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Posts Tagged ‘Automation in Small-Medium size Business’

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.

 

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How can CRM help in identifying new customers?

Good data on your current customers and prospects and good marketing analysis will help you identify new customers.

Quality data collected from various online resources and SEO channels, like online directory advertisements and Google add campaigns, marketing campaigns etc, can be fed into CRM systems.

With additional information and a Quality Database sales can start PROFILIING these new made contacts into different segments, based on their characteristics, this will give a broader view of the existing database for conducting extensive analysis.

CRM systems are built to integrate customized applications to help analysis of this new data and will also provide a collaboration platform for seamlessly sharing this data with colleagues,

Raw data can be filtered based on various parameters to processed data, which can freely be exchanged with various departments through sharing, exporting other formats or by email.

New age CRM software’s can be customized to support various analytical needs of the organization; it will also support analysis of customer feedback, networking data and also as a tool to study data received through social media.

Built in functions to carry out campaigns (Survey, Newsletter etc.) along with good CRM integrated analytical tools can be used to shortlist prospective customers.

CRM applications help you reach and rediscover existing customer engagements, make sure you notice every little traits/buying pattern and if analyzed properly will give you signs about reaching out to new customer, how one reads the signs is purely based upon human judgment and customer experience.

It is indeed very difficult to do Profiling of customers without a good marketing tool like CRM which allows seamless integration of different technologies in a hosted platform where data can be imported from various sources, customized applications can be developed and which can store the information in a structured and organized manner.

This data can further be used to educate sales personnel to make faster and smarter sales by cross-selling products increasing profitability, analysis of CRM data can help identify not only new customers but also new business.

Social Media is yet another medium which businesses are tapping to get access to new markets and to understand consumer behaviour; in fact the entire CRM industry is banking heavily on this new found 21st century tool to drive sales and to find new ways to integrate this data into their CRM systems,

Although there has been a lot of buzz about the social CRM in the recent times, it is still considered to be in a nascent stage and the hype in the CRM industry seems to be due to the probable ways in which this medium can be fully utilized, it will only be by 2012 that we would be in a position to include social CRM  as a full  fledged medium to execute marketing strategies and a some more time there after for it to become a major contributor to a company’s profits.

Nevertheless, Customer Relationship Management systems for all the above mentioned reasons and many more plays a important role in running a profitable business, by increasing effectiveness of execution and increasing the efficiency of performance in conducting day-to-day activities, it helps sustain steady growth for the business by identifying prospects and providing new business opportunities.

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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.

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CRM – On-Demand or On-Premise — which is Right for You?

September 30, 2010 1 comment

There is a lot of confusion among CRM buyers today, with so many deployment options available, choosing the right company and software package which suits their requirements is becoming more complex,

Maximum value for their investment, with ease of use and multiple coApp’s to support different business functions is what’s on a customer’s mind while selecting the best CRM among the lot,

Customers today have multiple options, they can either go for a traditional or conventional on-premise CRM software package, or subscribe to one of the new breed of on-demand services delivered via the Internet,

Of course, there are pros and cons to each approach, but over the past several years, most CRM customers – particularly small and mid-sized businesses – have chosen Hosted web based applications instead of an On-Premise model may be because of its ease of access and low initial cost.

While bigger business with couple of thousand employees might want to opt for an on premise model as they might have security concerns regarding the information stored in the system, and even though the friendly hosted CRM vendor might provide data security for the data stored in their system bigger organizations would rather exercise full control over their data and hence opt for a on premise model. Vendor stability and reliability also are important issues.

Businesses need to choose the right type of CRM which best matches their needs while delivering superior performance, applications integration and functionality.

Modern day CRM has expanded to include a wide range of predefined tasks, customized and integrated business functions that maximize the value of the customer relationship at the same time also contribute to sustainable revenue growth.

An on-demand solution can be combined with the security and control of an on-premise solution to give you the best of both worlds, and at a really affordable monthly subscription price. it is also a preferred option as the vendor ensures data integrity and security while updating the system from his end with regular updates in software as per changing business needs and security patches making the On demand model more trouble free and enhancing the user experience.

CRM encompasses everything companies use to manage customer relationships, including capturing and analyzing customer information and then leverage that data toward better sales performance. Effective customer and prospect relationship management is critical to the success of a business, and that takes technology-enabled solutions like CRM to make the job more convenient and effective.

Looking at it from the return on investment (ROI) perspective, and on demand CRM clearly has its benefits with almost negligible initial investment and a affordable monthly subscription, small and medium sized business or first time users can leverage it to their benefit.

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.

Tips for choosing an IDEAL Small & Medium sized Business – CRM

September 10, 2010 1 comment

Speaking about Current Business Enviournment in USA, now stabilizing from the after effects of the recent recession in the stock markets, thank to the immediate action by the government, Markets are rising once again, a lot of Small & Medium sized business have sprung up and are doing considerably well in these healthy enviournment,

Small & Medium sized Business all across sectors, are receiving tremendous response in terms of business opportunities, with more Business comes a lot of DATA, usually in paper form or in thousands of different files in a computer create a lot of clutter, which might even lead to some serious errors in business processes, all of these problems can be solved and Data can be Effectively & Efficiently Managed using a CRM software

Automation in Small-Medium size Business using CRM

On tips from my previous blogs where in I had mentioned, How CRM systems have Rapidly evolved over the year to have a set of Standardized Business Functions

1)    Client Company’s Corporate Information – (Name, Address, Telephone Nos., etc).

2)    Key contact details (mediators OR other persons outside the organization).

3)    Bank Account Number’s.

4)    Customers Sales History (this week, this month, last month, last 6 months, last year, etc).

5)    Customers’ total enquiries & Quotes given to them.

6)    Quotes accepted.

7)    Quotes declined (also space to mention reason why).

8)    Outstanding quotes (last follow-up, Processing or reason why not accepted yet).

9)    Outbound communication trail & inbound communication trails (Notes).

10)  Special offers, Discounts offered in the past (Notes).

11) Future Work Scheduling (pending orders to be delivered in future).

12) Notes on any Service calls Made in past (Notes).

13) Complaints (Notes).

Further Customization is Possible according to Business needs & how the Management likes to tweak different functions, protocol can be set for levels, performance can be monitored.

A Modern day Crm would have additional features which would help the business perform even better by, Integration of various functions and providing Collaboration of Workspace.

CONCLUSION: –

With all these benefits that a CRM offers to small and medium sized business, should consider getting a CRM strategy which is suitable for their business needs. For further information on Things to consider before buying CRM software, please refer to my posts below,

Please feel free to post your comments below in this page.

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.