Unit 5 (6 hours)

CRM: Meaning, Relationship Marketing Vs. Relationship Management, Types

of Relationship Management, Significance of Customer Relationship
Management. Global Marketing: current scenario, Global Marketing
environment, Entry strategies, Global P’s of Marketing., Recent trends and
Innovation in Marketing- Green Marketing, Agile Marketing
What is CRM?

Customer relationship management (CRM) is a technology for managing all your

company’s relationships and interactions with customers and potential customers. The
goal is simple: Improve business relationships to grow your business. A CRM system
helps companies stay connected to customers, streamline processes, and improve
profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that
helps with contact management, sales management, agent productivity, and more.
CRM tools can now be used to manage customer relationships across the entire
customer lifecycle, spanning marketing, sales, digital commerce, and customer
service interactions.
 Customer Relationship Management
A Customer Relationship Management (CRM) system is a
combination of people, process and technology that seeks to
provide understanding of a company’s customer and to support a
business strategy to build long-term, profitable relationship with
customer.

CRM is defined as an effective tool to achieve the objectives such

as satisfied and loyal customers and increased market share.

Customer Satisfaction Customer Retention Customer Commitment

Customer Loyalty Customer Advocacy

Customer Satisfaction Cycle

 What are the benefits of a CRM?
CRM provides two major benefits: increased internal efficiency (which can decrease business costs)
and improved relationships with customers (which can increase revenue). In other words,
implementing a CRM solution can help you widen your profit margins.

1-Increased internal efficiency

CRM tools can save business owners a lot of time, reducing administrative burdens and streamlining
workflows for sales teams, marketing teams, and customer service teams. The efficiency benefits of CRM
include:

 Improved organization. CRM facilitate contact management. By keeping all of your customer data in
one place, a CRM makes it easy to find the information you need to onboard a new client or team
member.

 Streamlined internal communication. Some CRM systems are designed to help your company’s
different departments work together. For example, your sales and marketing team can monitor and
communicate lead activities within the platform, keeping everyone up to date without time-consuming
meetings or email exchanges.

 Increased capacity for automation. CRM can help you automate marketing communications,
customer interaction, activity logging, and data entry. Many also provide workflow automation
functions, which can trigger notifications to sales and marketing teams to complete specific tasks.
2- Improved customer relationships

CRM software can improve customer experience, making it easier to attract new customers and improving
your customer retention rate. Here are five ways a CRM can improve your customer relationships:

 Improved communication with customers. A CRM allows you to send personalized communication
to individual customers or customer groups easily.

 Support of prospect pipeline. A CRM can help you identify what types of outreach are most
appropriate for a given prospect or customer based on their history of engagement. For example, your
CRM’s lead management tools can assess where a potential customer is in the buying process and
provide relevant outreach to help them move along the sales funnel.

 Increased customer satisfaction. CRM can help you effectively respond to customer requests,
monitor engagement, and provide a high-quality, individualized customer experience.

 Providing data-backed insights. A CRM can analyze sales, customer support, and customer
engagement data to provide insights into customer acquisition, experience, and retention—all of which
you can use to optimize your strategy.

 Increased employee job satisfaction. Since a CRM can track a customer’s journey from first touch to
maintenance, sales, marketing, and service can use this info to have more effective interactions with
customers. A better experience for customers, a better experience for employees.
 Types of CRM systems:

 operational

 analytical

 collaborative

 strategic

There are four main types and each is designed to meet a specific business goal. Many businesses or use
multiple CRM systems develop a custom CRM solution that combines elements of each system. Here’s
how these four CRM systems differ:

1. Operational CRM systems

Operational CRM are designed to help execute sales, marketing, and customer service functions. They
help streamline and manage all the ways your company interacts with customers.

The main goal of this type of operational CRM is improving customer acquisition and retention: they
help generate new leads, nurture them, convert them into customers, and retain them through ongoing
marketing communications and high-quality customer service.

