Unicon Securities Projrct Report | Customer Relationship Management | Sales


A report submitted in partial fulfillment of the requirements for the degree of BBA By Mr. Omcar .K. Harmalkar BBA, Semester 11 (Roll No: BBA 10-13)

It is my pleasure to be indebted to various people, who directly or indirectly contributed in the development of this work and who influenced my thinking, behavior, and acts during the course of study. I express my sincere gratitude to Miss Marie Raj Principal Don Bosco College for providing me an opportunity to undergo summer training at Unicon Investment Solutions. I thank the Coordinator of the BBA Department at Don Bosco College Miss Sonia Lourenco, for her vital encouragement, support, and much needed motivation. I am thankful to zonal head of unicon investment Solution for his support, cooperation, and motivation provided to me during the training for constant inspiration, presence and blessings. I also extend my sincere appreciation to Miss Vanessa charity (lecturer,) our Project Guide, who provided their valuable suggestions and precious time in accomplishing my project report. Lastly, I would like to thank the almighty and my parents for their moral support and my friends with whom I shared my day-to-day experience and received lots of suggestion that improved my quality of work. THANK YOU FOR HELPING ME TO MAKE THE PROJECT A SUCCESS!


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this study initiates an analysis of customer relationship management on the Web sites of financial service businesses. Though investment in marketing. This means that it is basically based on the secondary source. but lower and generally inadequate communication. The basic objective behind the project is analyzing the Customer relationship management the factors affecting the Customer relationship management. sales and service innovation is limited under the existing financial and global political conditions. Ltd. The data for the analysis is taken either by the consulting the company’s employees or from the net. Also the topic related concepts are done on the basis of the secondary sources. content and context. the analysis of the study on large financial businesses in the United States indicates that the businesses enable higher commerce. . The analysis contributes an important insight into the competitive dynamics of customer relationship management for Web empowered financial service businesses striving to service the demanding affluent market.They will also come to know about the various factors which affect the Customer relationship management. So it is partially primary and partially secondary. This study furnishes an expanded framework to research customer relationship management of financial service businesses .Abstract: This project report is basically done on the Customer relationship management in UNICON Securities Pvt. The analysis part is done with the help of Microsoft EXCEL by computing the required output. Finally the conclusions and recommendations have been written on the self finding basis. connection and customization design on their Web sites. community. In the current period of constrained economic conditions. Customer relationship management is a critical differential that effects competitive edge for businesses focused on the affluent customer market. While doing this project the history and the company profile are basically searched either from the internet or by the literature review of the company.

ICICI. NFO. . HSBC.COMPANY PROFILE Company Profile: Basic Information: Company Name Business Type Product/Services Address Brands No of Employees Company website Unicon Investment Solutions Trading company. Debt Kotak. Gajendra Nagpal Trade & Market: South East Asia. Reliance. HDFC. Equity. Insurance. IPO.in Ownership & Capital: Year Established Registered Capital Ownership Type Legal Representative 2004 Above US $ 100 million Private Limitated Company Mr. Distributor/Wholesaler Mutual Funds. BSP etc Above 1000 people www.uniconindia.

Hyderabad and Noida. Ltd offers personalized premium services on the NSE. The equity broking arm – UNICON Securities Pvt. With a customer base of over 200000. and has its corporate office in Mumbai with regional offices in Kolkata. It also provides expert Advisory on life insurance. The commodity broking arm UNICON commodities Pvt. Ltd offers Services in commodity trading on NCDEX & MCX. currency derivatives to debt markets to corporate finance and portfolio management services. General insurance. It was founded in 2004 by two visionary and flamboyant entrepreneurs.The Company is headquartered in New Delhi. Gajendra Nagpal and Mr.Detail Profile: Unicon is a financial services company which has emerged as a one stop investment solution provider. Ram Gupta who possess expertise in the field of finance . The distribution network is backed by in – house back office support to provide prompt and efficient customer service. Mr. BSE & Derivatives market. the company is supported by more 3500 uniconians and has an extensive network of over 100 branches . The technology today has made it possible to reach out to the last . Chennai. commodities. UNICON can boast of some of the most respected names in the private equity space like Sequoia Capital and Nexus India capital as its shareholders. These services range from offline and online trading in equity. 600 plus business partner locations & 2500 remisers providing it with a national footprint. Unicon is a professionally managed company with outstanding managerial acumen and cumulative experience of more than 200 years in the financial markets. insurance products and property broking. mutual funds and IPO’S. the Unicon Group has an eye for the intricate financial needs of its clients and caters to both their short term and long term financial needs through a comprehensive bouquet of investment services. The UNICON Group Also has PCG division providing investment solutions for High Net worth Individuals. The company has a sizable presence in the distribution of 3rd party financial products like mutual funds. Unicon has been founded with the aim of providing world class investing experience to hitherto undeserved investor community.

person in financial market & give him the same level of service which was available to only the selected few.Founder & President Head. With their sophisticated technology we can trade through our computer & if we want human touch we can also deal through their relationship managers out of their more than 100 branches across the nation. Sandeep Arora Mr. Anurag Nayar - Mr. Y. Vikas Mallan Mr. Anjali Mukhija Mr. client service and employee development. efficiency & integrity.P. Ltd. BSE & Derivative market through their equity broking arm Unicon securities Pvt. Ram M Gupta Mr. Vijay Chopra Mr. Management Team: Name Mr. Trinadh Kiran - Mr.Alliances) Chief Technology Officer Head (Client Relations) Mr. Subhash Nagpal Ms. Mission of the company: To create long term value by empowering individual investors through superior financial services supported by culture based on highest level of team work. Ashish Kukreja - . They give personalized premium service with reasonable commissions on the NSE. Vision of the company: To provide the most useful and ethical investment solutions guided by values driven approach to growth.Fixed Income group Chief Operating Officer Chief Financial Officer National Head (E-Broking) Director (P & D) Chief Compliance Officer National Head (Buss. Gajendra NagpalMr. Narang Designation Founder & CEO Co.

