CRM What it is!Edit
Systems used for maintaining and managing relationships with current and future customers
(designed to facilitate the capture, consolidation, analysis and enterprise of customer info.)
- Utilizing the latest technology in CRM applications leveraged with the power of the internet
- Includes specific functions and technologies
- Contact Management
- Sales Force Automation
- Data analysis
- Customer service applications
Business Intelligence: One of the great ironies of info. tech is that companies spend a lot of time and $ amassing lots of data, which they then largely under utilize for strategic decision-making purposes.
Importance of BI Applications-capture, analysis, interpretation, and dissemination of info. -closely compared to CRM strategies
CRM applications are designed to facilitate the capture, consolidation, analysis and enterprise-wide dissemination of data from existing and potential customers. This process occurs throughout the marketing, sales, and service stages, with the objective of better understanding one's customers and anticipating their interest in an enterprise's products and/or services.
Components of a CRMEdit
The customer is the only source of the company’s present profit andfuture growth.
The relationship between a company and its customers involves continuous bi-directional communication and interaction. The relationship can be short-term or long-term, continuous or discrete, and repeating or one-time.
CRM (Management) is not an activity only within a marketing department. It involves continuous corporate change in culture and processes. The customer information collected is transformed into corporate knowledge that leads to activities that take advantage of the information and of market opportunities. CRM requires a comprehensive change in the organization and its people.
REASONS FOR ADOPTING CRM: THE BUSINESS DRIVERSEdit
›Competition for customers is intense.
›From a purely economic point of view, firms learned that it is less costly to retain a customer than to find a new one.
›The oft-quoted statistics go something like this:
›By Pareto’s Principle, it is assumed that 20% of a company's customers generate 80% of its profits.
›In industrial sales, it takes an average of 8 to 10 physical calls in person to sell a new customer, 2 to 3 calls to sell an existing customer.
›It is 5 to 10 times more expensive to acquire a new customer than obtain repeat business from an existing customer.
›A typical dissatisfied customer tells 8 to 10 people about his or her experience.
›A 5% increase in retaining existing customers translates into 25% or more increase in profitability.
Goals of CRMEdit
›Overall Goal of any CRM implementation should be to improve upon customer relationships by providing:
›Improved sales efforts
›Reduced marketing costs
Four basic tasks are required to achieve the basic goals of CRMEdit
- ›identify the customer through marketing channels, transactions, and interactions over time.
- ›Each customer has their own lifetime value to the company
- ›each customer imposes unique demands and requirements
- ›Customer demands change over time.
- ›Customer’s long-term profitability and relationship to the company is important.
- ›Keeping track of customer behavior and needs is an important task
4.Customization / PersonalizationEdit
- ›“Treat each customer uniquely”should be the motto of the entire CRM process.
- ›Through the personalization process, the company can increase customer loyalty.
- ›Jeff Bezos, the CEO of Amazon.com, said, “our vision is that if we have 20 million customers, then we should have 20 million stores.”[Wheatley, 2000] The automation of personalization is being made feasible by information technologies.
IT Factors of CRMEdit
›Traditional (mass) marketing doesn’t need to use IT extensively because there is no need to distinguish, differentiate, interact with, and customize for individual customer needs. ›each of the four key CRM tasks depends heavily on information technologies and systems.
