Implementing a CRM Strategy Organizations can find their most valuable customers
ID: 370798 • Letter: I
Question
Implementing a CRM Strategy Organizations can find their most valuable customers through “RFM” - Recency, Frequency, and Monetary value How recently a customer purchased items (Recency) How frequently a customer purchased items (Frequency) How much a customer spends on each purchase (Monetary Value) Develop a CRM strategy for a new company that sells office supplies. The strategy should address how to gain new customers and how to keep existing customers. For example, The company should create personal promotions for its best customers The company should target new customers in the surrounding area, especially business customers The company should try to buy a list of business customers in the area from a valid source The company should advertise in local trade papers, newspapers, radio stations, and restaurants The company should track the responses it receives from the various advertising sources
Explanation / Answer
CRM helps an organization to attract new customers as well as retain the existing one. Now days, organization create their own personalized software for managing their customer relationship management with effective and efficiently manner. Now, we shall formulate a CRM strategy for a new company which sells office supplies,