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8/6/2019 CRM in Thomos Cook
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Customer Relationship
Management
Customer RetentionPresented to:- Performed by:-
Professor A. Arora Aditya Joshi
Anuj Sharma
Arup Das
Disha Kapoor
Pawan Rathi
Varun K. Dadlani
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Customer Retention
� Customer Retention is the activity that a selling organization
undertakes in order to reduce customer defections.
� It starts with the first contact an organization has with a customer
and continues throughout the entire lifetime of a relationship.
� Companys marketing ability to attract & retain customers
� It is giving customers more than what they expect, and being loyal
to their customers.
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Strategies of Retaining Customers
� Business owners must involve focusing on employee retentionand satisfaction. An employee of the company can maintainstrong personal and direct relationships with its customers.
�Strategy for retaining customers involves institutionalizingcustomer relationships.
� companies may be able to use electronic links to improve theservice they provide to customers.
� In volatile industries include providing stable prices over thecustomer life cycle, basing prices on the overall cost andprofitability of the customer relationship, and cross-sellingadditional products and services.
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Significance of Customer Retention
A customer retention plan is a necessity in order to develop and
maintain great relationships with existing customers.
�
Keep your Current Customer Base� Maintain Customer Information
� Become a Consultant/Adviser
� Improve Communication
� Become a Leader in the Industry� Create a Positive Work Environment.
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Travelex profile
Travelex is right now the largest non-bank provider of foreign exchange services. It manages to provideintegrated solutions for businesses worldwide. It has
branches in 35 countries worldwide with 700 retailbranches and catering to 6000 customers. Its customerdatabase is constantly growing thanks to theimplementation of a CRM solution. The companycurrently acquired Thomas Cook global & financial
services. It employs around 6,000 people. Its servicecan be availed of 24 hours a day, 365 days a year. It iscurrently a global leader in technology and innovation.
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Corporate office
Group Head Office
65 Kingsway
LondonWC2B 6TD
T: +44 (0)20 7400 4000
F: +44 (0)20 7400 4001
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TRAVALEX CARD
Travelex services includes world wide air ticketing,business literary planning, vacation literary planning,Free & easy tours, coach touring holidays, foreignexchange/travelers cheques local and international
cruises, travel account management, hotelarrangement, car rental etc. Its retail branches arefound all the important tourist and business centerglobally and also at crucial centers near airport,seaport and railways. Travelex Insurance endeavors to
provide for travel investment, emergency medicalexpenses etc. Travelex insurance protection packagesprovide financial security against accidents that areunforeseen.
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Results of C.R.M implementationThe normal time that was needed to market new products
was reduced. In addition to that the time spent in forecasting
and reporting had also decreased. It helped the company
acquire more knowledge about its major customers.
Travelex, as a result
of this CRM implemen
tation acquired a
more coordinated approach to its customers. This enabled
the company to have a holistic picture across all continents.
It also helped the sales executives in their dealings with their
customers which increased the revenue potential of the
company. In addition the customer experience was greatlyimproved. Sales force.com's CRM solution also managed to
increase the response time and enabled the sales and service
sector to share vital information which was fundamental to
the growth of the organization.
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Conclusion
Todays customers are becoming harder to please. They aresmarter, more price conscious, more demanding, less
forgiving and they are approached by many more competitors
with equal or better offers. The challenge is not to produce
satisfied customers; several competitors can do this. The
challenge is to produce delighted and loyal customers. If
these customers are retained with the organization, they
become really profitable by way of increase in purchasing,
reduced operating costs, price premiums and through
referrals.Too many companies suffer from high customerdefection, It is like adding water to a leaking bucket. Various
strategies such as measuring customer life time value,
efficient complaint management system and service recovery
strategies can be really helpful in retaining customers.
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Thank You