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Edit Comment Close Premium member Presentation Transcript CRM : CRM 1 Customer relationship management (CRM) Term applied to processes implemented by a company to handle its contact with its customers CRM is a software-based approach to handling customer relationships Store information on current and prospective customers Customer requirements : 2 Customer requirements Control over buying process Information, comparison, selection, easy to find Best possible price Delivery (free), quality All payment options Secure Communication designed to suit needs Computerized, complex, caring Applications : 3 Applications All forms of trading Direct Traditional Retail E-commerce Wholesale Combination Applications : 4 Applications New convergence Telephony & telemarketing Internet Mobile, SMS Digital TV Cable & satellite Customer requirements : 5 Customer requirements Control over buying process Information, comparison, selection, easy to find Best possible price Delivery (free), quality All payment options Secure Communication designed to suit needs Computerized, complex, caring Applications : 6 Applications All forms of trading Direct Traditional Retail E-commerce Wholesale Combination Applications : 7 Applications New convergence Telephony & telemarketing Internet Mobile, SMS Digital TV Cable & satellite CRM : 8 CRM Customer relationship management (CRM) From the outside, customers interacting with a company perceive the business as a single entity, despite often interacting with a variety of employees in different roles and departments CRM is a combination of policies, processes, and strategies implemented by a company that unify its customer interaction and provides a mechanism for tracking customer information Applications : 9 Applications Information in the system can be accessed and entered by employees in different departments) Sales Marketing Customer service Training Professional development Performance management Human resource development Applications : 10 Applications Details on any customer contacts can also be stored in the system The rationale behind this approach is to improve services provided directly to customers To use the information in the system for targeted marketing and sales purposes Related aspects : 11 Related aspects Many inter-related aspects Front office operation Back office operations Business relationships Analysis Aspect 1 – Front office : 12 Aspect 1 – Front office Direct interaction with customers Face to face meetings Phone calls E-mail Online services etc Aspect 2 – Back office : 13 Aspect 2 – Back office Operations that ultimately affect the activities of the front office Billing Maintenance Planning Marketing Advertising Finance Manufacturing Aspect 3 - Business relationships : 14 Aspect 3 - Business relationships Interaction with other companies and partners Suppliers/vendors Retail outlets/distributors Industry networks (lobbying groups, trade assn’) This external network supports front and back office activities Aspect 4 - Analysis : 15 Aspect 4 - Analysis Key CRM data can be analyzed in order to plan Target-marketing campaigns Conceive business strategies Judge the success of CRM activities (e.g., market share, number and types of customers, revenue, profitability) Aspects : 16 Aspects Flip side - Implementation : 17 Flip side - Implementation CRM initiatives often fail Implementation was limited to software installation Inadequate motivations for employees to learn, provide input, and take full advantage of the information systems CRM as Business Strategy : CRM as Business Strategy Business strategy perspective : 19 Business strategy perspective Three key phases 1. Customer Acquisition 2. Customer Retention 3. Customer Extension Three contextual factors 4. Marketing Orientation 5. Value Creation 6. Innovative IT. CRM as business strategy : 20 CRM as business strategy 1. Customer Acquisition : 21 1. Customer Acquisition Attracting our customer For the first purchase We have acquired our customer Growth Market orientation, innovative IT & value creation Aim is to increase the number of customers that purchase from us for the FIRST TIME 2. Customer Retention : 22 2. Customer Retention Re-purchase Our customer returns and buys for a second time This is most likely to be the purchase of a similar product or service, or the next level of product or service. Growth Market orientation, innovative IT & value creation Aim is to increase the number of customers that purchase from us REGULARLY 3. Customer Extension : 23 3. Customer Extension Additional, supplementary purchases Our customers are regularly purchasing We introduce products and services to our loyal customers different from original purchase Once purchased, our goal is to retain them as customers for the extended products or services Growth Market orientation, innovative IT & value creation Aim is to increase the number of customers that purchase ADDITIONAL products CRM as business strategy : 24 CRM as business strategy 4. Marketing orientation : 25 4. Marketing orientation Focused upon the three levels of needs of customers Actual, tangible