A study on customer relationship management
- Introduction to CRM
- Evolution of CRM
- The beginning
- Advances in the 1990's
- Improving customer service
- Improving customer relationships
- Technical functionality
- CRM planning
- CRM planning: Keys for project success
- Identify the problem and the solution
- Make the short list
- CRM in business
- CRM software: A key to scalability and efficiency
- How do you choose CRM software?
- What are some key components of CRM software?
- Analytic CRM
- Analytic CRM for retailers: An ROI perspective
- Who can benefit by using customer view?
- Optimizing customer interactions and marketing analytics
- Manage your value propositions to better manage your brand and your business
- Market automation
- Marketing automation: The CRM vendor solutions
- Closing the loop: Adopting an architected solution
- New customer management tools for higher IQ and peak business results
- CRM initiative
- Implementing a CRM Initiative
- Seven steps to managing your CRM initiative
- CRM implementation
- The implementation process
- Implement and learn the basics first
- Outline an implementation strategy
- Invest time in training
- CRM success
- Advice for breeding CRM success
- CRM products
- What are some CRM products and what can they do for you?
- What kinds of CRM products do what?
- How much do CRM products cost?
- E-CRM: Delivering a superior internet customer experience
- Customer Relationship Management: what really matters?
- Customer Relationship Management
- CRM analytics: Visualize business intelligence
- Using CRM analytics to unlock customer data
- Accessible, flexible, graphical analytic tools are a pre-requisite
- Asking the right questions to get the answers that matter
- Ideas for CRM success
- Revealing customer needs and preferences is key to CRM success
- Top 50 proven ideas for CRM success
- Six benefits of moving pricing into your CRM application
- Reasons for CRM failure
- The top 10 reasons CRM projects fail
- Case study
- Case Study: travelocity.com
- Case study: Westpac's strategy for CRM success
Customer Relationship Management (CRM) is one of those magnificent concepts that swept the business world in the 1990's with the promise of forever changing the way businesses, small and large, interacted with their customer bases. In the short term, however, it proved to be an unwieldy process that was better in theory than in practice for a variety of reasons. First among these was that it was simply so difficult and expensive to track and keep the high volume of records needed accurately and constantly update them. In the last several years, however, newer software systems and advanced tracking features have vastly improved CRM capabilities and the real promise of CRM is becoming a reality. As the price of newer, more customizable Internet solutions have hit the marketplace; competition has driven the prices down so that even relatively small businesses are reaping the benefits of some custom CRM programs.
The 1980's saw the emergence of database marketing, which was simply a catch phrase to define the practice of setting up customer service groups to speak individually to all of a company's customers.
In the case of larger, key clients it was a valuable tool for keeping the lines of communication open and tailoring service to the clients needs. In the case of smaller clients, however, it tended to provide repetitive, survey-like information that cluttered databases and didn't provide much insight. As companies began tracking database information, they realized that the bare bones were all that was needed in most cases: what they buy regularly, what they spend, what they do.
[...] While big clients may look impressive on a customer list, they may be costing your organization more money than they bring in. These clients may have special needs, such as customized packaging, special distribution needs, more hand-holding, which take extra time and expenses. Look at overall customer profitability, not just sales, and send unprofitable clients to the competition. 36 Consider life stages. According to the U.S. Census Bureau, there are roughly 75 million baby boomers (born between 1946 and 1964), more than 49 million gen Xers (born between 1965 and 1976), more than 72 million gen Yers (born between 1977 and 1994), and 40 million millennial (born between 1995 and now). [...]
[...] Let's buy it and then figure out how we can use it here.'" USF tapped Right Now Technologies' e-mail management software to help the IT department, financial aid office and other administrative groups that were bogged down with customer service inquiries from 40,000 students and staff Build and maintain a relationship with quality consultants. Consultants are important not only in an initial deployment, but also as project parameters change - which they will, Liddell says. Monster.com works with CRM consultant Akibia, which lets the company quickly expand its CRM resources when necessary. [...]
[...] By enabling support organizations to track service levels for top customers, products requiring the most service resources, and bottlenecks to problem resolution, a company can optimize service levels, focus support efforts on the most costly problems, and increase customer retention and satisfaction. CRM Analytics allows us to ensure longer customer relationships, reduced customer turnover and lower overall support costs. Conclusion Benefits As companies move from a product-centric to a customer-centric orientation, and as they add new e-business channels to traditional customer interactions, they need the tools to analyze and optimize their efforts. [...]