CRM
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Customer Relationship Management (CRM) involves integrating sales, marketing, and customer service strategies using methodologies and software to efficiently manage customer relationships. CRM functions include operational CRM like marketing automation, sales force automation, and customer service, as well as analytical CRM like data warehousing and data mining. CRM aims to acquire customers, extend relationships through cross-selling and up-selling, and retain customers through understanding their needs. Key challenges are integrating customer information across channels and systems and ensuring end-to-end business process integration between departments like sales and service.
CRM
- 1. 1 Customer Relationship Management (CRM) Presented By: JAYA IMB2014006 SONAM SHARMA IMB2014007
- 2. 2 CRM Definition: An integrated sales, marketing & service strategy “Methodologies, software and usually internet capabilities that help an organisation manage customer relationships in an efficient and organised manner”
- 4. 4 Operational CRM MARKETING AUTOMATION designed to get the right mix of the company’s products and services in front of each customer at the right time SALES FORCE AUTOMATION Collaborative tools that enable all parties to the transaction to interact with one another CUSTOMER SERVICE AND SELF-SERVICE Serving existing customer base through problem resolution systems, workflow automation and field service dispatch systems Capabilities that can be directly invoked by the customer on the internet via PC and wireless devices
- 5. 5 Analytical CRM DATA WAREHOUSE A process of assembling disparate data from all over the company transforming it to a consistent state for business decision making and empowering users by providing them with access to this information from multiple applications DATA MINING The process of extracting and presenting new Knowledge, previously unpredictable, selected from databases for actionable decisions.
- 6. 6 CRM - Stages 1. Customer Acquisition: Promotion of products – build a relationship – first date 2. Customer Extension: An established relationship – cross-selling & up-selling 3. Customer Retention: Adapt to customer requirements – requires a complex understanding of customer needs.
- 7. 7 CRM Challenges • Integrating customer content All interactions and knowledge about customers must be synthesised and stored in a way that anyone in the organization with a need to know can access that information in real-time and in a way that supports that current problem. Currently most organizations cannot do this or are even close to this • Contact management The channels that customers use to contact an organization are increasing –Web, call centre, fax, email, voice message etc. These technologies must be integrated so that staff can access the details regardless of channel. Consistent business rules need to be applied across all channels of contact • End-to end business processes Business processes must be integrated and consistent e.g. sales and service. The service staff must have access to sales details and commitments and apply consistent rules of dealing with the customers. This requires much more integration between processes than is current.
- 8. 8 CRM Difficulties • CRM requires major integration of systems which few companies have • CRM requires turning round existing systems to store, record and retrieve on a customer-centric basis • CRM requires people to stop thinking about departmental boundaries and to start thinking about how as a team the company can help the customer
- 9. CRM: PROS and CONS PROS CONS CRM offers the advantage of gaining customer loyalty. A good CRM associated with a good tool ensures companies to have a good view over the list of customers and ensures a better and more targeted communication. CRM also ensures enhanced productivity. By fostering customer's loyalty, the company spends less time acquiring new customers and saves time on other projects. 9 • CRM requires major integration of systems which few companies have • CRM requires turning round existing systems to store, record and retrieve on a customer-centric basis • CRM requires people to stop thinking about departmental boundaries and to start thinking about how as a team the company can help the customer
- 10. BUSINESSES THAT USE CRM Any businesses that have a sales team –CRM can help salespeople to identify various trends in their customers behaviour it can assist them when selling products. Any businesses that use any form of marketing – when using a good business CRM solution businesses can use sales information from customers records to finely tune theirMARKETING campaigns. Any businesses that create quotes and invoices – having a built-in invoicing tool in CRM software programs that is used daily can really speed up the quality and invoicing process. Using just one software program to do everything in a business can increase productivity dramatically. Any businesses that want to show their customers that they are a priority – customers like to feel as though they are wanted, and using CRM can do this. 10
- 11. Example: Marriott International A year into its implementation of Siebel Systems Inc.'s CRM package, Marriott has put the tool in the hands of 2,000 salespeople and events-booking staffers. Marriott also relies on NetMarketplace sales and catering software to link the inventory at its hotels into a single database that allows for cross-selling and centralized account management of business groups and meetings. It is also planning upgrades to central reservations, revenue and property management, and CRM systems. For example, the property-management system is used around the world to manage everything from room inventory to kitchen supplies. 11
- 12. 12 The End