Measuring CRM ROI

A detailed research measuring the Return on Investments upon implementing CRM (Customer Relationship Management)

What is ROI:-

ROI

• http://en.wikipedia.org/wiki/Rate_of_return
• Return on Investment: What is ROI analysis?

Measuring ROI with CRM

• http://www.coopercomm.com/ppr-roi.htm

Note: This post is being updated. Please revisit for the complete post.

Is Social CRM important?

Today there is a mixed view from experts on Social CRM. Some say it is important and some feel it is not that important.

Our discussion
http://www.linkedin.com/groups/Is-Social-CRM-important-can-43621.S.49020861

An Ideal CRM representation

List of common customer relationship errors by companies

We are trying to research the list of common customer relationship errors committed by companies where by they loose their customers.

We are holding our discussion over the following places
http://www.linkedin.com/groups/List-common-customer-relationship-errors-43621.S.48574733

Gartner Customer Relationship Management Summit 2011 – Highlights

• Gartner Says the Use of Social CRM for Customer Service Will Grow Rapidly Over the Next Two Years
  http://media-newswire.com/release_1144899.html (8th March 2011)
• Gartner Announces Winners of the 2011 BPM Excellence Awards
  http://blogs.gartner.com/elise-olding/2011/03/14/gartner-announces-winners-of-the-2011-bpm-excellence-awards?nicam=Twitter&nichn=GBN&niseg=BPM031511 by Elise Olding  (March 14, 2011)
• The Gartner & 1to1 Media CRM Excellence Awards EMEA/APAC Winners are Announced!
  Customer Analytics: British…
  http://www.1to1media.com/View.aspx?ItemID=30794
• Gartner CRM Summit: Adapt or die in the new CRM future! “Attendees of this week’s Gartner’s London CRM Summit heard how a combination of supply side and demand side trends are dramatically changing the CRM playing field.”
  http://www.mycustomer.com/topic/customer-intelligence/gartner-crm-summit-adapt-or-die-new-crm-future/122021
• Social CRM: Is this how to avoid making the same old CRM mistakes? “Gartner’s Scott Nelson has outlined how firms can adopt a more strategic approach to social CRM.”
  http://www.mycustomer.com/topic/social-crm/social-crm-how-avoid-making-same-old-crm-mistakes/122113
• Cos will generate 50% of Web sales via social-media presence and mobile applications by 2015:Gartner
  http://www.indiainfoline.com/Markets/News/Cos-will-generate-50-percent-of-Web-sales-via-social-media-presence-and-mobile-applications-by-2015-Gartner/5106813712

DISCLAIMER: – IDEAL CRM, blog post is a personal collection of  Research Oriented information, Focusing  on CRM and Customer-Centric Web strategies, comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent views of  coAction.com ,Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes. This Content may not be used for any other purposes, in any other formats or media. The content on blog is provided on “as-is” basis, coAction.com shall not be liable for any damages whatsoever arising out of the content or the use of this blog.

CRM in 2011?

Was wondering what would CRM in 2011 look like.

CRM on Mobile

• “It’s clear that CRM practitioners can look forward to a heavy dose of social CRM, mobile requirements and a continued emphasis on the customer experience.” – techtarget.com
• “the mobilization of CRM will reach new heights in 2011” – thesocialcustomer.com
• “The customer’s mobile and online experiences will begin to evolve and rival the customer’s offline experience – attentive assistants and all.“- crmtrends.com

I’ve been reading this over and over now. There are lot of people who think CRM by the end of 2011 will be over mobile phones and most other online-offline softwares will be gradually available over mobile platform too.

CRM privacy guidelines and policies could be introduced

Privacy concerns

With the advent of online collaboration utilities, social media platform, and other tools most organization would have personal information of individuals and there could be lot of privacy related issues coming up. To counter the same, governing bodies would come up with stringent guidelines and policies to counter problems aroused thereby.

Important events for CRM trend followers

• Gartner Customer Relationship Management Summit – CRM in 2011: Experience Focused; Socially Aligned; Digitally Enabled. We are sure this summit will clearly put-forth all the latest updates the CRM industry will witness.
• Focus Roundtable: CRM in 2011 – Social, Mobile & in the Cloud –  http://www.focus.com/events/

Upcoming CRM Event’s |Forum’s|Workshop’s

• Upcoming forum’s & Workshop’s – www.forrester.com
• Upcoming forum’s & Workshop’s – http://www.1to1media.com
• Upcoming Web Events – http://www.destinationcrm.com

CRM Predictions for 2011

• Top 5 CRM Predictions for 2011 –  http://blogs.innoveer.com
• The CRM Watchlist 2011 Part III: Representing the Pillars – http://www.zdnet.com
• CRM expert predictions for 2011 – http://www.searchcrm.techtarget.com

DISCLAIMER: – IDEAL CRM, blog post is a personal collection of  Research Oriented information, Focusing  on CRM and Customer-Centric Web strategies, comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent views of  coAction.com ,Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes. This Content may not be used for any other purposes, in any other formats or media. The content on blog is provided on “as-is” basis, coAction.com shall not be liable for any damages whatsoever arising out of the content or the use of this blog.

