CRM Value Chain
What is CRM Value Chain?
The CRM (customer relationship management) value chain is a framework for understanding the activities and processes involved in managing customer relationships in an organization. It is based on the idea that the value of an organization's customer relationships is created and sustained through a series of interconnected activities and processes.
The CRM value chain consists of five main stages:
- Customer acquisition: This involves attracting and acquiring new customers, and may involve activities such as marketing, advertising, and sales.
- Customer retention: This involves keeping existing customers loyal and engaged, and may involve activities such as customer service, support, and relationship building.
- Customer development: This involves expanding the value of existing customer relationships, and may involve activities such as cross-selling and upselling.
- Customer relationship management: This involves managing and coordinating the various activities and processes involved in the CRM value chain, and may involve activities such as data management and analysis.
- Customer value analysis: This involves analyzing and measuring the value of customer relationships, and may involve activities such as customer lifetime value analysis and customer profitability analysis.
The CRM value chain provides a useful framework for understanding the activities and processes involved in managing customer relationships in an organization, and for identifying opportunities to create and sustain value through these activities.
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