Benefits of a CRM

Let's take a look at the advantages that a CRM or Customer Relationship Management system can bring. 1. Shared or distributed data As companies realize that customer relationships are happening on many levels (not just through customer service or a web presence), they start to understand the need for sharing all available data throughout the organization. A CRM system is an enabler for making informed decisions and follow-up, on all the different levels. 2. Cost reduction A strong point in Customer Relationship Management is that it is making the customer a partner in your business, not just a subject. As customers are doing their own order entry, and are empowered to find the info they need to come to a buy decision, less order entry and customer support staff is needed. 3. Better Customer Service All data concerning interactions with customers is centralized. The customer service department can greatly benefit from this, because they have all the information they need at their fingertips. No need to guess, no need to ask the customer for the n-th time. And through the use of push-technology, customer service reps can lead the customer towards the information they need. And, most of the time, the customer can do this on their own, as the CRM system (remember, the 3 P's) is more and more able to anticipate the need of the customer. The customer experience is greatly enhanced. 4. Increased Customer Satisfaction The customer feels that he is more "part of the team" instead of just a subject for sales and marketing (the proverbial number), customer service is better, his needs are anticipated. There is no doubt that customer satisfaction will go up. If the products sold exceed the customers expectation, of course, no CRM system can help you with shoddy products. In my opinion, the term statisfaction is a contaminated. Many companies think that if customers are satisfied that this is a good predictor for repeat business. However, this is not the case. Only delighted customers have a great level of loyalty. 5. Better Customer Retention If a CRM system can help to enchant customers, this will increase customer loyalty, and they will keep coming back to buy again and again, hence customer retention. 6. Loyal customers Need I say more? Q.E.D. 7. More repeat business The repeat business is coming from the delighted customers, who are turned from doubting clients into loyal advocates. 8. More new business If you are delivering the ultimate customer experience, this will seed the word-of-mouth buzz, which will spawn more new business. 9. More Profit! More business at lower cost equals more profit.

it cost around £25 to handle a customer call via a call center but only £2 via a website A higher percentage of cross-selling due to offering a single point of contact with your company More success in attracting new customers and closing deals faster. your customer. and get more from. anticipate and respond to your customers' needs in a consistent way. through quicker and more efficient responses to customer leads and customer information Simplification of marketing and sales processes by understanding customer needs Better customer service . given the rapid growth of e-business applications and the increasing need to sell to and support customers through the web.CRM: What are the benefits? Excellent customer service is about being aware of customer needs and reacting to them effectively. like customer details and order histories Create detailed profiles such as customer preferences Deliver instant. CRM helps you to understand. This review of CRM product capabilities and key CRM vendors identifies three distinct categories of CRM vendors and finds that they are attempting to offer a rich or full set of CRM features and are rapidly integrating web access into their products. Many businesses benefit from the organizational discipline CRM imposes. CRM provides a focal point for all customer-facing activities. CRM will help your business if you view it as a set of tools that let you do more more for. CRM is gaining interest because of its focus on the customer and thus its potential for increasing revenue. The study proposes a model to aid in the selection of CRM products and the evaluation of CRM vendors .through improved responsiveness and understanding that builds customer loyalty and decreases customer "churn" CRITICAL ISSUES OF CRM Customer relationship management (CRM) is a fast growing category of application software. company-wide access to customer histories Identify new selling opportunities How can you measure CRM benefits? CRM benefits can be measured and quantified. Practicing CRM requires an efficient and integrated internal business system. as well as from the technology itself. right across your organization. CRM can: y y y y y Develop better communication channels Collect vital data. It enhances the ability of a firm to compete and to retain key customers. Using CRM applications can lead to increases in revenue from: y y y y y Reductions in operating costs . Furthermore.