Three Phases in CRMEdit
›Acquiring new customers
›Enhancing profitability of existing customers
›Retaining profitable customers for life
- Data analysis to better understand market segments
- Improved strategic marketing initiatives
- Data gathering consolidated and coordinated with strategy
- Enhancing Profitability
- Better understanding of existing customers
- Up-sell and cross-sell products and services
- Understanding non-profitable customers
- Retaining Customers
- This is where the “relationship”is critical
- Using the tools of CRM to better sell to, service, and assist customers
- Ensuring that profitable customers get priority attention
- >First thought is often for marketing to control
- >Needs a team approach with marketing, service, logistics, IT, finance, …
- >CRM initiatives should think carefully about future business intelligence implementations
- >Implementation Stages
- >BPR (business process redesign)
- >Legacy systems
- >Computer telephony integration
- >Data warehousing
- >Decision support technology
- Roll out
- >Change management
- Online data capture/ analysis
- ›Log files
- ›Web bugs
- Marketing Campaigns
- ›Real time chat
- ›Intelligent agents
Customer self service
- ›Knowledge base
Focus on SalesEdit
Sales Force Automation (SFA)Edit
- simplifies the process of sales in the field and integration of sales activityinto the information structure of the business
Goals of SFAEdit
2.Cost reduction in cost of sales
3.Customer retention due to company, not product or service
4.Sales force increasing mobility
5.Easily available customer information with single view
Sales Force Automation (SFA) TechnologyEdit
- Data Synchronization
- process of updating information among unconnected computers-laptop, mobile or desktop.
Sales Force Automation CapabilitiesEdit
- Contact Management:
- Maintain customer information and contact histories for existing customers.
- Activity Management:
- Provide calendar and scheduling for individual sales people
- Communication Management:
- Communicate via E-mail and fax
- Assist with future sales goals, targets, and projections
- Opportunity Management:
- Manage leads and potential leads for new customers
- Order Management:
- Obtain online quotes and transform inquiries into orders
- Document Management:
- Develop and retrieve standard and customizable management reports and documents
- Sales Analysis:
- Analyze sales data
- Product Configuration:
- Assemble alternate product specifications and pricing
Customer Services CapabilitiesEdit
- Call Center Management
- Provide automated, end-to-end call routing and tracking
- Capture customer feedback information for performance measurement, quality control, and product development
- Field Service Management
- Allocate, schedule, and dispatch the right people, with the right parts, at the right time
- Log materials, expenses, and time associated with service orders
- View customer history
- Search for proven solutions
- Help Desk Management
- Solve the problem by searching the existing knowledge base
- Initiate, modify, and track problem reports
- Provide updates, patches, and new versions
3T’s: Traffic to site, Trust, Tracking
- that of selling an additional product or service to an existing customer
- the process of gathering and analysing information regarding customers; their details and their activities, in order to build deeper and more effective customer relationships and improve strategic decision making.
- analytical data stores designed to focus on specific business functions for a specific community within an organization
data mining- is the analysis of data for relationships that may not have previously been known. Discovery of information from data mining can be useful within many areas of the business, from customer analysis to production planning and cost control.
Ex. 7/11 notices that when they looked at sales patterns and discovered a relationship between beer and dippers-sales were only happening on certain days of the week and at certain hours-end of the day, watch the football game-can assume that there is a child at home-free dippers with a case of beer.
sales technique whereby a salesperson induces the customer to purchase more expensive items, upgrades, or other add-ons in an attempt to make a more profitable sale
Sources of Data-customers, user stored data (cookies), server-stored data (database-safest form of info.), infomediaries
- data warehouse
- a repository of an organization's electronically stored data
- HMI-human machine interface-make the systems and designed so that end user can focus easily on priority areas
- intelligent agent
- autonomous entity which observes and acts upon an environment (i.e. it is an agent) and directs its activity towards achieving goals
- KPI-key performance indicators, monitoring 4 quadrants of continuous improvement, staff info, customer satisfaction, financials
- MOLAP-(Multidimensional Online Analytical Processing) multi-dimentional data storage
- OLAP-online analytical processes- provides the ability for users to perform detailed, summary, or trend analysis on data and allows for drill-down into that data.
- ROLAP-(Relational Online Analytical Processing) stores information that can then be transforms through the use of SQL(Standard Query Lanuage) to create summary tables
- RFM- (Recency, frequency, and monetary) we need to determine the customers who give us the largest amount of our profit, we need to look at how much profit they are giving us, if people. Aren’t giving us a large amount of profit we need to consider if we want to remove them from our database. If someone is a frequent shopper and provides a large amount of $ value then you need to consider how to give back to these customers in order to generate customer loyalty. (See cube diagram)
- sales force automation (SFA)
- Voice over Internet Protocol (VoIP)
- transmission technologies for delivery of voice communications over IP networks such as the Internet
Microsoft Dynamics CRMEdit
To be updated...