Ideal crm can now be contacted via Google Groups, Yahoo Groups

We have just finished creating a blog archive for IdealCRM at Google Groups, Yahoo Groups. The purpose of creating these at different places is to maximize participation.

Is customer relationship management enough?

Often we need to contact customers, vendors, ex-employees, employees and other related set of people to keep a business running. Often the point of contact available for all of them is the contact number available with the CRM team and this creates situations those and uneasy to handle at times. The lack of co-ordination between different departments can often lead to unexpected situations.

Magic: Synchronize responses Facebook, Usenet Groups, Linkedin… instantly

Synchronize responses from Facebook, Usenet Groups, Linkedin… instantly are you crazy???

“Now that cannot be done” said one of my old colleague. I first started posting that at my company Google talk, then at Facebook chats, later I put that query to some of my privileged group of people, then to Usenet Groups, and then to IRC. Now checkout my “comments section” to realize how I got comments in just 3 minutes and got myself and my goals directed the right way…

Now who said that I cannot do that manually??? Did anyone stop you to quote those responses by your self? So, what if there is no automated method today.

What are Advantages of using a CRM?

Following are the points listed during a recently held CRM related discussion on Linkedin’s CRM Experts group. I am very thankful to all the participants. Hereby am requesting visitors/crm-experts to further elaborate the post by commenting.

1. Control
   1. IT automates the customer engagement process or your marketing activity.
   2. control them by way of providing purchasing influence and an easy way to access and purchase our products.
   3. Streamlined sales and marketing processes
   4. Higher sales productivity
      1. Higher overall profitability
      2. In Lead to purchase stage: Your CRM must identify first of all, when is average customer expected to buy. Once you find that out, it must identify at what purchase stage customer is. By identifying this, you can fine tune and send your lead nurturing campaigns, which can assist customers to make purchase decision quickly.
      3. In purchase to next purchase stage:
         1. Your CRM must identify when is average customer expected make next (second) purchase.
         2. Send product consumption email series, so that customer is able to consume your product or service completely. Make your customers aware of different features and how he can use your product effectively to get maximum ROI. This will help you to go to next level to offer your next product or next level of service or upgrade.
         3. Next product selling: Based on average customer’s next purchase time, build platform for the next product and with fine tuned message, help them to go for the next right product or service option.
         4. Manage complaint behavior: What kind of customers complaining what and where are they from. After how many and what kind of complaints, customers are likely to leave your service or not to buy next product – Your CRM should be able to deliver this information.
   5. Added cross-selling and up-selling
   6. Improved service, loyalty, and retention
   7. Increased call center efficiency
   8. Higher close rates
   9. Reduced expenses
   10. Increased market share
   11. Development of orgainization, process, IT and measurement (customer value,customer satisfaction, sales [up-sell/cross sell]) to support customer relationship.
   12. In a nutshell, using CRM will help you on operational side (same image for all users, sales & marketing automation… )
   13. Close loop between Marketing and Sales
2. Understanding
   1. Understand customers analyzing data.
      1. Measurement is a key tool for engagement. What gets measured gets done.
      2. Sharing relationship intelligence, titbits of conversations, new leads past one.
      3. Be able to have a really good approach of sales forecast
   2. CRM solution can give you a real insight into who is in contact with your company.
   3. It can tell you the types of company you work with, the size and the type of people you are dealing with within it.
   4. It can tell you about the products you sell to each company – how regular their buying pattern, whether price or service is their key to future purchases.
   5. Business Intelligence from the Customer
   6. Segmentation, Targeting, Profiling, etc.
   7. Understand the interaction/transaction with your customer as well as identify the best ways to communicate (e-mail, direct mail, phone, etc.)
   8. it can help you to understand your business better (analytical) and/or it can enhance relations between concerned if it is made “collaborative”
   9. Understanding the customer needs, desires, concerns, and what they expect from the service/product provider.
      1. i.    Customers can assist, to some degree, with the transformational change(s) that may need to take place in the company.