Platform selection is best undertaken by a carefully chosen group of executives who understand the business processes to be automated as well as the software issues. It can be seen as a more client-centric way of doing business. Comparing with traditional CRM. extranet and internet. It also uses net environment i.ECRM eCRM This concept is derived from E-commerce.. especially with respect to process improvement. marketing effectiveness. Moreover. Senior executives need to be strong and visible advocates who can clearly state and support the case for change.[1] Strategy/PLANNING OF CRM For larger-scale enterprises. and how best to employ them. and company-wide support that can make the initiative of choosing and implementing a system successfully. the integrated information for eCRM intraorganizational collaboration can be more efficient to communicate with customers.[9] Technology: In evaluating technology. enabled by technology that consolidates and intelligently distributes pertinent information about clients. some will likely need re-engineering to better serve the overall goal of winning and satisfying clients.[2] People: For an initiative to be effective. and cost quantified in three general areas: y Processes: Though these systems have many technological components. Depending upon the size of the company and the breadth of data. a company must analyze its business workflows and processes before choosing a technology platform. teamwork. choosing an application can take anywhere from a few weeks to a year or more. resources. including the ability to deliver the right data to the right employees and sufficient ease of adoption and use. a complete and detailed plan is required to obtain the funding. key factors include alignment with the company¶s business process strategy and goals. The customer expectations are . and market trends. sales. Collaboration. intranet. business processes lie at its core. and two-way communication should be encouraged across hierarchical boundaries. Benefits must be defined. planners need to determine the types of client information that are most relevant. customer retention is the most important aspect of any organization.e.but I would say invention is important in retention. Holding to your customers by reducing the prices might work for few . responsiveness. Electronic CRM concerns all forms of managing relationships with customers making use of Information Technology (IT).[2] y y CUTOMER IS GOD: In the present situation where every one is hit by recession. risks assessed. Therefore. eCRM is enterprises using IT to integrate internal organization resources and external marketing strategies to understand and fulfill their customers needs. an organization must convince its staff that the new technology and workflows will benefit employees as well as clients.

What it is Customer Intelligence (CI) is the process of gathering and analysing information regarding customers. in order to build deeper and more effective customer relationships and improve strategic decision making. their details and their activities. Now that I am a tester I am the second point of contact to the customer. Information about these customers/prospects (or their visits). is an example of CI. some customers walk into a store and walk out without buying anything. Process Customer Intelligence begins with reference data . not just bunch of marketing guys. to complete a survey) and using this data to make inferences about customer behaviour. as no sales are entered on the store cash register. My point here is customer satisfaction is not one mans job. Although no commercial transaction took place. but it takes the whole organization. It take the whole organization to satisfy customer needs. may not exist in a traditional CRM system. Customer focus should be one of the key aspects of an organization.growing day by day and we should be on our toes to deliver what customer wants rather forcing customer to use what we develop.basic key facts about the customer. So when I actually start writing my test plan and test cases I will keep in my mind the so called "Customer Use Cases" and make sure that piece of software or hardware works accordingly. This data is then supplemented[1] with transactional data . knowing why customers leave the store (perhaps by asking them. in the form of customer satisfaction surveys or agent data. interactions from service contacts over the phone and via e-mail. The first contact will be with support which might escalate the issue to the QA if required. or the storeperson. A further subjective dimension can be added.reports of customer activity. . There can be a trade off. One unsatisfied customer might bring you huge losses. As an example. such as their geographic location. Development and R & D may come up with wonderful things but if the product is hard to use then effort is lost. and when effectively implemented it is a rich source of insight into the behaviour and experience of a company's customer base. This can be commercial information (for example purchase history from sales and order processing). CI and CRM Customer Intelligence is a key component of effective Customer Relationship Management (CRM). The software or hardware should function the way the customer wants it to not the way we want it to.

Finally. They do this by: y y y y improving consumer service improving the value or desirability of the brand improving goodwill improving brand popularity such as by advertisements CRM Functions y By friend4all Last time we talked about 3 different modules in CRM Software. Sales . this means that a company with a higher customer equity can get more money from its customers on average than another company that is identical in all other characteristics. and general trends. 1. all of which refer to three sides of the same thing: 1. Customer equity strategy Companies often attempt to gain more customers and increase revenues by improving customer equity. and predictions made about their future behavior. Retention equity: The tendency of the customer to stick with the brand even when it is priced higher than an otherwise equal product. the more future revenue in the lifetime of its clients. The greater the customer equity (CE). Value equity: What the customer assesses the value of the product or service provided by the company to be. As a result a company with higher customer equity is more valuable than one without it. By mining this data. conditions in the industry. There are three drivers to customer equity. information can be obtained about customers' existing and future needs. It includes customers' goodwill and extrapolates it over the lifetime of the customers. a company can use competitor insight and mystery shopping to get a better view of how their service benchmarks in the market. above its objective value. 2. 3. how they reach decisions. Marketing 2.[2][3] Customer equity n deciding the value of a company. it is important to know of how much value its customer base is in terms of future revenues. and placing it in context with wider information about competitors. The term is a misnomer since the term has nothing to do with the traditional meaning of equity. Brand equity: What the customer assesses the value of the brand is.