Businesses of all sizes use operational CRM systems and frequently enable time-saving CRM
automations, including:
Marketing automations. Marketing automation can target specific customer segments with emails,
texts, and digital ads. These can be initiated by triggers, like a purchase or landing page visit. For longer
sales cycles, operational CRM can track touch points, automate follow-ups, and indicate when a lead
should progress to a sales lead.

Sales automation. Like marketing automation, sales automation uses behavioral triggers to help your
sales team automatically provide customers with strategic communications at specific points in the
sales process. They also help you score and manage leads and can automatically generate sales
forecasting reports.

Customer service automation. CRM customer service automations include self-service features, live
chat and AI-powered chatbots, and automated email responses, which can help you efficiently handle
customer requests.

2. Analytical CRM systems

Whereas an operational CRM system helps get leads into your sales funnel, an analytical CRM system
enables you to understand how your prospects are moving through your sales funnel. Analytical CRM
systems capture, store, and analyze customer data to provide insights into how customers interact with
your business, allowing you to assess the effectiveness of marketing, sales, and customer service efforts
and adjust your strategy accordingly. You might run a report on six recent marketing campaigns,
analyze the data to gauge their efficacy, and model future campaigns on the winning example’s
tactics.Analytical CRM can also run performance reports, such as sales history and customer service
satisfaction scores, allowing you to leverage the strengths of high-performing team members and
identify areas for employee development.Analytical CRM are used by businesses of all sizes and are
particularly valuable for those focused on improving their customer relationship management
practices.
3. Collaborative CRM systems

In a large business, sales, marketing, and customer support teams frequently collaborate on client
accounts. The main goal of a collaborative CRM is to improve customer experience and streamline
business processes by facilitating communication between departments.

Collaborative CRM are particularly popular with large businesses—companies with large customer
bases in which multiple people service individual client accounts. Here’s an example of how
communication between departments might play out over a customer life cycle:

1. A sales team member gathers information on a new lead at an event and uploads it to the CRM
database.

2. A marketing team member inputs the new lead into an automated marketing campaign.

3. When your sales team member reaches out with a follow-up call, they can see the customer’s
entire history with your company, from the initial conversation at the event to their engagement
with marketing materials.

4. Your new customer makes a purchase, automatically prompting a customer service call to thank
them for their business.

5. The customer submits a customer request, which notifies a customer service representative via
the CRM. Because the customer service agent has access to the customer’s entire marketing, sales,
and customer service history, they can resolve the issue quickly.
4. Strategic CRM systems

Strategic CRM are sometimes lumped in with collaborative CRM and provide many of the same
features. The difference is that while collaborative CRM focuses on immediate improvements, strategic
CRM concentrates on long-term customer engagement. Their main goal is to support customer
retention and increase customer loyalty.

Strategic CRM collects information about customer needs and priorities to provide value to your client
base. For example, they might tell you which communications channels specific customers prefer to
use. They’re handy for businesses requiring long-term customer relationship management, such as an
IT company that provides clients with ongoing data management services.

Global/ International Marketing

It is trading of goods and services among different countries. The procedure of planning and executing
the rates, promotion and distribution of products and services is the same worldwide.

International marketing is the application of marketing principles by industries in one or more than
one country. It is possible for companies to conduct business in almost any country around the world
A Market Entry Strategy is the intended process of delivering goods or services to a intention market
and distributing them there. There are multiplicities of ways in which a business or organization can
come into a foreign market. No one market entry strategy moving parts for all international markets.
Direct exporting may be the majority suitable plan in one market while in another you may require
setting up a joint venture and in another you may well license your manufacturing.
Licensing

Licensing is a comparatively complicated agreement where a firm transfers the privileges to the use of a
product or service to another firm. It is a principally helpful approach if the buyer of the license has a
moderately big market share in the market you want to enter. Licenses can be for marketing or production.

Franchising

Franchising works well for firms that have a repeatable business model (eg. food outlets) that can be simply
transferred into other markets. The first is that your business model should either be very unique or have
strong brand recognition that can be utilized internationally and secondly you may be creating your
potential competition in your franchisee.