Ms. Deepa Mohamed - Head (HR & Training) Group Companies: .

The Key products offering are as follows: • Equity.It is of two typesUnicon Plus-It is browser based trading terminal that can be accessed by a unique ID and password. General Insurance. Unicon is a customer focused financial services organization providing a range of investment solutions to our customers. Mutual Funds and IPO’s also.  Offline order placement facility. Features:  Trading at NSE. At the same time. They work with clients to meet their overall investment objectives and achieve their financial goals. Their clients have the opportunity to get personalized services depending on their investment profiles.  Proxy link to enable trading behind firewalls. .  Banking integration with ICICI Bank. HDFC Bank. Their personalized approach enables clients to achieve their total investment objectives.  Add multiple scrip’s on the market watch  Greater exposure for trading on the available margin.  Common window for display of market watch and order execution. AXIS Bank. BSE & Derivatives on single screen. This facility is available to all online customers the moment they get registered.  Stop – loss feature.Product &Services: Unicon customers have the advantage of trading in all the market segments in the same window. they have the advantage of having all Advisory services for Life Insurance.  Real time updating of exposure and portfolio while trading. as they understand the need of transactions to be executed with high speed and reduced time.  Competitive Brokerages.

greater analytical features & priority access to Relationship Managers. .  Facility to customize any number of portfolio & watch lists.  Greater exposure for trading on the margin available. You can walk in or place your orders through telephone at any of our branch locations. MCX) in one screen. Vijaya Bank etc.  Common window for market watch and order execution. Corporation bank.It is application based terminal for active traders. BSE & Derivatives on the single screen.  Tick by tick live updation of Intraday chart. Bank of India.  Common window for market watch and order execution. Features:  Trading at NSE. Karnataka bank. Features:  Live market watch for commodity market (NCDEX .  Key board driven short cuts for punching orders quickly.  Best 5 bids and offers.  Add any number of scrip’s in the market watch. It provides better speed. Axis bank.  Banking integration with ICICI Bank.  Facility to cancel all pending orders with a single click. updated live for all scripts.Unicon swift. • Commodity- Unicon offers a unique feature of a single screen trading platform in MCX and NCDEX Unicon offers both offline & online trading platforms.  Real time updation of exposure & portfolio.  Add any number of scrips in the market watch. HDFC Bank.  Tick by tick live updation of intraday chart.  Greater exposure for trading on the margin available.  Instant trade confirmations.

efficient and prompt depository process. Unicon is fast becoming the preferred “ Vendor Independent” distribution houses because of providing efficient service like free collection of cheques . as a depository participant. without any hassles. keeping track of the premiums etc. Depository offers a safe. Ltd. Unicon securities Pvt. to the customers. Unicon offers the following distribution products: IPO’s  Mutual Funds  Insurance  Properties • NRI service- With India becoming the epicenter of growth the Global Indian feels the needs to be connected to the domestic growth story. The company believes in efficient and cost-effective and integrated service support to its brokerage business. convenient way to hold securities as compared to holding securities in paper form. It has over 100 branches and a huge number of “ Business Development Executives” who help to source and service the customers throughout the country. It now offers a convenient and hassle free way of investing in the . will offer depository accounts for individual investors as well as corporate which will enable them to transact in the dematerialized segment. Keyboard driven shortcuts for punching order • Depository- It offers dematerialization services as a participant in central Depository Services Ltd through its Depository operations. • DistributionUnicon is a fast emerging as a leader in the insurance and mutual funds distribution space. Their service provides an integrated single platform for all their clients ensuring a risk free.

money market/fixed income instruments and merchant banking activities. • Fixed Income- The fixed income vertical of UNICON group deals in sovereign paper. Ltd Vivek Financial Focus Ltd Multiplex Capital Ltd Nikunj stock Broker Ltd O J financial services Ltd Elite stock management Ltd Mani stock brokers Ltd Trans Asia securities Pvt. Competitors of UNICON: • • • • • • • • • • • • • • India Bulls Reliance Money India infoline Narayan Securities Pvt.Indian securities Market to the people who are living outside India and wish to participate in the Indian growth story. Ltd SMC RR Centrum . • Back office- Unicon through its online back-office aims to increase the transparency and provides us the link to view the details of our account online any time and any where.

• Financial product penetration is low in Corporate Changes to be incorporated inMarket Plan Financial Plan • Increase financial awareness amongst • Better incentive plan to boost sales investors • Make efforts to increase overall • Promote financial planning and its productivity benefits • Increase Turnover • Penetrate retail in tier II and III cities • Increase Profit • Penetrate HNI and corporate segments within metro • Extend presence of brand in all states in India .SWOT ANALYSIS OF UNICON: Strengths Weakness • Professional Services • Lack of strong MIS framework • Customized solution to customer needs • Usage of manual paper based processes for reconciliation • Support of extensive network of 100 branches and 600 franchises across • Absence of sustainable source of India income • Strong brand Name • Regular information flow and research Opportunities Threat • Growing Indian economy and advent of • Global economic recession young investors • Financial Markets in hibernation • Savings of Indians are very high and • Enterprises in distress thus can be channelized investment • Financial intermediaries in pain • Financial product penetration is very low in Tier II and III cities.

