CREATING CUSTOMER LIFE TIME VALUE THROUGH EFFECTIVE CRM IN FINANCIAL SERVICES INDUSTRY

Tapan Kumar Panda

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Customer churn and segmentation Customer Service Quality and Loyalty Corporate Governance and Management

Abstract

Customer Relationship Management (CRM) has its origin in the basic paradigm of marketing i.e. to satisfy customers with the best possible alternative in the market through a relational exchange process. Customer relationship management goes beyond the transactional exchange and enables the marketer to estimate the customer’s sentiments and buying intentions so that the customer can be provided with products and services before he starts demanding. This is possible through the integration of four important components i.e. people, process, technology and data. Customer data management gives us leads about the probability of customer demand and the technology helps us in tracking the characteristics and categorization of customers depending on his past behavior. The process reorients the traditional business models to suit the integrative approach of customer relationship management by emphasising customer life time value rather than product life time value. The product life cycle approach strategy is now obsolete and it gives way to customer life time value. The concept of customer life time value helps the marketer to analyze the cost of acquiring, serving and retaining a certain set of customers in the market. This research paper throws light on some of these issues in financial services industry. The financial services industry today is facing an uphill task of reorienting itself with changing technology and varying customer demand. The literature survey highlights the earlier research references in the area of customer relationship management to augment the body of knowledge for this study. The concepts of creating customer life time value are analyzed with the examples of a credit management strategy and billing system for a financial services industry.

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References

1994The Commitment-Trust Theory of Relationship Marketing 1981Culture's Consequences: International Differences in Work-Related Values 1988Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence 1993Cultures and Organizations: Software of the Mind.1987Developing Buyer-Seller Relationships 1994Determinants of Long-Term Orientation in Buyer-Seller Relationships 1990Zero defections: quality comes to services.1999The Different Roles of Satisfaction, Trust, and Commitment in Customer Relationships

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