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Date of Publication: 25 July, 2020
• COVID19 has changed the Business Landscape to a New Normal…reliance on technology has never been perceived to be so high. Online CRM technology could be the game changer.
This blog will help you understand what CRM is all about and how it could prove to be the game changer.
Every challenge, every problem,
is an opportunity in disguise.
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Customer relationship management (CRM) is a technology to manage interaction for the company with current and potential customer . It has a simple goal to improve business relationships. Based on data analysis, it helps companies to stay connected with the customers, specifically focusing on process optimization, customer retention to drive sales growth.
CRM is usually refered to as a system tool which helps with contact management, sales management, productivity, and more.
CRM (Customer Relationship Management) as a concept dates back to the ’70s. It started as a survey initiative to evaluate customer satisfaction generally by front-line asking. It was in the early ’80s, that Kate and Robert D. Kestnbaum introduced the concept of Database Marketing, applying statistical methods to analyze and gather customer data. Later in the decade, based on the principle of digital rolodex, Pat Sullivan and Mike Muhney released ACT!, a customer evaluation system, that, for the first time, offered contact management service.
It was not until 1993, that Thomas Siebel designed the first CRM. With rising demand of stand alone CRM solutions, the established ERP companies like Oracle, SAP, Peoplesoft and Navision introduced embedded CRM modules. These modules included sales force automation and customer service as CRM features within their ERP solutions.
1999 saw Seibel introducing the first mobile CRM app – Siebel Sales Handset. It was soon after, that the idea of stand-alone, cloud hosted and moveable customer bases was adopted by Peoplesoft, Oracle, SAP and Salesforce.com. The first open source CRM came into existence in 2004, developed by SugarCRM. This led to a huge drop in price, making CRM, which now was rapidly migrating to cloud, accessible to smaller companies, especially, in the west.
With the surge of Social Media around 2009, there was another evolution happening with CRM, the Social CRM solutions came to existence. From about 2013, most of the popular CRM solutions focused on business intelligence systems and communication software to improve corporate communication and end-users’ experience. As a result, today we see highly customizable CRM solutions with industry specific approach to meet the needs of every business.
As shown in the fig. 1.1 under broad classification CRM can be divided into 4 main systems based on characterisitcs
Let us understand these in brief:
Strategic CRM is a type where business puts the customers first. It collects, segregates, and applies information about customers and market trends to come up with better value proposition for the customer.
These businesses know the customer buying behavior, that happy customers buy more frequently than rest of the customers. If any business is not considering this type of CRM, then it risks losing the market share to those businesses, which excel at strategic CRM.
Operational CRM integrates and automate sales, marketing, and customer support through a dashboard which provides these information on a single customer view. The dashboard may be customized to provide detailed client information, past sales, previous marketing efforts, and more, communicating all of the relationships between the customer and the firm. Operational CRM is made up of 3 main components: sales force automation, marketing automation, and service automation.
SFA is the application of technology to manage selling activities. It standardizes a sales cycle and common terminology for sales issues among all the sales employees of a business. SFA has six modules, as below –
Product Configuration − Design a product and the price for a customized product based on if-then-else structure.
Quotation and Proposal Management − Generate quotation of the product prices and proposal with details such as customer name, delivery requirements, product code, number of pieces, etc.
Accounts Management − It is for inward entries and storing transactional records for credit and debit amounts.
Lead Management − Lead qualification and a locating them to sales person.
Contact Management − Details of customers linked sales persons calendar and auto dialing numbers. Using this application, your sales person can communicate effectively with the customers.
Opportunity Management − Identify and follow the sales process from leads to sales and beyond.
Market Automation serves both as stand alone solution as well as being incorporated in CRMs. It is another core part of operational CRMs.
Marketing teams have their hands full — run campaigns, generate leads, nurture leads, facilitate sales team, and keep the customers coming back for more. Market automation helps to increase their efficiency and productivity.
This module relates to customer service. It involves service level management, resolving customer issues, and addressing inbound communication. It involves diagnosing and solving the issues about product.
Operational CRM has got immense importance when it comes to handling you marketing and sales.
An analytical CRM is the key to discover and analyze the vast amounts of data you’ve collected. This tell you to continue doing what’s
successful and optimize what’s not. This makes it a very important.
Analytical CRM has three important features,
This is where an analytical CRM start. Data warehouse is simply a central place where you integrate and store data from a variety of sources.
It is a complex process to make sense of the stored data and turn the raw information into useful insights. It has a number of techniques, such as association, classification and anomaly detection to find patterns and assign meaning to the data.
OLAP is a powerful technology for data discovery, including capabilities for limitless report viewing, complex analytical calculations, and predictive ‘what if’ scenario (budget, forecast) planning. It is the foundation of business intelligence tools, which let you play with data sets so you have the knowledge needed to take necessary actions.
The use of analytical CRM gives you rich insights so that you are equipped to take critical decisions for your business.
Techopedia defines it as a “CRM approach in which the customer interaction data of an organization is integrated and synchronously shared to enhance customer satisfaction and loyalty for maximized profitability and revenue.”
Collaborative CRM is an alignment of resources and strategies between separate business entities for identifying, acquiring, developing, retaining,
and maintaining valuable customers. It is employed in B2B scenario, to conduct product development, market research, and marketing jointly, incorporating internal departments and external stakeholders such as suppliers, vendors, and distributors.
Collaborative CRM has two main features,
It helps to facilitates the development and implementation of contact channels.
It relies on data synchronization and integration to streamline interaction media.
Collaborative CRM helps you with the following benefits:
CRM software are very advanced these days enabling companies to create new possibilities and client-centric approaches to enhance customer satisfaction. With its latest advancements CRM, CRM permits customization to fit specific needs of the business.
With CRM’s online capacities, stockpiling issues for immense databases would now be able to be settled, particularly for enormous enterprises. The Designers and programmers are currently offering offsite stockpiling of information and opening secure Internet modes for organizing CRM.
With the lock-down in full progress and WFH being order of the day, CRM offers the leverage to help businesses still function from remote locations. CRM have empowered users to work efficiently even from the confines of their homes.
You must consider the following when planning to implement this CRM
Business strategy and processes − You should have a clear business strategies and process.
Business requirements − CRM systems range from domain specialty solutions that focus on solving a specific area such as sales force automation, marketing automation, services automation, partner management, etc., to complete enterprise management solutions.
Size of business − Small businesses require tools that are easy to learn and can handle a wide range of the most common tasks. Large businesses opt for applications that handle more complex tasks and thousands of users.
Customer base − The size of the customer base a business is required to handle.
Budget − A business needs to set a budget prior vendor selection. The budget allocated for CRM varies according to the degree of customization required.
Context − The context in which a business is functioning, e.g., B2B or B2C, determines which CRM the business should go for.
Sales channels − The sales channels a business is employing: Direct sale, channel sale such as distributors, or Direct to customers via retail. They matter while selecting the most suitable CRM software.
System integration − All the interfaces the business needs and the CRM vendor can support without requiring too much custom services effort.
Strength of partners − The partners must be able to provide a business with additional support, or help to implement the CRM successfully.
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