• The main objective of the study is know the role of CUSTOMER RELATIONSHIP MANAGEMENT in UNICON Securities Pvt. . • Recruitment of quality manpower to IPO and fixed Deposit scheme improve sales • Improve motivation level within teams OBJECTIVE OF THE STUDY • To know about the potential of the market regarding people’s dealing in share market. • To know the procedure of CUSTOMER RELATIONSHIP MANAGEMENT in UNICON Securities Pvt. country and activate maximum number of branches • Cross selling between mutual funds. Ltd.Life insurance. general insurance. Ltd. • To know that how many people in the city are aware of the UNICON SECURITIES Pvt.Product Plan People Plan • Selling all products from every AMC • Increase team size to 250 across the and insurance companies. Ltd.

developing. it is essential to consider all of its components. companies gain a better understanding of their strongest and weakest areas and how they can improve upon these. The key objective is to increase customer value over time by increasing customer loyalty. It is a . The most common areas of business that are positively affected include marketing. In order to achieve better insight on CRM. Through correct implementation and use of CRM solutions. Customer Relationship Management (CRM) as the name suggests. it also improves business processes as well as its profits. and customer service strategies. CRM is a more efficient automated method used to connect and improve all areas of business to focus on creating strong customer relationships. The focus of relationship marketing is on developing long-term relationships and improving corporate performance through customer loyalty and customer retention. Customer relationship management (CRM) is a business strategy that spans your entire organization from front office to back-office. customers gain better products and services from their businesses of choice. the primary focal point is placed on the customer. If a company develops better customer relationships. Therefore. and acquire greater business to customer relationships. and maintaining successful customer relationships. CRM helps create time efficiency and savings on both sides of the business spectrum. In general. sales. improve. All forces are coupled together to save.Customer Relationship Management Customer Relationship Marketing is a practice that encompasses all marketing activities directed toward establishing.

but is not limited to. • Reach more customers more effectively. increase the value of the customer to the company. But buying habits are sometimes difficult to understand. Today’s customers face a growing range of choices in the products and services they can buy. increase customer retention and boost customer loyalty by leveraging opportunities to up-sell and cross-sell and driving repeat business at lower cost. and any channel access to accurate information and more personalized service. improving customer service. reliably and consistently: • Delight your customers every time they interact with your business by empowering them with anytime. • Drive improvements in business performance by providing your customers with the ability to access more information through self-service and assisted-service capabilities when it is convenient for them. A good CRM program will allow a business to acquire customers. Each consumer has a specific behavior. The right CRM strategy and solutions can help you securely. value. They base their choices on their perception of quality. retain good customers. anywhere. means managing all interactions and business with customers. to establish a relation between the company and its clients. Therefore companies always want to gain some insight about consumer behavior and habits in order to better control this behavior. This includes. and service. • Enable virtualization in your enterprise as more of your people and resources extend beyond your offices and around the world. • Balance sophisticated functionality with rapid implementation and effective support for a faster return on your CRM investment. in its broadest sense. and determine which customers can be retained or given a higher .commitment you make to put customers at the heart of your enterprise. Having an impact on consumer behavior means being able to change consumer’s perception of the product or service. service the customer. Purpose of CRM CRM.

• • • • • Key CRM principles • Differentiate Customers . and all users of the system see the same view of the customer (reduces confusion). Identify how each individual customer defines quality. • Provide a fast mechanism for handling problems and complaints (complaints that are resolved quickly can increase customer satisfaction).level of service. repurchase times. 7 days a week. The CRM program can be integrated into other cross-functional systems and thereby provide accounting and production information to customers when they want it. Provide a user-friendly mechanism for registering customer complaints (complaints that are not registered with the company cannot be resolved. and technical assistance on web sites that are accessible 24 hours a day. and on-going support (improve efficiency and effectiveness). before they occur. product use information. Use internet cookies to track customer interests and personalize product offerings accordingly. Provide a fast mechanism for managing and scheduling maintenance. and do it in an integrated way so that all sources and types of contact are included. repair. Use the Internet to engage in collaborative customization or real-time customization. and are a major source of customer dissatisfaction). • • Help to identify potential problems quickly. and repurchase frequencies. repurchase probabilities. • • • Provide a mechanism to track all points of contact between a customer and the company. Provide a fast mechanism for correcting service deficiencies (correct the problem before other customers experience the same dissatisfaction). A good CRM program can improve customer service by facilitating communication in several ways: • Provide product information. Provide a fast mechanism for managing and scheduling follow-up sales calls to assess postpurchase cognitive dissonance. and then design a service strategy for each customer based on these individual requirements and expectations.

High value customer requiring low value service. Besides for the same product or the service not all customers can be treated alike and CRM needs to differentiate between a high value customer and a low value customer.Lifestyle and age . • Maximizing Life time value Exploit up-selling and cross-selling potential. marketers can maximize share of purchase potential. By identifying life stage and life event trigger points by customer. Keeping Existing Customers Grading customers from very satisfied to very disappointed should help the organisation in improving its customer satisfaction levels and scores. Tastes.Sensitivities. Thus the single adults shall require a new car stereo and as he grows into a married couple his needs grow into appliances. recognize and reward best customers disproportionately. Preferences and Personalities . High value customer requiring high value service. Any company will like its mindshare status to improve from being a suspect to being an advocate. Company has to invest in terms of its product and service offerings to its customers. As the satisfaction level for each customer improves.Culture Background and education . And the same customers’ reaction to a cellular company operator may be quite different as compared to a car dealer. • Increase Loyalty Loyal customers are more profitable. What CRM needs to understand while differentiating customers is . Low value customer with potential to become high value in near future. It has to innovate and meet the very needs of its clients/ .All customers are not equal. so shall the customer retention with the organisation. Understanding each customer becomes particularly important.Physical and psychological characteristics • Differentiating Offerings     • Low value customer requiring high value customer offerings.

