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CRM - Costly, Redudant, and Meaningless?
Transcript of CRM - Costly, Redudant, and Meaningless?
-Bill Gates 'OO + NT = EOO'
(Old Organization + New Technology = Expensive Old Organization)?? - PWHC "…. dissatisfied customers would tell between 7-10 people while a satisfied customer would recommend a company to 3-4 of their friends".
– PIMS How is CRM defined? Core business strategy built around the concept of improved customer service by using technology to organize, automate, and synchronize internal and external business processes and networks. New
Customers Well-defined business processes The right skill sets and
mindsets Integrated multichannel strategy Prospects (cc) photo by tudor on Flickr Effective customer segmentation The right
technology Existing Customers What's the secret recipe? Misconception - Is CRM purely about IT? NO! - IT is simply a facilitator. CRM is based on people developing and implementing customer value through high quality customer-related data and enabled by information technology.
Most important: development of relationships with and retention of highly valued customers (involves behavioral changes, but not necessarily technology). Proximity to
the market The Past Business Environment Face-to-face,
accessible The New Business Environment Limited choices
for customers - more patience Customers
than ever Expect
24/7 service Customers
and culturally Do MORE with LESS resources... Customers
#s" Customers = unique Goal is to...
find, attract, and win new clients,
nurture and retain those existing,
entice former clients to return,
reduce the costs of marketing and client service, and
boost long-term customer loyalty. Forming a Customer-Centric Organization How? START: A company's understanding of its customer base
CUSTOMERS => who they are, what they do, and what they are like... ...by following 5 simple steps: Pure
Play Enterprise Business Process Activity Business Transformation Efficiency Effective-
ness Customer Touch Points Sales System Customer
Service MKT System Back Office Front Office Data Warehouse Data Mining Customer Touch Points Traditional Touch Points
Retail Store Front
Service Departments R - Recency
F - Frequency
M - Monetary Value RFM - Formula to find most valuable customers How recently did a customer purchase items?
How frequently does a customer purchase items?
How much does a customer spend on each purchase? = initial CRM information fed into a database used to:
understand customer behavior and preferences,
create marketing campaigns, sales promotions, and services.
!!Synchronize with customer needs and preferences!! 1. Make it easy for the customer to do business.
2. Focus on the end customer.
3. Redesign front office and examine information flows between front and back office.
4. Foster customer loyalty by becoming proactive with customers.
5. Build in measurable checks and balances to continuously improve.
set resources to meet customer needs
integrate customer perspective and involve customer feedback
develop products/services to match customer needs
integration of marketing and other business processes to serve customers and respond to market pressures. REDESIGN of core business processes: CRM implementation The IT Challenge online subscription service
secure and backed up system
browser-based, platform independent
interfaces with email
online lead capture Paper-based IT-based (cc) image by jantik on Flickr Address books +
customer files Tracking spreadsheet +
PIM software Customer database IT/web-based "Cloud" computing
(Hosted implementation) Productivity/efficiency increases... Are you guys happy customers? The Ritz Carlton Benchmark Spending on social CRM expected to hit $1 billion in 2013 Report Analyze Predict