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3rd unit
Developing CRM Strategy
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Introduction
A common mistake for many organizations is
to think of CRM in terms of isolated pockets of
technology. However, a successful CRM
program needs a proper strategy to knit it
together, make it cost-effective and focused.
This page outlines some key resources to help
your organization craft a successful CRMstrategy.
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Introduction cont
Your CRM strategy will aid your goals toacquire, grow and retain profitable customerrelationships to create a sustainable
competitive advantage. With this in mind, youmust remember without a doubt, customerloyalty is the key to profitability. This aspectmust be an integral part of your dealership's
strategy. Understanding customers'requirements is fundamental to businesssuccess.
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Introduction cont
Listen to your customers and then begin
developing your CRM strategy because if you
don't satisfy your customers, they won't come
back. And remember:
CRM isn't CRM unless it affects the customer's
experience
CRM is a strategy, not a project
CRM should improve ROI
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CRM IS STRATEGY, NOT JUST DATA
A key goal of CRM is to develop a view of the
client from all angles or areas of the company.
This means continually learning about your
clients.
Data obtained from each client interaction must
be electronically stored so it can be shared
among employees within your firm. This can be achallenge when there are high numbers of clients
or industries, the business is seasonal.
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CRM IS STRATEGY, NOT JUST
DATA cont
The simplest form of client data is contact
data. This includes full names and addresses,
as well as each persons position and role in
the decision-making process within the
clients business, such as buyer, influencer,
approver or gatekeeper.
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CRM IS STRATEGY, NOT JUST
DATA cont.
Transactional data focus on historical events anddescribe the relationship with the client.
This information includes client activity outcomes suchas how and through what areas/departments your firminteracted with the client, what services the client haspurchased, and which sales pitches did not result inclient engagements.
It also includes the clients payment history and the
value of the overall account, and information on howfrequently the client contacts your company forservices and their latest engagement.
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CRM IS STRATEGY, NOT JUST
DATA cont.
Properly processing these transactions will helpeffectively manage the client relationship.
This type of behavioral data will help youunderstand your clients personalities,preferences, needs, motivations andexpectations.
Finally, your firm must collect relationship data.Relationship data identifies interdependencies
and potential conflict issues. A critical source ofclient intelligence is what you know about therelationships in your firms network.
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CRM Strategy
1. Choose the right people
universal agents, able to handle virtually anyissue from standard customer care issues topast-due collections. Then, match top performersin each area to specific clients.
Universal agents can easily be identified by theircustomer service skills and a thick skin requiredfor past-due collections. Simply put, you can
teach a collections agent how to handle customercare, but customer care agents rarely have theskills needed to manage collections calls.
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CRM Strategy cont.
2. Provide up-front and ongoing training
Once identified, universal agents should receive specialtraining. They must have the empathy, bridging andnegotiation skills needed to open and close a customercare issue and negotiate and resolve a past-due billingissue often during the same call.
They must know how to change a customers paymentdue date, offer credits, or waive a service fee.
If the customer recently lost a job, the universal agentmust be able to show empathy and offer paymentalternatives.
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CRM Strategy cont.
3. Control customer service quality and
performance
With customer data and payment habits on
their screen the moment the call comes in,
universal agents can deliver a quality
customer experience by offering empathy and
sympathy while remaining firm enough tomeet the clients collection targets.
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CRM Strategy cont.
4. Leverage customer data to build
prevention strategies
When a customer gets his or her paycheck,
every company wants to be paid first. By
having the individuals payment, the universal
agent is better able to negotiate. They may
offer suggestions like: Can we change the duedate to better fit your needs?
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CRM Strategy cont.
5. Provide access to all customer contact
channels
More and more consumers and business people
are using non-traditional means forcommunications. Communicate in the medium oftheir choice. Employing a multi-channelapproach, the preventive collections program can
leverage or combine voice communications withother direct contact channels, including directmail, chat and email.
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CRM Strategy cont.
6. Deliver global consistency
Implement and enforce a set of operating
standards for all customer care and collection
interactions throughout your operation. This
will ensure equally trained agents with reliable
service to your clients around the world.
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CRM Strategy cont.
7. Provide motivation and incentives
Every client has different needs. When it
comes to motivating and incenting universal
agents, there are a variety of client-specific
compensation models. Earnings and
incentives can be based on cure and collection
rate measurements.
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CRM Strategy cont.
With this strategy, agents are able to engage
late-paying customers and gradually move
them away from the collections process, in
some cases permanently. Identifying andresolving past-due issues before the customer
reaches the collections stage is a proved.
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Role of CRM in business strategy
Shared customer knowledge.
Shared customer data ensures that each
customer interaction is handled with the same
degree of care while leveraging the same
information across all departments,
geographies and channels.
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Role of CRM in business strategy
cont.
360 degree consolidated customer view. The
achievement of a single, enterprise-wide view
of the customer relationship delivers one real-
time version of all customer information,eliminates duplicate data entry, reduces
systems integration complexity and empowers
staff with up to date knowledge andactionable customer insight.
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Role of CRM in business strategy
cont.
Repeatable processes. The adoption of CRM
automation software facilitates consistent
processes, process improvements and best
practices among all staff who use the softwareto become more efficient in their daily roles.
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Managing customer communication
Communication play a lead role in building
customer relationship
Communication management stands for
intensive interaction b/w customer & the
organization.
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Routes to CCM
1. Online routes
Interactive website
E-Mails
Web communication
Chat rooms
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Routes to CCM
2. Offline routes
Telephone
Fax
Face to Face interview
Mails
3. Outsourcing Private call center
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Factors affecting CCM
1. Nature of business
2. Size of organization
3. Number of customers
4. Types of customers5. Frequency of contact
6. Type of product
7. Technical support available
8. Extent of loyalty
9. Presale interaction required
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Method of CCM
1. Active method of CCM
In this method organization anticipates the
possible expectation of customers,& plan for
effective communication accordingly. It is
more direct method designed in tune with the
anticipated behavioral pattern of customers
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Method of CCM cont.
2. Receptive mode of CCM
In this method organization reacts suitably
after studying the Expectations, perceptions
& Behavioral patterns & the customer
interaction is tuned suitably
3. Indirect method of CCM
It is based on organizations own observation
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Specific skills for CCM
1. Skill to listen
2. Skill to tolerate
3. Skill to convince
4. Skill to advice
5. Skill to convert
6. Skill to educate
7. Skill to minimise fear, uncertainty, doubt.
8. Skill to add satisfaction
9. Skill to provide positive experience
10. Skill to recognise individually
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Specific skills for CCM cont.
11. Skill to correct
12. Skill to build emotional response
13. Skill to help
14. Skill to fulfill needs
15. Skill to make the customer feel important
16. Skill to keep up promise
17. Skill to be available
18. Skill to be honest
19. Skill to be Honest
20. Skill to respect sentiments21. Skill to respect Values
22. Skill to build confidence
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THANK U
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