2. data mining. Learning from customers and prospects. and other data so they can better anticipate what customers will want. Deeper understanding of customers. Increased efficiency through automation. there are many potential benefits. A major benefit can be the development of better relations with your existing customers. preferences. However. complaints. CRM "allows companies to gather and access information about customers' buying histories.customers so that they remain as advocates on the loyalty curve." Other benefits includes: • • • • • • Faster response to customer inquiries. call centers and other intelligence-based applications. Identifying the most profitable customers. (having in depth knowledge of customer) Creating value for customers and prospects Creating loyalty Acquiring new customers Creating profits Acquiring new customers Why CRM is necessary? Several companies are turning to customer-relationship management systems and strategies to gain a better understanding of their customer's wants and needs. 3. which can lead to: . Referral sales invariably are low cost high margin sales. 4. Increased marketing and selling opportunities. 5. 6. Summarizing CRM activities The CRM cycle can be briefly described as follows: 1. Receiving customer feedback that leads to new and improved products or services Benefits of CRM Implementing a customer relationship management (CRM) solution might involve considerable time and expense. The goal is to instill greater customer loyalty. Used in association with data warehousing.

marketers aim to fulfill the unique needs of each mass-market customer. CRM Programs One-to-one Marketing Meeting and satisfying each customer’s need uniquely and individually. and technology can make it easier to find out more about customers and ensure that everyone in an organisation can exploit this information. Customer needs change over time. Information on individual customers is utilized to develop frequency marketing. Even with years of accumulated knowledge. In the mass markets individualized information on customers is now possible at low costs due to the rapid development in the information technology and due to availability of scalable data warehouses and data mining products. . there's always room for improvement. Known as Key Account Management Program. The more you know about your customers. ensuring that your good reputation in the increased value from your existing customers and reduced cost associated with supporting in order to win more business in the future • marketplace continues to grow • and servicing them.• • • • • increased sales through better timing due to anticipating needs based on historic trends identifying needs more effectively by understanding specific customer requirements cross-selling of other products by highlighting and suggesting alternatives or enhancements effective targeted marketing communications aimed specifically at customer needs a more personal approach and the development of new or improved products and services enhanced customer satisfaction and retention. and after marketing programs in order to develop relationship with high-yielding customers. efforts can be concentrated on finding new customers and expanding your market. here marketers appoint customer teams to husband the company resources according to individual customer needs. interactive marketing. By using online information and databases on individual customer interactions. increasing your overall efficiency and reducing total cost of sales Once your business starts to look after its existing customers effectively. In the context of businessto-business markets. individual marketing has been in place of quite sometime. the easier it is to identify new prospects and increase your customer base.

Collaborative . two types of partnering programs are most common: co-branding and affinity partnering. The basic premise of continuity marketing programs is to retain customers and increase loyalty through long-term special services that has a potential to increase mutual value through learning about each other. Planning of CRM There are three parts of application architecture of CRM: • • • Operational . service) Analytical . post) Operational CRM Operational CRM means supporting the "front office" business processes. regardless of the touch point. email.support to analyze customer behavior. web. SMS.ensures the contact with customers (phone. sales. Partnering Programs The third type of CRM programs is partnering relationships between customer and marketers to serve end user needs. The operational part of CRM typically involves three general areas of business: • Sales force automation (SFA) . marketing and service).Continuity Marketing Programs Take the shape of membership and loyalty card programs where customers are often rewarded for their member and loyalty relationships with the marketers. Enables a 360-degree view of your customer while you are interacting with them. Sales people and service engineers can access complete history of all customer interaction with your company. In the mass markets. as well as the information necessary for carrying out the tasks and interfaces to back-end applications are being provided and activities with customers are being documented for further reference. Operational CRM provides the following benefits: • • • Delivers personalized efficient marketing services through multi-channel collaboration. which include customer contact (sales. implements business intelligence. Tasks resulting from these processes are forwarded to resources responsible for them.automation to the basic business processes (marketing. fax.

including competitors. Key infrastructure requirements of SFA are mobile synchronization and integrated product configuration. contact management. and predictive modeling occurs on the analytical (Business Intelligence) side. and also keeping all information of a customer in one place. face-to-face. keeping track of customer preferences. and information requests. Functions include demographic analysis. variable segmentation.CRM solutions can also be used to allow customers to perform their own service via a variety of communication channels. product returns. SFA tools are designed to improve field sales productivity. data gathered within operational CRM and/or other sources are analyzed to segment customers or to identify potential to enhance client relationship. forecasting. sales administration. you might be able to check your bank balance via your WAP phone without ever having to talk to a person. Many call centers use CRM software to store all of their customer's details. buying habits. Traditional internal help desk and traditional inbound call-center support for customer inquiries are now evolved into the "customer interaction center" (CIC)." This is because they deal directly with the customer.SFA automates some of the company's critical sales and sales force management functions. The intent of EMA applications is to improve marketing campaign efficiencies. Analytical CRM In analytical CRM. industry trends. • Enterprise marketing automation (EMA) EMA provides information about the business environment. lead/account management. for example. saving money for the company. kiosk. a company aims to make cost savings. Key infrastructure requirements of CSS include computer telephony integration (CTI) which provides high volume processing capability. and saving your time. and macro-environmental variables. Integrated CRM software is often also known as "front office solutions. and also encourage new customers. quote management. and demographics. phone/fax. Customer analysis . For example. When a customer calls. using multiple channels (Web. By serving the customer quickly and efficiently. It is the execution side of campaign and lead management. complaints. the system can be used to retrieve and store information relevant to the customer. etc). • Customer service and support (CSS) CSS automates some service requests. as well as performance management. and reliability.

