6/10/2015. Chapter Nine Overview. Learning Outcomes. Opening Case: Twitter: A Social CRM Tool
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1 Opening Case: Twitter: A Social CRM Tool McGraw-Hill-Ryerson 2015 The McGraw-Hill Companies, All Rights Reserved Chapter Nine Overview SECTION 9.1 CRM FUNDAMENTALS Introduction Using Information to Drive Operational CRM Using Information to Drive Analytical CRM SECTION 9.2 CRM BEST PRACTICES AND TRENDS Implementing CRM CRM Metrics CRM Applications and Vendors Managing Other Relationships Future CRM Trends 9-2 s 1. Explain the difference between customer relationship management and customer relationship management systems. 2. Describe the business benefits of customer relationship management and how customer relationship management systems can help achieve those benefits. 3. Explain the difference between: operational and analytical customer relationship management; the operational customer relationship management systems used by marketing departments, sales departments, and customer service departments; and the various analytical customer relationship management systems used by organizations
2 s 4. Identify and explain best practices in implementing CRM in organizations, including the tracking of common customer relationship management metrics by organizations. 5. Describe the benefits of expanding customer relationship management to include suppliers, partners, and employees, as well as other future trends in CRM. 9-4 CRM Fundamentals McGraw-Hill-Ryerson 2015 The McGraw-Hill Companies, All Rights Reserved Introduction 9.1 Customer Relationship Management involves managing all aspects of a customer s relationship with an organization. Enterprise must switch from Sale-focused to Customer-focused strategies CRM provides insight into each customer s shopping and buying behaviours Allows an organization to treat each customer individually tailoring offers to each individual specifically thereby increasing spending Flexibility is key
3 CRM as a Business Strategy 9.1 Customer Relationship Management Overview Figure cm Business Benefits of CRM 9.2 Benefits of a Customer Relationship Management System Better customer service Figure 9.2 Ability of sales staff to close deals faster. Improved call centre efficiency Simplification of marketing and sales processes Ability to cross-sell products more effectively Ability to discover new customers 9-8 RFM Finding the Most Valuable Customer 9.2 Organizations ask and track the following customer metrics to determine their most valuable customer: R - Recency How recently has a customer purchased items? F - Frequency How frequently does a customer purchase items? M - Monetary How much does a customer spend on each purchase occasion? RFM Spells customer value At one time the data from each component was added or multiplied together. Today more sophisticated algorithms are used to extract patterns of behaviour that indicate loyalty and profitability
4 Evolution of CRM Reporting Identifying most valuable customers Analyzing Ranking customers from best to worst Profiling, determining attributes of each customer segment Predicting Applying profiles to potential business opportunities Selecting customers with highest probability of profitability & retention erprise-applications/10-cool- CRM-Developments/ The Evolution of CRM Abilities Figure 9-10 Examples of Reporting, Analyzing and Predicting Behaviours Reporting: What Happened? What was the total revenue by customer? How many units did we manufacture? Where did we sell the most products? What are total sales by product? How many customers did we serve? What are our inventory levels? Analyzing: Why Did It Happen? Why did sales not meet forecast? Why was production so low? Why did we not sell as many units as last year? Who are our customers? Why was customer revenue so high? Why are inventory levels so low? Predicting: What Will Happen What customers are at risk of leaving? What products will the customer buy? Who are the best prospect for a sales call? What is the best way to reach customers? What is the lifetime value of a customer? What transactions might be fraudulent? Figure 9-11 Operational and Analytical CRM Operational CRM Supports traditional TPS for day-to-day front office operations & systems that deal with customers. Components of an Enterprise CRM Analytical CRM Supports back-office operations and analysis and systems that do not deal with customers. Figure
5 3 Primary Components of Operational CRM Components of an Operational CRM Marketing Sales Customer Service List Generator Sales Management Contact Centre Campaign Management Cross-selling and Upselling Contact Management Opportunity Management Web-based selfservice Call scripting Figure Marketing CRM List Generation List Generators compile data from a number of sources and segment it for marketing campaigns. Campaign Management Systems Guide users through marketing campaign planning, execution and success analysis Can provide quantified ROI and a de-brief including suggestions to improve future performance For a quick example of campaign management systems go to Canada Post business at Cross-Selling and Upselling Cross-selling adds additional products and services to current purchases Upselling increases the value of the sale by moving purchases to premium levels, increasing volume, adding additional uses etc Sales CRM Sales Force Automation (SFA) Automatically tracks all steps taken in the sales process including prospects, calls, call results, next steps, successful closures and reasons why, and unsuccessful sales calls Goal is analysis and improvement at every step With all the Sales Force automation software that is available, a useful website is that provides a comparison of the applications and what they can do. Sales Management CRM Systems Automates steps in the sales process and displays prospect/customer history and records and prompts next steps for each sales call Improves efficiency and effectiveness of performance, increases management visibility of sales efforts, measures performance cycle times Opportunity Management CRM Determines potential customers and competitors and defines the appropriate level of selling effort including budgets and schedules