Microsoft Dynamics CRM on premise
- Professional Server Edition: $1,244 - $1,761
- Per user: $20-28 per month
- Works like/with Microsoft Office products
- Constantly being updated (social media)
- Competitive pricing (use your own server)
- 24/7 phone/remote support while subscribed
- Upgradeable (allows for future expansion)
Oracle for SchoolsEdit
OraclePeopleSoft Campus Solution
What It Is Good For...Student Lifecycle Management, Student Administration, CRM for Higher Education, Student Data Warehouse, Contributor Relations, Regulatory Compliance and Reporting Student Administration (Admissions/Recruiting, Records, Financial Aid, Student financials, Academic Advisement) Operational EffectivenessStudent, Staff and Advisor Centers; Student Self-service; Enrolment Backpack, Population Selection What It Entails...Academic AdvisementCampus CommunityCampus Self ServiceCampus Solutions 9.0 Feature Pack 2Contributor RelationsFinancial AidGradebook Recruiting and AdmissionsStudent AdministrationStudent Administration Integration PackStudent FinancialsStudent Records
AdministrationMarketing and RecruitingStreamlining ProcessesCommunicationCategorizing of LeadsPeople Tools
Student Operational EfficiencyDecreased Turnaround24/7 AccessAcademic Tracking360º View
Accelerate Business Performance AdministrationMore Automated FunctionsFee ProcessingPre-built ApplicationsEmployee/Student TrackingEasier Data Analysis PeopleSoft Enterprise Academic
Advisement: Customize course and non-course degree requirements.Establish and track degree requirements for each student.Customize academic programs for individual students.Create degree audit reports to summarize progress.Compare student academic records to program requirements.
- From precisely measuring marketing campaigns to automatically dispatching field technicians to remote locations, oracle has more than 50 CRM-specific applications that help you address every phase of your CRM-cycle.
- Provides Integrated, Global business applications that provide:
- Integrated Business Intelligence Portfolio
- Adaptable Global Business Platform
- Customer Focused Application Strategy
Integrated Business Intelligence Portfolio
- Achieve an End-End view across all your lines of business
- Drive performance with consistent financial and operational information
- Provide every employee with relevant, complete information tailored to their role
- Extend global business processes with oracle application integration architecture
- Support your global operations 24/7
Customer-Focused Applications Strategy
- Protect the value of your existing investment
- Extending the value of your applications
- Evolving you to the next generation
Helps to Assist…*Asset Lifecycle Management
- Enterprise Resource Planning
==Right Now CRM ==
uses a smart client architecture that connects and distributes presentation logic, application logic and database logic between browser client and a hosted server. offers both hosted delivery and on-premise licensingBenefits
- Customer service
. Manages customer service and self service through e-mail, live Internet chat, and telephone
- Voice enablement
. A suite of voice-enabled CRM products which include Voice Interface to Knowledge Base, Voice Interface to Incident Management, Voice Interface to Locator, Status Applications, Password Reset, Survey, and One Number Routing.
- Tools strength - The Customer Experience Designer is a reasonable workflow tool. The Workspace Designer and
Right Now CRM Intergration with camosun
- Google’s search query will take user to a service page powered by Right-Now
- Right-Now Cloud Monitor
- Allows Camosunreps to monitor any conversation in the “Cloud” aka Twitter, Facebookand Youtube
- Smart Sense detection software allows reps to see if positive or negative messages are in the Cloud
- Allows reps to proactively reach out and engage directly with individuals who have an issue or question about Camosun’sservices
- Smart Assistance
- General questions regarding Camosun’sservices will automatically direct users to appropriate pages