performance etc. Analysis of Customer data may relate to one or more of the following analyses: • • • • • • • • • • Contact channel optimization /Contact Optimization Customer Acquisition / Reactivation / Retention Customer Segmentation Customer Satisfaction Measurement / Increase Sales Coverage Optimization Fraud Detection and analysis Financial Forecasts Pricing Optimization Product Development /Program Evaluation Risk Assessment and Management Data collection and analysis is viewed as a continuing and iterative process. reporting. Therefore. Modification: Altering details of the transactional nature of the customers' relationship.typically can lead to targeted campaigns to increase share of customer's wallet. based on feedback from earlier analysis and decisions. . business decisions are refined over time. Predictive modeling of customer attributes Strategy and research. metrics. most successful analytical CRM projects take advantage of a data warehouse to provide suitable data. Examples of Campaigns directed towards customers are: • • • • Acquisition: Cross-sell. Information: Providing timely and regular information to customers. Business Intelligence is a related discipline offering some more functionality as separate application software. Analysis typically covers but is not limited to: • • • Decision support: Dashboards. up-sell Retention: Retaining customers who leave due to maturity or attrition. Ideally.

Collaborative CRM Collaborative CRM facilitates interactions with customers through all channels (personal. by allowing people to manage more business with less effort. CRM software automates many of the needs of Marketing. CRM software is essentially meant to address the needs of Marketing. web. share and manage automated alerts on lead data as it passes through the sales pipeline. conversational and/or transactional in nature. and losing fewer customers. customers. fax. Collaborative CRM provides the following benefits: • • • • Enables efficient productive customer interactions across all communications channels Enables web collaboration to reduce customer service costs Integrates call centers enabling multi-channel personal customer interaction Integrates view of the customer while interaction at the transaction level Customer relationship management software Customer relationship management software is defined as business management and automation of the front-office divisions of an organization. processes and data together so companies can better serve and retain their customers. and tools to capture. partners. never losing data on customers to eliminate deals slipping through the cracks and by providing good customer support to maintain the relationship with the customer for years to come. in order to provide better customer relations and grow revenues by creating more sales.e. letter. CRM software provides a standard framework for pushing leads through a sales pipeline and managing it amongst many stakeholders in real time. Sales & Distribution and Customer Service and Support divisions within an organization and allow the three to share data on prospects. CRM software helps organizations achieve the goal of excellent customer relations by measuring key performance indicators collected by the CRM software about customer lifecycle behaviour to isolate those marketing campaigns that drove the most and best quality leads. It is a solution that brings people. unstructured. . phone. The purpose of CRM software is to manage the customer through the entire lifecycle. i. Sales and Support users. from prospect to qualified opportunity to order. such as Telephony. or the ability to conduct phone calls and manage call data. competitors and employees. e-mail) and supports co-ordination of employee teams and channels. The data/activities can be structured.

• Is your software user friendly? If you can't effectively use the software why use it? CRM software training is usually available by contacting the vendor and asking for recommended referrals. How do you choose CRM Software? • Does the emphasis of the CRM software package match the emphasis of your CRM objectives? Identify your specific objectives and verify your CRM software can meet those needs. (preferably three or four companies in similar size and scope).see the status of all pending sales and potential revenue of entire pipeline CRM Software Automated Processes • Remote Web Synchronization.centralize. trackability and detailed follow-up capabilities. manage and simplify access to critical business information Industry Templates and Form s.allows access to a database of industry specific CRM forms • . • How do other companies feel about the software? Call the provider company and ask for a number of preferrals.automatically follow-up with leads generated from your site Automated Process Management .Successful launch of a CRM software campaign requires a strong CRM plan for your business. Key components of CRM software History and Trend Management • • History Tracking . CRM software can offer incredible accuracy.get instant perspective into all customer interactions Trend Management.allows consistent communication with customer based on user-defined criteria • CRM software Data-base Information • Centralized Information . with complete objectives and clear priorities.

• Not all CRM software packages are the same. .keep calendar and contact information up-to-date on your PDA or laptop while you travel Remote Access Capabilities .CRM Software Sales and Marketing Analysis • Sales & Quota Analyses .Accessing information With information collected and stored centrally. closed sales. Stage three . Stage one .Collecting information The priority should be to capture the information you need to identify your customers and categorise their behaviour. moving from collecting information about your customers and processing it to using that information to improve your marketing and the customer experience. ensuring that everyone uses up-to-date information.view forecasted sales.Storing information The most effective way to store and manage your customer information is in a relational database a centralised customer database that will allow you to run all your systems from the same source.track responses to identify effective campaigns • CRM Software Mobil Technology Capabilities • Synchronization Wizard .access your CRM software through the internet. and comparisons between sales and quota Leads Analysis . CRM Advisor suggests a thorough evaluation is done comparing multiple CRM software packages. Those businesses with a website and online customer service have an advantage as customers can enter and maintain their own details when they buy. Stage two . They will greatly range in price and capabilities. the next stage is to make this information available to staff in the most useful format. How to implement CRM The implementation of a customer relationship management (CRM) solution is best treated as a six-stage process.

