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Posts Tagged ‘Analytical’

CRM going Social

There has been a lot of buzz over the past couple of years about this new concept of marketing called as “Social Customer Relationship Management”, this blog aims at putting some light on the Concept , how it works, and how the data is gathered and fed into CRM systems to do further analysis.


*Concept – Social CRM & Social Media Marketing

Social media sites like Twitter, LinkedIn and Face-book are amplifying the voice of people in the marketplace and are having profound and far-reaching effects on the ways in which people buy. Customers can now research companies online and then ask for recommendations through social media channels, making their buying decision without contacting the company. People also use social media to share opinions and experiences on companies, products and services. As social media is not as widely moderated or censored as mainstream media, individuals can say anything they want about a company or brand, positive or negative.

Increasingly, companies are looking to gain access to these conversations and take part in the dialogue. More than a few systems are now integrating to social networking sites. Social media promoters cite a number of business advantages, such as using online communities as a source of high-quality leads and a vehicle for crowd sourcing solutions to client-support problems. Companies can also leverage client stated habits and preferences to “hyper-target” their sales and marketing communications

What Data to gather and How?

With access to such a huge resource of real-time prospective customer data, marketing communication’s need to be planned and executed properly. Advantages of undertaking this strategy are High-quality leads & to provide user-friendly, cost effective and participatory platform for customers to find instant solutions to their problems.

Customers looking for a product or service would express their views on an open platform, where other members help in, by providing more information and adding personal experiences, helping in short-listing the best fit for his requirements.

Companies could monitor these discussions and suggest their product and services to people looking for them; they should start profiling these new contacts to understand them and their future needs better,

They could also add current customers to their company’s online community and increase fan following, this increases brand loyalty and ensures repeat sales. Various social engineering techniques can be used to study each customer better, this would not only help cross selling other services to that customer but also would generate a database which on analysis would give valuable insights on changing customer preferences, and hot industry trends.

How it affects company’s overall CRM strategy?

Social CRM will mean different things to different companies, the goal is to first understand the business challenge and then to make a SM supporting strategy to reach that goal, different companies would want different things and a sound strategy to achieve that goal needs to be formulated before the company enters into Social CRM.

Data gathered over time from such sources could be fed into company’s CRM infrastructure, and can later be used to analyse for better decision making.

NOTES:-

*Source Wikipedia.org

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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 Architecture

October 14, 2010 1 comment

Sustainable CRM landscape with a concrete implementation roadmap.                                                                     

Operational Collaborative Analytical
  • Automation of certain business process.
  • Boost marketing activities and sales

CAN BE FURTHER DIVIDED INTO :-

1) Enterprise Marketing Automation.

Provides the management valuable company information about the business climate, competitors, and trends within the industry & other important variables.

Basically strengthens the entire enterprise level marketing operations.

Integration of various technologies used for on field and in-house processes can provide added advantage as data would be available for analysis.

2) Customer Service Automation.

Automation in customer service related processes, helps save time and resources, leads to better customer satisfaction.

Applications specially designed to help sales representatives gather maximum amount of data from the customer during a call.

3) Sales Force Automation.

it Involves automation in company’s sales processes helps make tasks easier and speeds up the sales process.

This is done by automating repetitive steps or special applications to help get work done at a faster pace and in minimum time,

 

Providing sales representatives added advantage to gather maximum information from the customer to help close the sale at record times.

 

 

Collaboration places emphasis on quick and efficient information exchange between different departments of the company to better the interactions it has with its customer.

 

  • This is done using a effective Business Intelligence Tool called CRM,

 

  • The main objective being to better understand its customers and their needs.

 

  • This is done collaborating different technologies used in an organization in one single platform,

 

  • This is Collaboration Platform consists of various applications help employees carry out day to day activities like – Task Management or handle multiple tasks using Project Management,

 

 

  • With a Desktop like User Interface it provides email application in the same window this saves time and effort as employees never have to leave the browser, giving sales representative extra time to focus on sales.

 

  • CRM Architecture is designed to be flexible enable ling businesses to Integrate new functions in the software to customize and automate according to requirements,

 

This helps a great deal as management can integrate different features specific to their business model and practices, sales can hence use relevant information panels in the same window to help completing tasks faster and more efficiently.

CRM analytics deals with analyzing data collected in CRM software, it is a continuous process which if conducted regularly  helps the management to

  • Enhance customer experience.
  • Develop new products/services.
  • Boost profitability.

Data affects profitability as it can be used to

  • Cross-sell products to their existing customers.
  • It also helps a great deal in retaining the existing client base which otherwise might stitch to other service providers.
  • Analytics help in keeping the customer more informed by providing them additional account related information if required and that too in the quick way and in real time.

Data can be used by the management for

  • Understanding the pattern of sales, inventory, and profits.
  • Better understanding of these elements would also aid in Fraud Detection, as any irregularities in such the pattern can quickly be detected using historical data.
  • It can also be used to develop new products and services, according to changing market needs and customer buying trends.
  • Management can use it for maintaining optimum levels of inventory; hence it also aids business risk management.

Companies can use this valuable resource to alter/tweak current business strategy, develop new more effective methods to work and plan for the future.

 

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.