ECRM

Electronic Customer Relationship Management (ECRM)

Changing consumer attitudes are driving Electronic Customer Relationship Management (ECRM).

In this technological age and fuelled by internet-induced expectations and an even increasing mood of self-reliance among customers, companies have to compete in an environment where communication, buying processes, data management, delivery and service are all-important in the battle for long-term, profitable relationships.

ECRM is the customer focussed management of the whole EBusiness relationship with each customer, in order to measure, create and increase income and reduce costs for each customer & segment and thus to generate greater positive lifetime value.

ECRM for SMEs has taken a major leap forward over the last few years.

Effective ECRM means you need to know the answers to questions such as:

• Which of my customers are profitable or unprofitable?

• Do I know their lifetime value?

• Which of my products and services are they buying and not buying?

• Have I measured customers' purchase behaviour patterns, their loyalty/retention/repeat purchase and multiple product purchases?

• What channel preferences do customers have?

• Who are my most profitable customers and what is their ranking/grouping by risk, by product service grouping, by profit, and by revenue?

• What strategies can I use to improve a customer's profitability profile?