It's unavoidable that you will have to do some customization. personalization engine). you can begin to profile customers and develop sales strategies. you can reward and target your most valuable customers. but. a small number of complaining customers often take up a disproportionate amount of staff time. Customization is not only expensive when you first . by working with vendors that have partnerships and interfaces with your existing vendors and their software — or with vendors that have partnerships with the ASPs that host your existing solutions — you can keep customization to a minimum. Using CRM to gain a better understanding of your customers' needs. etc. or OMS.  Purchasing or Licensing Software Owning the software and running it on your own servers is ideal if you have highly customized enterprise resource planning. including customer-service representatives.Stage four . OMS. If you have third-party software for your back-office processes (accounting. If their problems can be identified and resolved quickly. Types for implementing CRM The final way to implement CRM is to find a full-service vendor of customer-service solutions. then you should be able to find CRM software that works with at least some of your systems without extensive customization. Stage six . however. checkout. desires and selfperception. software. then you won't need any customerservice infrastructure.Marketing more effectively Many businesses find that a small percentage of their customers generate a high percentage of their profits. or ERP.) and your frontend systems (content management. Stage five . merchandising.Analysing customer behaviour Using data mining tools in spreadsheet programs. e-mail handling. If you outsource your CRM. or order-management system. ERP. real-time chat and even creation of a knowledge base for your site. your staff will have more time for other customers.Enhancing the customer experience Just as a small group of customers are the most profitable. you will need to make sure that your marketing teams can access the business-intelligence components. which might include phone assistance. which analyse data to identify patterns or relationships.

There aren't any of the privacy issues that might arise from having your data residing with a third party. and you can't necessarily get it fixed. If you already have a customer-service department with trained associates. but it's also expensive every time you try to apply a patch or an upgrade. requiring integration between the order-management system and the CRM system. If the customer database doesn’t talk to the CRM system. the vendor hears your requirements for new features and your complaints about existing functionality When you work with an ASP. your CSRs need to know what a customer has purchased to handle inquiries from that customer. the first thing you'll want to know is the degree to which you can customize the interface and the software so that your other business software will talk to your CRM software. With one type. The disadvantage of the second type is that when something isn't working with the software. Second. the cost of getting started is usually low — certainly much lower than the cost of implementing software on your own servers. of which ShopTok is one example.install third-party software. After all. the implementation time is usually short.  CRM Via ASP Only recently have CRM services become available via an ASP. Finally. The advantages of purchasing or licensing the software and implementing it on your own servers are that you have complete control over the software and over the data. The other type hosts a best-of-breed third-party solution. First. you don't always know whether the problem rests with the ASP or with the software. There are several advantages to either kind of ASP described above. no additional infrastructure or support are required from your IT department. There are two kinds of ASPs providing CRM solutions. the ASP hosts its own CRM software. and you don't expect rapid growth — or you believe you're equipped to handle rapid growth — then there's no point in paying to train CSRs elsewhere. some ASPs will tell you that they'll . With ASPs that host their own software. However. then your marketing department can’t segment customers based on purchases and use the analytical tools frequently built into CRM software to make intelligent decisions on what kind of promotions to make to attract the highest-value customers.

strategic partners. in which case you don't get to take advantage of speed. Critical Success Factors for Implementation of CRM Systems Critical success factors have been defined as the elements that make a project a success. Includes the timely reporting of the project status with accurate information. of course). Rather than choosing the software and the ASP separately. The ability to grow quickly can be an advantage for any size Web merchant.  Outsourcing Customer Service While you can outsource customer service. you can't outsource business intelligence. which is the strategic component of CRM. For this to occur. which is one component of CRM. government. and top management support. . The cost associated with outsourcing CRM is usually a significant startup cost for developing your materials. let the software dictate the ASP you select. employees. If you don’t need to integrate with existing systems. These include trust. their training materials and your knowledge base. but be aware that this will eliminate the advantage of a quick implementation. proper measurement tools and metrics must be utilized to effectively control the project. The pay-as-you-go model can be very attractive to smaller merchants. then a monthly fee based either on the number of hours of CSR you want available or on the number of calls/messages they receive for your site. then the fastest route to take is to outsource your customer service to a full-service provider who will give you Web access to the business-intelligence tools. lower entry costs and CSRs who already know the software. or experienced tech support. effective communication. including top management and all management levels. and as the ‘events and conditions in a few key areas which absolutely must go right for the business to succeed’. Some are also willing to purchase and install the CRM software of your choice on their servers. and investors. reduced cost. Most full-service customer-service providers will work with the bestof-breed CRM vendors and offer you a choice of CRM systems with which to manage your customers. The key CSF for CRM projects are:  Key Stakeholder Support Support from all stakeholders in the organization.implement whatever CRM software you'd like (at your expense. suppliers. or you only need limited integration.

such as a VP or sales/marketing. resulting in failure .  Clearly Defined Objective A clearly defined mission with a set of defined goals and objectives communicated to all stakeholders through clearly defined communication channels. with appropriate analysis of resource requirements. Challenges of CRM Implementation Organizations face a number of key challenges in implementing CRM systems. equipment and expertise available with appropriate support structures in place.  Managing Change Project changes are implemented through a formally defined process with appropriate approvals sought. with alignment of project and corporate goals. Sufficient Resources Resources of money. and rarely produce an enterprise view of customers  Lack of customer centric culture An acceptable return on investment will no be achieved if the organization does not have a strong customer centric culture  Inappropriate design approach CRM is designed to model a single functional view not an enterprise wide customer view. Includes time and budget allocations for training. Any scope changes are mutually agreed and documented. This is managed through a detailed project plan. These include:  Methodology driven by end users IT personnel do not have knowledge or authority to influence corporate decision makers  Lack of executive sponsorship CRM projects are mostly driven by a functional head.