which helps them to convert their marketing automated. direct mail. The person who belongs from the small business must need to understand the marketing updates. Today we will discuss the last important factor of the marketing automation and that is the marketing reposting. automatically segment your leads and customers. open-rates and click-through rates y y Marketing Automation-2 Posted on December 31. Sales Automation Module features: . which have gone. Create a steady stream of business by putting all of your marketing on auto-pilot! Craft and coordinate multi-step marketing sequences that include email. and which lead sources are your best! View e-mail blast deliverability. voice broadcast and tasks. you can capture lead information from your website(s). 2008 by friend4all Lead Capture Forms y Turn your brochure-style website into a lead generating machine! Using Infusionsoft¶s unlimited web forms capabilities. and more through a Marketing Dashboard and Success Report Measure your marketing ROI through various reports indicating marketing campaign expenses & costs and how much revenue was generated through your marketing efforts Finally know your cost and conversions by lead management tool. It is the very important part of the any business. referrals and customers.3. track results. use a lead management software. and initiate marketing sequences and other automated actions. For a big sales team or a call center the CRM must have fast and automated system to pull up customer data. a blinds company who sell vertical blinds and roman shades products online line. Service 1) Marketing Automation-3 We are talking on marketing automation. fax. Offline response forms can be used to capture offline responses to your advertising and marketing and will also automatically segment your contacts and initiate marketing sequences and other automated actions y y 2) Sales:Power your sales team with CRM that have functionalities of Sales Module. The sales team can manage leads and keep track of the communication with prospects. Let this powerful marketing system follow up with your customers and prospects automatically! For example. Marketing Reporting y y y y Track responses and success rates from Marketing Campaigns Know which of your marketing templates and pieces are most effective See what pieces are scheduled to go out.

. They should be able to manage service contracts. This is very important so that the customer get satisfy by not just product but also with the service. buyers have to question evey purchase. All of these modules must be integrated to make the system strong. Their skepticism of your value proposition increases and opportunities are easily lost to delay/indecision. These CRM functionalities help make any CRM strong. case studies.Services Automation Module features: · Product Database · Knowledge base search · Customer tracking · Contract Tracking · Customer History CRM gives customer service team a quick way to help the customers.971 views Definition Created as a tool to increase customer participation in business activities. and personal testimonies.y y y y y · Appointment Management · Time Management · Calender Management · Reporting CRM gives sales team the power to close the sale quickly. When the economy gets tough. it focuses more on existing customers to gain their opinions by allowing them to participate in customer reference activities such as mock phone calls with potential clients. ITS KEY FEATURES ARE:Preventing deals lost to delay/indecision. What is the difference between ERP system and CRM system? y y y y y Customer reference management updated Sep 25. Although Customer Reference Management is a spin-off of Customer Relationship Management (CRM). such as marketing and sales. 3) Services:After marketing and selling the product your company must have a very good customer services team. Effectively connecting buyers with customers can restore confidence in the ROI of your offering in way not possible through other means. CRM should have a good services module which can help the customer services department. Next time we will talk about Enterprise Resource Planning (ERP) and Sales Force Automation (SFA). 2009 2:04 pm | 3. tracking individual cases and recording information in a search able knowledge base.