product Core product and its benefit Also the augmented product such as a warranty and customer service Brand : 26 Core Benefit Basic Product Expected Product Augmented product Potential Product Brand 5. Value creation : 27 5. Value creation Generation of shareholder value Based upon the satisfaction of customer needs (as with marketing orientation) Delivery of a sustainable competitive advantage IPL : 28 IPL IPL : 29 IPL IPL : 30 IPL 6. Innovative IT : 31 6. Innovative IT Updated IT Efficient, speedy and focus upon customer needs Whilst IT and/or software are not the entire story for CRM, it is vital to its success CRM software collects data on consumers and their transactions Organizations will track individuals, and try to market products and services to them based upon similar buyer behavior seen in other individuals Amazon.com : 32 Amazon.com Three key elements : 33 Three key elements 1. Validation 2. Discovery 3. Action Elements of CRM : Elements of CRM Three key elements : 35 Three key elements 1. Validation 2. Discovery 3. Action 1. Validation : 36 1. Validation Correct data Ensuring that the data you have on your customers is not only correct Also, in a suitable state for targeting communications programs 2. Discovery : 37 2. Discovery Use of data mining techniques To find relationships that you did not know existed Sometimes conventional analysis is impaired by your own natural assumptions and prejudices Discovery techniques help to solve these issues by starting from ground zero They simply search for relationships in the database against a set of objectives 3. Action : 38 3. Action Right communication Your customers and prospects need to have the right messages communicated to them Quality Inter-Action drives quality Trans-Action This is done with a Campaign Management tool that can automatically select the right targets and the right messages via the right channels The responses are then fed back into the Validation process for evaluation and refinement Essentials : 39 Essentials CRM is corporate strategy composed of applications, technology and products that fulfill three essential requirements 1. Organization perspective 2. Customer perspective 3. Front office staff perspective 1. Organization perspective : 40 1. Organization perspective 360° view of each customer For consistent and unified contact with that customer whenever anyone anywhere in the enterprise deals with that customer This knowledge increases the opportunities for sales and the effectiveness of customer service : 41 Customers to have a consistent view To enable your customers to have a consistent view of your enterprise, regardless of the way the customer contacts you This improves customer satisfaction and customer retention 2. Customer perspective 3. Front office staff perspective : 42 3. Front office staff perspective Staff performance To enable front office staff to perform sales, service and marketing tasks more efficiently as a team Increasing expertise and reducing costs CRM Processes and Systems : CRM Processes and Systems Processes & Systems : 44 Processes & Systems Processes & Systems : 45 Processes & Systems Important Business starts with the acquisition of customers However, any successful CRM initiative is highly dependent on a solid understanding of customers 1. Understand & differentiate : 46 1. Understand & differentiate Understand Demographics, purchase patterns & channels Segmentation to identify logical unique groups Primary research to capture needs and attitudes Customer valuation to understand profitability Differentiate Based on the value customers are expected to deliver 2. Develop & Customize : 47 2. Develop & Customize Develop Products, services, channels and media can be customized based on the needs of quantitative customer segments Customize Based on the potential value delivered by customer segment 3. Interact & Deliver : 48 3. Interact & Deliver Interact Not just through marketing, sales and media Distribution, shipping, customer service & online Deliver Delivering value is a cornerstone Factors including quality, convenience, speed, ease of use, responsiveness and service excellence 4. Acquire & Retain : 49 4. Acquire & Retain Acquire Learning about customers makes it easy to identify those producing the greatest value Retain Maintain interaction; Deliver on value Customers change as they move through differing life stages Modify the service Pizza example - Perspective : Pizza example - Perspective Pizza example : Subconscious Expectations Pizza with specified toppings Take 10 minutes Come in a packed box Remain warm till you reach home Charges – standard and acceptable price Pizza will taste reasonably good You will come back is all the above are met Pizza example Pizza example : Pizza example If you go regularly Rapport with employees You forgive if they mess up with one or two expectations Degree of confidence determines tolerance If using first time, and even one expectation is not met You will never go again Pizza example : Pizza example Exceeded expectations Deliver on all expectations Give you a garlic bread FREE ! 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