The disparate needs of sales. it is important for organizations to realize that a CRM system implementation will only succeed when it is supported by a customer focused organizational culture. becoming an enabler for communication between the organization and its customers. and within the organization itself.  Solutions that have been designed specifically for the institutional asset management market reflect the development they have gone through to meet the evolution of their users’ requirements. Over automation Focus on functionality and process design leads to highly automated business functions Lack of network infrastructure Inadequate IT infrastructure and networking facilities prevent the CRM from being implemented enterprise wide As can be seen from the challenges faced. product mix. and business philosophy. and portfolio managers dictate that an optimal solution for one suboptimizes the solution for others. technology infrastructure. look more like those of a business-to-business application. These disparate needs are reflected in the way they patch together proprietary solutions. with its complex relationship management requirements. Integrated portfolio management solutions have historically taken an account-centric approach to CRM installations. While a business-to-consumer model with hierarchical aggregation of relationships characterizes CRM for retail investment management firms. while stand-alone vendors have approached the issue from a sales force automation perspective. Additional Information Highlights  The CRM needs of the institutional asset management industry are based on the distinct interactions its organizations have with their clients. they offer an amalgamation of .  Each institutional asset manager has distinct requirements based on its size. The CRM system will be the main driver for a paradigm shift. These approaches largely define the respective strengths of the vendor alternatives. and horizontal CRM solutions or customize portfolio accounting applications. There is no silver bullet or magic pill to solve the client sales and relationship management needs of the institutional money management market. As a result. business processes. the needs of the institutional investment management industry. client service.  CRM solutions targeted at the institutional asset manager are offered as both stand-alone solutions and integrated modules of portfolio management solutions. sales force automation solutions.

But. Shani and Chalasani define relationship marketing as “an integrated effort to identify. maintain.just like a manufacturing process in a factory. companies go through meticulous processes to gradually and consistently mature into an “organization for the customers”. Yet. viewpoint is to consider CRM only as customer retention in which variety of after marketing tactics is used for customer bonding or staying in touch after the sale is made. Yes. it will be useful to define what CRM is. document management. individualized and value-added contacts over a period of time”. but regularly and consistently over the lifetime of your customer and beyond. more than three quarters of the money and time spent by companies go towards acquiring and retaining customers. how would you mature into a customer-focused or customer-centric organization? The answer is: By reading and understanding your customers. In today’s hyper competitive scenario. This is the raw material. Customer Insight goes through a set of processes to get converted into Customer Loyalty. This is more a conversion process rather. enjoy a better competitive position. A narrow perspective of customer relationship management is database marketing emphasizing the promotional aspects of marketing linked to database efforts. through interactive. since the end product is Customer Loyalty! Over decades. This is proved time and again. Reading the customer demographics and understanding their needs (both explicit and implicit) is what customer insight is all about. Customer insight is the basic point or the foundation for building a customer centric organization. process and people to obtain the final outcome . The set of processes include use of machine. most organizations miserably failed in their efforts.the finished product. this is all you need to do! And this you need to do not just once. and sales force automation functionality Before we begin to examine the conceptual foundations of CRM. Customer-centricity has become the buzzword and the ones with clear and relentless focus on customers. yet relevant. and build up a network with individuals consumers and to continuously strengthen the network for mutual benefit of both sides.contact management. The machine here is technology - . Everything in the value chain revolves around this. many organizations had successfully completed the conversion process and tasted higher returns. Another narrow.

This whole scheme of activities that begin from customer information and end in processes and interactions that result in customer loyalty .the objectives.the resources. strategy and culture.those who are trained to efficiently carry out the conversion process. sales and service processes. Marketing productivity is achieved by increasing marketing efficiency and by enhancing marketing effectiveness. preserve use the data in a way they want. CRM is unique in the respect that it follows a set of predetermined processes to accumulate and manage customer data. A managerial tool was needed to perform the director’s role in order to decide the path and processes. the purpose of CRM is to improve marketing productivity. tailor-made or hand made depending on the specific objectives it is set to achieve. These lead to superior value . what is required to do it . provided that an enterprise has the right leadership. CRM is defined as: “Customer relationship management (CRM) is a business strategy to acquire and manage the most valuable customer relationships. is what CRM is all about. process .the custom made steps based on set objectives. which was hitherto unpracticed. data warehousing and thus data base management techniques were born. In CRM. CRM relies on customer data to create customer loyalty.in entirety. CRM gives a framework for the activities. how to do it . marketing efficiency is achieved because cooperative and collaborative processes help in reducing transaction costs and overall development costs for the company. technology came to the rescue with exclusive methods called data mining. Technology is mechanistic and didn’t know what is required and what is not. and people .the people.information technology to be precise. CRM applications can enable effective customer relationship management. who should do it .the processes. Hence. Thus CRM was engineered as a tool to manage customer data using IT-enabled techniques. When companies understood the need to obtain and maintain customer data.the time frame. how long to do it . It decides on what to do . which was exhaustive and scattered in nature and were desperately looking for a tool that could compile. Two important processes for CRM include proactive customer business development and building partnering relationship with most important customers. CRM could be ready made.” As is implicit in the above definition. The concept of CRM was again the result of an evolution born out of necessity. CRM requires a customer-centric business philosophy and culture to support effective marketing.