Ability to measure the return on investment. expensive. the sales impact of customer references can be easily tracked and measured. While another email campaign or white paper may help move along new opportunities. This is good news when budgets are being reviewed. The work done to build relationships and cultivate a diverse community of customers willing to speak positively about their experiences is a investment that will continue to return value to the business on a consistent basis through good times and bad. CRM Essential #3: A 360-Degree Customer View The quality of the customer experience makes and breaks companies. Companies today are challenged to integrate and manage the complete customer lifecycle²seamlessly and effectively²to win and retain those highly desirable most-profitable customers. In a down economy. When investments are being scrutinized. it isn't uncommon to find that sharing multiple positive references is a requirement of the due diligence process associating with the deal closing. ESSENTIALS OF CRM: CRM Essential #1: Rapid Time to Value Instant messaging. and they¶ll take their business elsewhere if you don¶t deliver the superior service they feel they deserve. the underlying. and in fact entire businesses can succeed or fail in a matter of weeks. On-demand CRM solutions are better suited to today¶s fast-moving businesses. However. client/server CRM application.´ Constantly monitoring the health of the business. businesses must ³mind their metrics. because many traditional CRM solutions are difficult and expensive to customize. CRM Essential #2: Point-and-Click Customization No CRM solution is going to fit like a glove right out of the box. Buy decisions are made quickly. determining what¶s working and what¶s not. That means that the no one has the luxury of waiting months or even years to install a traditional. and making adjustments to improve operations and increase revenue are essential to surviving and . because the reality is that no two companies¶ customer relationships and processes are exactly alike. so you can focus on delivering greater value to customers. Unlike so many of the ways that marketing dollars are spent. some organizations are forced to alter their business processes to fit the capabilities of their CRM technology. 24/7 customer service. proven formula for success involves using on-demand CRM across all those critical customer touch points CRM Essential #4: Real-Time Visibility To stay competitive. You can be up-and-running with on-demand CRM in a matter of weeks. those that can effectively illustrate their results A prerequisite to getting new business. businesses and their customers move at a rapid clip. A cost effective endeavor. For many companies. The competitive advantage today is on-demand CRM. your prospects less likely to let you skip this steps. shorter development cycles« today. Customers are becoming increasingly demanding and sophisticated. The activities associated with customer reference management are relatively inexpensive compared with many marketing investments and particularly in light of the business impact as mentioned above. rather than worrying about installing and maintaining hardware and software. The key to success is a highly flexible CRM solution that allows you to keep pace with changing customer needs and your evolving business environment.

Too many CRM projects fail due to poor user adoption. it must be easy to use. every executive knows that too often. .thriving in today¶s competitive market. On-demand CRM solutions that are delivered via a Web browser encourage adoption by replicating the familiar point-and-click interfaces of popular consumer Web sites. At the same time. and visibility. inflexible technology solution for something as important and core to your business as CRM? The ability to tie-in additional best-of-breed applications that address other key business initiatives and processes is essential to the long-term success of your CRM solution. CRM Essential #7: Extending Your Success Business is about evolution. As easy as it sounds. After all. failure to bill or collect for services or products delivered. and significantly enhance productivity. where everything must be user friendly. wikis. CRM Essential #5: No More Dirty Data Almost every company suffers from ³dirty data´ syndrome. If your business must be nimble to survive. social and business networking sites. CRM Essential #6: High Adoption There¶s nothing worse than investing in CRM and having no one show up. To ensure that people do use your CRM system. it¶s difficult or impossible to get the timely analysis you need to effectively run the business. efficiency. and few have any idea what to do about it. companies are realizing that nurturing their customer communities and engaging with customers can yield dramatic results in terms of customer loyalty and brand awareness. technology is only as good as the people who use it. and extra accounting costs. and scalable. Through blogs. Consider the findings of the IBM Global Data Management Survey of 600 major enterprises: 75 percent of the respondents reported significant problems as a result of defective data. At the cross section of these two trends is on-demand CRM: the perfect enabler of community growth. and much more²people are increasingly engaging with each other online. delays in or abandonment of new systems projects. including violated contract terms. Smart and successful companies are flexible enough to adapt as necessary while never letting go of the core mission and values. accessible. why should you commit to a rigid. CRM Essential #8: A Broad Community Community-building Web technologies and sites are some of the most popular and fastest-growing areas on the Internet today.

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