls. This information allows you to send out special offers to customers when the products they have purchased reach the end of their lives.
Promotions The data you gather within a CRM system lets you not only target a market segment with promotions that appeal to its members, but also to target individual customers.
For example, when you know that a customer is reaching retirement age, you can promote appropriate hobby products to him. You can use such information to segment your market and customize your approach to each group of customers.
You can keep track of the products each customer has purchased and whether there have been any warranty or dissatisfaction issues with the purchase. If you see that a customer has visited your website and looked at particular products, you can include promotions of those products in his mailings.
Since the applications already track purchases, you can issue reward points and bonuses to keep valuable customers. You can further increase this effect by using the CRM software to implement customer loyalty programs. If your data shows you have many seniors, you can install ramps for wheelchairs and make your store more easily accessible.
To select the appropriate software and ensure it includes the features you need, you have to know how CRM works and what effects it has on your retail operations. On your side, the costs of such a targeted promotion are lower than marketing to a large group and receiving only a few responses.
Retention The overall effect of CRM is to increase the retention of customers by serving them in a more focused and convenient way. In this way CRM reduces promotions that are of no interest to the recipient and increases the relevance of material you send out.
CRM software manages your relationships with individual customers to create advantages for both parties. Segmentation CRM helps you gather information about each of your customers, including preferences and demographic data.
For example, if you find you have a large number of young families in a segment, you can create a family-friendly retail environment. The effect of segmentation based on CRM data is to adjust your retail strategies to better suit the customers you have.Customer Relationship Management In Indian Retail Banking.
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A snapshot of the Retail Industry in India, incl. an overview of the retail sector, market size, growth potential, opportunities By India Brand Equity Foundat Investments by private equity firms and wealth firms in Indian retail sector reached US$ million in. CRM in Indian retail sector K.
Sarada madhavi ABSTRACT Retail is India's largest industry, accounting for over 10 per cent of the country's GDP and around eight per cent of the employment.Download