The result is customer dissatisfaction and eventual loss of revenue. Weak leadership could cause problems for any CRM implementation plan. Poor communication can prevent buy-in. he is a part of the organisation. There could be a lack of commitment from people within the company to the implementation of a CRM solution. The basic concept is that the customer is not someone outside the organisation. Send your teams back to the drawing board to come up with a solution that will work. don't do it. unless everyone in the business is committed to viewing their operations from the customers' perspective.creation. In order to make CRM work. Trying to implement CRM as a complete solution in one goes is a tempting but risky strategy. Adapting to a customer-focused approach may require a cultural change. all the relevant people in your business must know what information you need and how to use it. If a proposed plan isn't right for your customers. It is better to break your CRM project down into manageable pieces by setting up pilot programs and . There is a danger that relationships with customers will break down somewhere along the line. The onus is on management to lead by example and push for a customer focus on every project. Problems and Drawbacks There are several reasons why a customer relationship management (CRM) solution might not have the desired results.

coupled with a lack of planning and insufficient reporting and control • • Team Members Data & Warehouse Requirements Lack of support. In this way. identifiable individuals. the organization is aware of those factors by which success can be measured. Consider starting with a pilot project that incorporates all the necessary departments and groups but is small and flexible enough to allow adjustments along the way. Reasons for CRM Implementation Failure An understanding of the challenges and critical success factors is paramount to project success. and make sure that you can expand your systems if necessary. with unrealistic goals. see their guide on how to comply with data protection legislation. and will ensure the CRM system is implemented in a manner to satisfy all stakeholders. lack of communications and changing business needs • Project Management Misalignment between project and business requirements. inconsistent data between different systems . with limited involvement of customer facing personnel in the design and implementation phase • Organizational Management Lack of support and understanding form senior management. You need to carefully consider what data is collected and stored to ensure that only useful data is kept. and lack of technical knowledge Poor quality data. lack of CRM understanding. timelines.short-term milestones. For more information. Don't underestimate how much data you will require. Avoid adopting rigid rules which cannot be changed to be more flexible to the needs of individual customers. incentives. You must also ensure you comply with the eight principles of the Data Protection Act that govern the processing of information on living. The main reasons for CRM failures include: • Customer focus Organizational culture is not customer focused.

nor on the dynamics of how these parameters may change over the project life cycle. all encompassing strategy that focuses on key stakeholder requirements. behavior and attitude are not being implemented. Hence CRM is failing due to two primary reasons: a) technical. critical success factors. retention. Call Centre . in failed projects. due to the size. and tend to invest inadequately in the provision of CRM software. or not taken into account. project drivers. there is little or no alignment between stakeholders on success criteria. CRM is failing because the correct capabilities are not being built at the enterprise level. implement. no prototyping or testing. misunderstanding technical requirements. Customer relationships are increasingly sustained by information systems. and it has sufficient depth to understand the customer and accurately anticipate their behavioral patterns in future. systematic collection of information that is properly evaluated and compared against different points in time. lack clearly defined business objectives. What is required is a coherent. The requisite changes in organizational culture. The customer database helps the company to plan. Customer data strategy should focus on processes to manage customer acquisition. The requirements of the customer are either misunderstood. and lack of knowledge of technology. and development. with less than optimum system design and implementation. Companies underestimate the complexities of CRM projects. performance metrics. Tools for CRM Customer database A good customer information system should consist of a regular flow of information. complexity. Overall. due to general change management issues in the organization. The result is an inconsistency in focus. and b) human behavior. and monitor customer contact.• Technical Factors Short term solution focus not aligned to long term architectural infrastructure growth. Companies are increasingly adding data from a variety of sources to their databases.

This integration of CRM with ERP helps companies to provide faster customer service through an enabled network. with work stations that include a computer. A call centre is operated by a company to administer incoming product support or information inquiries from consumers. Therefore. where as CRM automates the relationship with customer covering contact and opportunity management . a telephone set/headset connected to a telecom switch. A call centre is often operated through an extensive open workspace. inventory. pre-sale and post-sale services and complaint handling by providing an integrated view of the customer. It is necessary that the two systems integrate with each other and complement information as well as business workflow. It can be independently operated or networked with additional centres. Most major businesses use call centres to interact with their customers. Systems Integration While CRM solutions are front office automation solutions. mail order catalogue firms. including mainframes. Increasingly. marketing and product knowledge. and customer support for computer hardware and software. collective handling of letters. Outgoing calls for telemarketing. Some businesses even service internal functions through call centres. In addition to a call centre. . microcomputers and LANs. customer order processing and fulfillment. which can direct all customer queries and issues through appropriate channels to the right place for speedy resolution. ERP is back office automation solution. and one or more supervisor stations. This will help the company in tracking and correcting the product problems reported by customers by feeding this information into the R&D operations via ERP. faxes.A call centre is a centralized office used for the purpose of receiving and transmitting a large volume of requests by telephone. sales forecasting. clientele. Examples include utility companies. finance. CRM and ERP are complementary. and e-mails at one location is known as a contact centre. often linked to a corporate computer network. the voice and data pathways into the centre are linked through a set of new technologies called computer telephony integration (CTI). installation. Examples of this include help desks and sales support. An ERP helps in automating business functions of production. delivery. and debt collection are also made. sales force management. order fulfillment and human resource giving an integrated view of business.

Data mining helps in the process of understanding a customer by providing the necessary information and facilitates informed decision-making.Data Mining for CRM: Some Relevant issues Data mining is an important enabler for CRM. Advances in data storage and processing technologies have made it possible today to store very large amounts of data in what are called data warehouses and then use data mining tools to extract relevant information. .

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