CRM (Customer Relationship Managemant)
Several commercial CRM software packages are available which vary
in their approach to CRM. However, CRM is not just a technology,
but rather a holistic approach to an organization's philosophy
in dealing with its customers. This includes policies and processes,
front-of-house customer service, employee training, marketing,
systems and information management. CRM therefore also needs to
consider broader organizational requirements. A company's CRM
strategy is dependent on both the company’s current situation
and the needs and expectations of its customers.
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Customer relationship management software is defined
as business management and automation of the front-office
divisions of an organization. CRM software is essentially
meant to address the needs of Marketing, Sales and Distribution,
and Customer Service and Support divisions within an
organization and allow the three to share data on prospects,
customers, partners, competitors and employees. The
purpose of CRM software is to manage the customer through
the entire lifecycle, i.e. from prospect to qualified
opportunity to order.
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many of the needs of Marketing, Sales and Support users,
such as Telephony, or the ability to conduct phone calls
and manage call data, and tools to capture, share and
manage automated alerts on lead data as it passes through
the sales pipeline. CRM software provides a standard framework
for pushing leads through a sales pipeline and managing
it amongst many stakeholders in real time, in order to
provide better customer relations and grow revenues by
creating more sales, and losing fewer customers. |
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Operational CRM
Operational CRM provides support to "front office" business
processes, including sales, marketing and service. Each interaction
with a customer is generally added to a customer's contact history,
and staff can retrieve information on customers from the database
as necessary. Focus on customers value is key to a successful CRM
strategy. Different customers have to be treated differently. Variables
like customers ranking, actual value and potential value are strategy
drivers.
Collaborative CRM
Collaborative CRM covers the direct interaction with customers.
This can include a variety of channels, such as internet, email,
or automated phone answering system. It can generally be equated
with “self service”. The objectives of Collaborative CRM
can be broad, including cost reduction and service improvements.
Many organizations are searching for new ways to use customer intimacy
to gain and retain a competitive advantage. Collaborative CRM provides
a comprehensive view of the customer, with various departments pooling
customer data from different sales and communication channels. Driven
by authors from the Harvard Business School (Kracklauer/Mills/Seifert),
Collaborative CRM seems to be the new paradigm to succeed the leading
Efficient Consumer Response and Category Management concept in the
industry/trade relationship. Collaborative CRM also includes Partner
Relationship Management (PRM) which enables organizations to manage
their relationships with partners (consultants, resellers and distributors),
and potentially the customers of those partners.
Analytical CRM
Analytical CRM analyzes customer data for a variety of purposes,
including:
- design and execution of targeted marketing campaigns to optimize
marketing effectiveness
- management decisions, e.g. financial forecasting and customer
profitability analysis
- risk assessment and fraud detular for credit card transactions
- design and execution of specific customer campaigns, including
customer acquisition, cross-selling, up-selling, retention
- analysis of customer behavior to aid product and service decision
making (eg pricing, new product development, etc)
- Analytical CRM generally makes heavy use of Predictive analytics.
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