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Modern Customer-based Relationship Approach
In
today's
customer-driven economy, corporations must move from product-based
campaign marketing to a customer-based relationship approach.
→
ICT-powered
Value Chain
Customer
relationship management is the management of customer communication over a
relationship continuum. It includes relationship strategy and multi-channel
relationship programs that produce both business value and customer
experiences on a scale not seen in traditional marketing....
More
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Value Innovation:
Yin-Yang Strategies
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What is CRM?
Customer Relationship Management
(CRM) is an approach that can assist organizations to serve their customers
better. CRM helps to identify valuable customers, assess their needs, and
provide more personalized service. It also streamlines the handling of
enquiries and requests, resulting in higher
operational efficiency and more
rapid responses to customers.
CRM
software provides highly automated
tools to generate and track sales lead, the performance of individual
products or sales professionals and the results of sales campaigns on a wide
range of parameters.
Why CRM?
Retaining
customers is usually much more profitable than acquiring new ones. An
effective CRM program results in higher
customer satisfaction,
greater
→
revenue
growth, increased ROI, and stronger
→
competitive advantage
.
The highest goal of CRM is making sure your organization is keeping
customers happy, discovering and
solving problems as they come up to
produce robust revenue and
→
profits...
More
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Benefits of
e-Business
CRM Implementation
Not Just a Software Package Installation
Building better and deeper
customer relationships requires
love for customers,
new enterprise-wide business process management approaches, new
analytics, and new integration of systems (as well as new strategies and
tactics) to enable employees to
→
work
smarter and
harder to capture customer
information.
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Need for Executive Sponsorship
"CRM rollouts fail
because they don't have executive sponsorship," concluded I.T. managers on
panels at Oracle's OpenWorld user conference.
Without a
business strategy for CRM, companies
can rarely gain any return on a CRM investment, said users.
Integration, Process Key to
CRM
A
strong business process, robust application integration capabilities and
solid management buy-in are key factors in any successful CRM installation.
In a small-
or medium-sized business, one of the keys to succeeding with CRM is nailing
down the process and ensuring process compliance.
 Sealing Devices Inc.
Sealing Devices Inc., a
Lancaster, N.Y.-based manufacturer, failed in two efforts to implement CRM
systems before succeeding on its third try, said CIO Patrick Harris. The two
failures were primarily the result of a lack of integration with other
applications. The failed CRM systems
required much redundant input of data, which led to mistakes. The third CRM system
allowed users to enter data once for all systems and delivered a remarkable
ROI. |