Direct Exporting

Direct exporting is selling openly into the market you have selected using in the first occurrence you own
resources. Many companies, once they have established a sales program turn to agents and/or distributors
to represent them further in that market. Agents and distributors work closely with you in representing
your interests.
Partnering

Partnering is nearly an obligation when entering foreign markets and in some parts of the world (e.g. Asia) it
may be required. Partnering can take a diversity of forms from an easy co-marketing arrangement to a
sophisticated strategic alliance for manufacturing. Partnering is a above all helpful policy in those markets
where the culture, both business and social, is substantively different than your own as local partners bring
restricted market knowledge, contacts and if selected cleverly consumers.
Joint Ventures

Joint ventures are an exacting form of partnership that involves the formation of a third independently managed
company. It is the 1+1=3 process. Two companies agree to work together in a particular market, either
geographic or product, and create a third company to undertake this. Risks and profits are usually shared
equally. The best example of a joint venture is Sony/Ericsson Cell Phone.
Buying a Company

In some markets buying an existing local company may be the majority suitable entry strategy. This may be
because the company has considerable market share, are a direct competitor to you or due to government
regulations this is the only option for your firm to enter the market. It is certainly the most costly and
determining the true value of a firm in a foreign market will require substantial due diligence.
Turnkey Projects

Turnkey projects are exacting to companies that offer services such as environmental consulting,
architecture, construction and engineering. This is a exceptionally fine way to enter foreign markets as the
client is usually a government and often the project is being financed by an international financial agency
such as the World Bank so the risk of not being paid is eliminated.

Greenfield Investments

Greenfield investments necessitate the greatest involvement in international business. A greenfield

investment is where you buy the land, build the facility and operate the business on an ongoing basis in a
foreign market. It is positively the most costly and holds the highest risk but some markets may require
you to undertake the cost and risk due to government regulations, transportation costs, and the aptitude
to admittance knowledge or expert labor.
The 4 P’s of Global Content Marketing
Plan: Strategy before execution

Collaborate with relevant stakeholders on regional and country teams to create a global content
marketing strategy that aligns target audiences, key success metrics, priority countries, and strategic
editorial topics with your business objectives. Alignment of objectives and strategy is vital because it
dictates content creation, promotion and measurement.

Produce: Create content that matters

Develop relevant stories that meet identified countries’ needs with different formats based on strategic
editorial topics that address the target audience’s pain points, desires, and challenges.
Promote: Distribute content in the digital era

Establish a market-driven content distribution process with paid and social media. Publish the
appropriate formats of content with the optimal frequency in targeted channels. Use tools and data
to optimize the media buy and social media content distribution.

Perfect: Measure and optimize to drive the maximum impact.

Continuously optimize and measure the impact of content marketing as part of an ongoing feedback loop.
Define goals and use tools and processes to maximize the effectiveness of content production and content
syndication. This step’s goal is to improve the previous 3 P’s: Plan, Produce and Promote.
 Green Marketing

It is the marketing of products that are presumed to be environmentally safe. It incorporates a broad
range of activities, including product modification, changes to the production process, sustainable
packaging, as well as modifying advertising.

Green Marketing is a relatively new concept, which involves the promotion of products and services
which are safe for the environment. It involves development, manufacturing, promotion, distribution,
consumption, and disposal of the products and services in a sustainable fashion so that least damage is
caused to nature.
Objectives of Green Marketing

The objectives of green marketing are boiled down in the points given below:-
• To adhere to corporate social responsibility.
• To reduce expenses.
• To showcase how environment-friendly the company’s offerings are.
• To communicate the brand message
• To implement sustainable and socially accountable business practices.
Example

