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Customer Relationship Management

At a recent count, we found 300+ products and services companies operating in the broad CRM space. It seems that any product which stores a customer’s details and contact points can classify itself as a CRM. But what truly distinguishes the CRM products? There are four broad categories of CRM offerings: Customer Acquisition and Retention, including such strategies as Customer Service, Marketing support and Sales Force automation They all have the same objective: to increase your profitability, and through doing so, give the customer a better experience of dealing with you rather than your competitor. It is potentially a strategy in which everyone wins.

Superior Customer Service	Customer Service Strategies How many times have you called a Company to make an enquiry and been asked for your account number? Account numbers exist only for the proper operation of the Organisation; they are of little benefit or interest to the customer. CRM culture keeps account numbers away from customers. Some Companies may ask for your customer number: better, but only marginal. Having a knowledge and awareness of your customer when he contacts you gives you a significant edge. It makes the customer feel he is special; that you remembers him; that you VALUE him. Typical customer service strategies include: Customer recognition Understanding customer history Tracking service issues Managing customer touch-points Knowing your customer's business with you They all have the same objective: to increase your profitability, and through doing so, give the customer a better experience of dealing with you rather than your competitor. It is potentially a strategy in which everyone wins.
Customer Acquisition strategies	Customer acquisition strategies covers issues such as: Every contact is a potential sales opportunity Turning prospects into customers Making your customer value proposition clear First time enquiries are a real test for an Organisation. How do you handle the call? Do you keep track of the enquiry for possible follow up? How clear is your Customer Value Proposition? Do you make it easy for prospects to understand what you do or what you sell? Can they easily relate your product or service to their need? Can you help them to do so? A customer-oriented Organisation treats all enquiries with respect, even though it may become clear that the prospect is not in the market for your product or service. If that is so, then say so.
Marketing Support	Marketing has become a major force in CRM systems and its primary aim is to target your marketing spend as effectively as possible towards prospects who are more likely to be responsive to your product or service. They include: Targeted campaign management Segmentation models (marketplace and customers) Propensity modelling measuring the results of campaigns Segmentation models enable you to “slice and dice” the market to find a population that is appropriate to you. Segmenting your customer base enables you to tailor your approach to a broad range of customer buying behaviours. Propensity modelling (much deployed by the likes of Tesco and Amazon.com), aims to predict customer interest (and hence what they might buy) based on the analysis of the buying behaviours of similar customer segments. Marketing-based CRM systems include facilities to define campaigns and, to measure the results, to modify the campaign and to re-measure.
Sales Support	Sales Force Automation (SFA) is a popular branch of CRM and there is a wide diversity of systems available. They help organise sales people with things like: Qualification of sales leads Profiling of customers and prospects Tracking and prioritisation of sales opportunities Forecasting sales pipelines All will be based around your prospects and most will track the sales cycle. Some simply provide reminders for the sales person on what needs to be done and produce priority lists. Others offer in depth analysis of the sales order pipeline.