[BCM] [FP] [C12] [CBF] Customer Relationship Management

Chapter 12-2: Critical Business Function:  Customer Relationship Management

Customer Relationship Management (CRM) is a strategic function at Frasers Property designed to foster long-term customer relationships, enhance satisfaction, and drive loyalty.

This chapter outlines the detailed business processes that underpin CRM, aligning with Frasers Property’s mission to deliver exceptional real estate experiences through personalized service, transparency, and innovation.

CRM Process Framework

The CRM framework at Frasers Property is structured into six core processes:

1. Customer Acquisition
2. Customer Onboarding
3. Customer Engagement
4. Customer Retention
5. Feedback and Complaint Resolution
6. Analytics and Continuous Improvement

Detailed Business Processes

Customer Acquisition

Objective: Attract and convert prospective clients into customers.

• Lead Generation:
  • Channels: Digital marketing (social media, property portals), referrals, events (property expos, open houses), and partnerships with brokers.
  • Tools: CRM software (e.g., Salesforce) to track lead sources and campaign performance.
    
  
  
• Lead Qualification:
  • Criteria: Budget, property preferences (residential/commercial), timeline, and investment goals.
  • Process: Sales teams score leads using a weighted system (e.g., 1-10) based on their readiness to purchase or lease.
    
  
  
• Conversion:
  • Personalised follow-ups via email, calls, or virtual tours.
  • Tailored proposals highlighting property features, financing options, and ROI projections.

Key Outcome: A pipeline of high-potential leads converted into customers.

Customer Onboarding

Objective: Ensure a seamless transition from prospect to customer.

• Documentation:
  • Collect legal and financial documents (e.g., ID, proof of funds, lease agreements).
  • Digitise records using secure cloud storage.
    
  
  
• Orientation:
  • For Buyers/Tenants: Site visits, handover of keys, and walkthrough of amenities.
  • For Investors: Portfolio review meetings and access to Frazers’ investor portal.
    
  
  
• Welcome Kit:
  • Includes property manuals, emergency contacts, and loyalty program details.

Key Outcome: Customers feel informed and valued from day one.

Customer Engagement

Objective: Maintain active communication to enhance satisfaction.

• Regular Check-Ins:
  • Quarterly surveys to assess satisfaction.
  • Automated birthday/anniversary greetings via email or SMS.
    
  
  
• Personalised Communication:
  • Segment customers (e.g., residential tenants, commercial investors) for targeted updates (e.g., market trends, maintenance schedules).
    
  
  
• Value-Added Services:
  • Tenants: Free maintenance checks and community events.
  • Investors: Exclusive previews of upcoming developments.
  
  
• Issue Escalation Matrix:
  • Tier 1 (frontline staff) → Tier 2 (manager) → Tier 3 (executive team).

Key Outcome: Increased customer lifetime value through proactive engagement.

Customer Retention

Objective: Reduce churn and foster loyalty.

• Renewal Management:
  • Lease Renewals: Send reminders 90 days before expiry with incentives (e.g., rent-free month).
  • Property Upgrades: Offer refurbishment options for long-term tenants.
    
  
  
• Loyalty Programs:
  • Tiered rewards (e.g., platinum, gold) based on tenure or investment size.
  • Benefits include priority booking, discounted fees, or VIP event invitations.
    

• Exit Interviews:
  • Analyse reasons for departure and refine retention strategies.

Key Outcome: 85%+ retention rate across residential and commercial portfolios.

Feedback and Complaint Resolution

Objective: Resolve issues swiftly and improve service quality.

• Feedback Collection:
  • Post-interaction surveys (e.g., after maintenance requests).
  • Focus groups for high-value clients.
    
  
  
• Complaint Handling:
  • Process: Log ticket in CRM → Assign to department (e.g., facilities, finance) → Resolve within 48 hours → Follow-up.
  • Escalation: Unresolved issues were elevated to CRM Manager within 24 hours.
  
  
• Root Cause Analysis:
  • Monthly reviews of recurring complaints to implement systemic fixes (e.g., streamlining payment portals).

Key Outcome: 90%+ resolution rate and improved Net Promoter Score (NPS).

Analytics and Continuous Improvement

Objective: Leverage data to refine CRM strategies.

• KPIs Tracked:
  • Customer Satisfaction (CSAT), churn rate, average resolution time, and lead conversion rate.
    
  
  
• Predictive Analytics:
  • Identify at-risk customers using behavioural data (e.g., reduced engagement).
  • Forecast demand for property types to guide marketing spend.
    
  
  
• CRM Software:
  • Integrate AI tools for sentiment analysis of customer emails/reviews.
    
    
• Monthly Reporting:
  • Share insights with executive leadership to align CRM with business goals.

Key Outcome: Data-driven decision-making for enhanced customer experiences.

Governance and Roles

• CRM Team: Oversees process execution, training, and tool management.
• Compliance: Adhere to GDPR and local data privacy laws.
• Training: Quarterly workshops on CRM software updates and soft skills (e.g., empathy in communication).

Summing Up …