1. Whole Foods: An American supermarket chain, owned by Amazon, known for sellingorganic products,
which does not contain hydrogenated fats, flavours, preservatives, sweeteners, flavours and artificial
colours.
2. Starbucks: Starbucks is the largest coffeehouse chain in the world with a presence inmore than 70
countries. It promotes sustainable practices to grow coffee.
3. The Body Shop: A British cosmetic and skincare giant, which offers products which arecruelty-free, and
use natural ingredients.
• Consumer-Oriented Marketing: The notion says that the firm should perceive the marketing activities from
the consumer’s viewpoint, so as to develop a lasting and profitable relationship with them.
• Customer Value Marketing: As per this notion, the company should allot its resources that add value to the
product or service they offer, rather than simply changing the product packaging or making a huge investment
on the advertisement. this is because, when the value is added to the product, they will be valued by the
customers also.
• Innovative Marketing: To strive for real product and marketing improvements, says the third principle, i.e.
innovative marketing. We all know that the world is ever-changing and so does the tastes and preferences of
the customers. therefore, the company should always look for new and improved methods, to not lose
customers easily.
• Mission Marketing: The company’s mission should be broadly defined, in social terms and not in the product.
This is due to the fact that if a company states the mission that has some social welfare hidden in it, the
employees feel proud to work for a good cause and work in the right direction.
• Societal Marketing: As per this principle, the marketing decisions made by the company must take into
account the wants and interest of the consumers, company’s requirements and the social welfare.
 Agile Marketing

Definition : In simple words, it is a tactical approach where teams identify and fully focus their
collective efforts on high-value projects. These teams go a step further to complete those projects
cooperatively, measure their impact and then continuously and incrementally improve the results
over time.
Teams use sprints to finish those projects cooperatively. And after each sprint, they measure the
impact of the projects and then continuously and incrementally improvethe results over time.

A good example of agile marketing is in the field of advertising and content creation. For example, a
marketing project can be segmented into a landing page, Ad campaign, content creation, and so on.
Next, these tasks are carried out and eventually, the team reviews and make adjustments based on the
lessons learned.
 Real Examples:

An example is where the company has daily stand-up meetings to check in with the team, during which
it identifies any blocking issues that are preventing them from meeting their sprint goals.
The daily stand-up meeting has helped iron most obstacles, such as emails going out late because
someone is sick. This approach makes sure each team member is up-to-date on projects and progress
so that everyone is on the same page.

Agile Marketing Features

Let’s have a look at key features that every team must consider in agile marketing implementation.

• Sprint: This is the length of time given to a team to complete its current projects. Often, this ranges from
two to six weeks.
• Stand up meetings: Every day, a team needs to meet and have a brief meeting. It is during this meeting
each team member goes over what they did the previous day, what they plan to do that day, and the
challenges they may have encountered. Challenges are addressed before the session ends.
• Teamwork: In the agile framework, every member of the team has to contribute even when one of the
members own the project.

• Board to track project progress: There has to be a centralized way to track your sprint that everyone
has access to. It can be a software, whiteboard or anything that will help you track progress.
 Benefits of Agile Marketing

Compared to traditional marketing, agile marketing has many advantages to leverage. Here are the top benefits:

• Consistent growth: As mentioned above, agile marketing is driven by real-time data and analytics. This
makes it possible to develop reliable marketing strategies. In other words, strategies backed by real-time data.
If looking to improve conversion through SEO content, then from the data collected, it is possible to see areas
to improve your content to boost conversion.
• Clear focus: No time to beat around the bush as it is in traditional marketing. Once you decide you want to
accomplish something, all your efforts are focused on that which you want to achieve. Different strategies are
tested over time to see which one works best.
• Getting the most out of your team: Agile marketing allows teams to respond to changes on time. The
ability of a team to adjust to new changes after testing iterations allow companies to get the most out of their
teams. In other words, you will feel the real impact of agile marketing if everything is done in the right way.
• Seeing results: Looking to increase your revenue? According to research by McKinsey & Company companies
that have shifted to an Agile marketing methodology see their revenue increase 20% to 40%. This is because
of the fast sprints and frequent interactions nature of agile marketing which allows teams to gauge their
performance. Why then still cling to approaches that don’t get you real results? By building performance
indicators into their strategy, agile marketing teams can measure progress.