CRM: A TOOL FOR ACQUIRING, MANAGING AND KEEPING CUSTOMERS

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1 CRM: A TOOL FOR ACQUIRING, MANAGING AND KEEPING CUSTOMERS

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3 WHAT IS CRM? Is CRM is a business strategy that aims to understand, anticipate and manage the needs of an organization s current and potential customers? Is it a comprehensive approach which provides seamless integration of every area of business that touches the customer- namely marketing, sales, customer services and field support through the integration of people, process and technology? Is it a a shift from traditional marketing as it focuses on the retention of customers in addition to the acquisition of new customers? Is the expression Customer Relationship Management (CRM) becoming standard sales and marketing terminology? Is it a technology solution designed to help businesses acquire manage and keep its Customers?

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5 SALES PROCESS STATISTICS Sales people and their habits: 48% never follow up with prospects 28% make a 2 nd contact then stop 12% make more than 3 contacts Why follow Up? 2% of sales are made on the 1 st call 3% of sales are made on the 2 nd call 5% of sales are made on the 3 rd call 10% of sales are made on the 4 th call 80% are sales are made on the fifth to twelfth call

6 SALES PROCESS STATISTICS (CONT D) Why customers stop buying: 1% die 3% move away 5% form other relationships 9% leave for competitive reasons 14% due to product dissatisfaction The value of thank you, holiday and recognition cards: Shows appreciation and respect Affirmation of a respectable business relationship Creates top of mind awareness 68% due to attitude or feeling of indifference towards them by one or more persons representing your company

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8 BENEFITS OF IMPLEMENTING A CRM STRATEGY AND SYSTEM Return on investment Increase customer retention Increase in revenue Enhances customer service support Provides powerful marketing tools

9 BENEFITS OF IMPLEMENTING A CRM STRATEGY AND SYSTEM Strengthens ability to build more efficient productive relationships with customers Increase managements oversight of the sales force opportunities Permanent record of all customer contacts and call notes Eliminates double reporting

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11 60-70% of CRM systems fail to meet marketing expectations! 10-25% of CRM projects just met expectations; but couldn t deliver terrific upswings in sales & conversions!

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13 OLD CRM Systems CRM was just a reporting activity & was all about - Building list Customize campaigns Record individual contacts Desktop applications that worked as contact managers Applications with or without a shared database Phone based conversations, communications each customer-centric communication and offers that were stored in a sequence OLD CRM Systems were about An thread Well, that s just the basic minimum of a reporting task that led trash and junk information clog the CRM database Or phone calls

14 Today s marketers have figured out that today s customers lives in social media; hence, they need to reinvent the CRM to design social experiences & improve customer research & insight! More than half of the CRM projects failed to meet expectations due to lack of customer insights!

15 Today s CRM is about Integrated plug-in apps (in thousands) Customizable CRM programs for each target customer Cloud based CRM deployment rather on premise Updated collaborative CRM platforms driven by more employees but for it s customer- just one relationship Upselling & cross-selling opportunities, not just SALES CRM databases with a constant stream of quality customer data More two-way dialogue in social media, social sharing, with more opinions & customer relationship management leverage in social media sites

16 New Social CRM gets your business one step ahead and closer to your customers and prospects!!

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18 KEY COMPONENTS OF A SOCIAL CRM SYSTEM Web Presence Online/Mobile Search Social Media Online Reviews SMS/Text Video Mobile Apps Data Access and Reporting Automation

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20 POTENTIAL SOCIAL CRM VENDORS Salesforce.com Mhelpdesk.com Microsoft Dynamics Zoho.com Repbox Sales Now Hubspot Sugar CRM Big Contacts Nimble Batchbook Insightly Green Rope SuiteCRM InStream Agile CRM

21 SUCCESS REQUIREMENTS AND NEXT STEPS FOR CRM IMPLEMENTATION Successful companies build their business around the customer. They know who their most valuable customers are and understand their needs and buying habits. They target and tailor their offerings and personalize their interactions with their customers. They strive to become fully customer driven, delivering superior customer value and consistently providing exceptional customer experience across all customer touch points. Essentially, this is what CRM is about: it s a customer-centric business strategy that utilizes technology to deliver the results!!!

22 SUCCESS REQUIREMENTS AND NEXT STEPS FOR CRM IMPLEMENTATION Develop a CRM strategy: "The aim of the CRM strategy is to be able to find ways to deliver greater value to customers in more cost efficient ways that employees find satisfying. A CRM strategy has to be good for the customer, the employee and the organization." Develop a CRM vision: "What is a CRM vision? A CRM vision combined with your strategy is the blueprint for how your business is going to turn its customers into an asset by building up their value. Hire a third party to help your business implement your CRM system: You and your people are too close to the business and too biased. Don t give up: Implementing a CRM system can be VERY frustrating. Don t give up. Embrace the Suck!!!