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CRM. Vincentius_1501150966 Michael andrianus_1501175306. Definition. model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support .
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CRM Vincentius_1501150966 Michael andrianus_1501175306
Definition • model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
Characteristics of CRM • Relationship management is a customer-oriented feature with service response based on customer input, one-to-one solutions to customers’ requirements, direct online communications with customer and customer service centers that help customers solve their questions. • Sales force automation. This function can implement sales promotion analysis, automate tracking of a client’s account history for repeated sales or future sales, and also coordinate sales, marketing, call centers, and retail outlets in order to realize the sales force automation. • Use of technology. This feature is about following the technology trend and skills of value delivering using technology to make “up-to-the-second” customer data available. It applies data warehouse technology in order to aggregate transaction information, to merge the information with CRM solutions, and to provide KPI (key performance indicators). • Opportunity management. This feature helps the company to manage unpredictable growth and demand and implement a good forecasting model to integrate sales history with sales projections.
How CRM works • Essentially CRM works by collecting leads or consumer information. Analyzing the collected information to understand customer or market requirements. Adjusting marketing campaigns accordingly to increase sales. • CRM also serves for customer service and support--making businesses efficient and improve customer satisfaction In any business, the previous slide of CRM work flow is to (1) Initiate Marketing, (2) Process Sales, (3) Schedule Orders and (4) Provide Support .
Features of CRM • Customer-centric relationship management is used in marketing, customer service and sales, including: • tailored marketing • one-to-one customer service • retaining customers • building brand loyalty • providing information customers actually want • Subscription billing • Rewards
Benefit • 360 degree view of business • Organizational-level data sharing • Reduce cost on customer acquisition • Centralized customer interaction • Improved customer support • Increase customer satisfaction • High rate of customer retention • Boost new business • Increase revenue at low cost CRM is becoming increasingly important among businesses. With an ever increasing customer expectation there is a need for organizations to adopt new business services and strategies - CRM provides this versatility in enhancing sales, customer support and success in business.
Disadvantages of CRM software • Record Loss • Some CRM applications use remote Internet connections to save customer records. Salesforce is a popular CRM application provided through an Internet connection on the company's domain. The disadvantage of this type of CRM is that the company does not have control of the data, and if the remote CRM system has an outage, the company is unable to retrieve records. If the company chooses a small CRM application that is not stable, it can mean several thousands of dollars in lost revenue. When using a remote CRM application hosted by another company, use local backups to avoid record loss. • Overhead • If the company decides on a local CRM application, there are overhead costs associated with running the software. If the software is proprietary, the company needs to pay software developers, system administrators and maintenance people to keep the software running. It's also important to keep backups of the information, which adds an expense to running a personalized CRM application. There may also be system downtime. Having a local personalized or proprietary CRM system also requires the owner to do system upgrades and security patches to ensure the integrity of the system. • Training • If the company is small, training issues may be a small disadvantage. Large corporations need to roll out training schedules for all their employees. For large-scale CRMs, this can mean hiring professionals to train employees in groups. Training takes away time for productivity, so it is a disadvantage for brand-new CRM systems. The CRM training is also different for managers compared to regular staff, because most CRMs have specialized functions for managers and executives. These extra functions are also required learning. The training requirements can be as short as a few hours or can take up to several days.