6 Sales Management CRM Overview of the Sales Process Figure Pointers for Gaining Prospective Customers Get Their Attention Value Their Time Over-deliver Contract frequently Generate a trustworthy mailing list Follow up From Figure 9.8 Make your appearance professional and do something positive to stand out. In exchange for your customers time, you need to provide them something of value. Do more than just keep your word. Send updates and provide value continuously. Ensure mailing list names are genuine contacts with authority to deal. Send thank you notes for meetings to everyone you contacted in the company Customer Service CRM Contact Centres or Call Centres CSRs (customer service representatives) answer customer inquiries or problems Knowledge-management systems can support CSRs by providing suggested responses. Applications can provide call history CSRs need training to use software effectively Web-Based Self-Service Systems Company web-site provides an interface for common problems to allow users to find the solution Live chat and improve and personalize the service Call Scripting Systems Use a database of previous solutions to match to new inquiries Can provide diagnostic questions a CSR might ask
7 Customer Service CRM Common Features included in Contact Centres Automatic call distribution Interactive Voice Response (IVR) Predictive dialing From Figure 9.9 A phone switch routes inbound calls to available agents. Directs customers to use touch-tone phones or keywords to navigate or provide information Automatically dials outbound calls, and when someone answers a call, it is forwarded to an available agent Analytical CRM Used to enhance and support decision-making and works by identifying patterns in customer data collected from operational CRM Personalization Knowledge of preferences in product attributes, communications and other product/service aspects to provide customized offerings Individuals are analyzed to match marketing effort with profitability potential Enhances Employee performance Customer feedback forms are used to decide on training requirements for front-line personnel Takes advantage of thousands (millions) of transactions stored in Data Warehouses 9-20 Analytical CRM Examples Give Customers more of what they want Find new customers similar to your best customers Find out what the organization does best Beat competitors to the punch Reactivate inactive customers Let customers know they matter From Figure 9.10 Communications made more personal with personal solutions. CRM matches customer requests with new production & notifies customer. CRM matches the profiles of your best customers to select prospects out of a mass mailing list. CRM can find the top performing segments and what your most popular offering is to them. Determine sales trends offering best customers deals ahead of the competition. Periodically select lapsed customer and send targeted promotions to bring them back. CRM lists best customers and makes suggestions for personalized rewards
8 OPENING CASE QUESTIONS Twitter: A Social CRM Tool 1. Summarize the evidence of CRM and provide an example of a reporting, analyzing, and predicting questions that a company using a Social CRM tool might ask its customers or followers? 2. How has BMC Racing effectively used Social CRM systems to improve its operations? What other CRM systems could a company like WestJet employ to improve its operations? 3. Define analytical CRM. How could a company effectively use analytical CRM in the context of using Social CRM? How important is analytical CRM to companies using Social CRM? 4. What is the difference between customer data, customer information, and business intelligence? 9-22 Data Warehousing McGraw-Hill-Ryerson 2015 The McGraw-Hill Companies, All Rights Reserved Implementing CRM 1. Creating a CRM vision that provides a Big Picture of what the customer-centric organization should look like. 2. Defining and weaving a CRM strategy that aligns with broader marketing and sales strategies, and informs operational and production strategies. 3. Understand and engaging the customer. 4. Ensuring organizational collaboration between internal groups and external business partners
9 Implementing CRM 5. Focusing on improving customer processes. 6. Achieving data integrity across the enterprise. 7. Leveraging information systems to implement CRM. 8. Defining, collecting and analyzing CRM metrics Industry Best Practices for CRM Implementation 1. Clearly communicate the CRM Strategy. Gartner Dataquest indicates that enterprises with CRM success had committed senior executives who set goals for CRM, match strategies with corporate objectives and tied measurement to goals and strategies. 2. Define Data needs and flows. Have a clear understanding of how data flows in and out of the organization because it tends to come in many different forms from many different touch points. 3. Build an integrated view of the customer. Choose the correct CRM solution that can meet strategic goals and be successfully implemented including integration into current systems. tory%20at%20day%20and%20zimmermann.pdf 9-26 Industry Best Practices for CRM Implementation 4. Implement in manageable pieces which makes it easier to manage, measure and track the design, building and deployment of the system. Allows an early warning of fatal flaws. 5. Make the CRM system scalable, able to grow and contract as needed to be adaptable to current and future needs. Understand the organization and its growth strategies. Take time to answer tough questions up front to get the most out of the CRM system
10 CRM Metrics Sales Metrics Service Metrics Marketing Metrics Number of prospective customers Cases closed same day Number of new customers Number of cases handled per agent Number of retained customers Number of open leads Number of sales calls per lead Number of service calls Average number of service requests by type Average number of service calls per day Number of marketing campaigns New customer retention rates Number of responses by marketing campaign Number of purchases by marketing campaign Cost per interaction by marketing campaign From Figure CRM Metrics Sales Metrics Service Metrics Marketing Metrics Amount of new revenue Amount of recurring revenue Number of proposals given Percentage compliance with service-level agreement Percentage of service renewals Customer satisfaction level Number of new customers acquired by marketing campaign Customer retention rate Number of new leads by product From Figure 9.12 An important source of CRM metrics comes from external communities such as social media. CRM analytics collect and determine quantity and quality of Facebook message, Tweets, blog comments among others Customer Power Figure
11 CRM Applications and Vendors Gartner predicts worldwide CRM markets will be around US$36.5 billion by Top three providers of CRM in early 2014 were: Salesforce.com Oracle Sales Cloud Microsoft Dynamics CRM CRM applications will continue to be developed for the SME market and to take greater advantage of mobile devices 9-31 Managing Other Relationships SRM 9.5 Supplier Relationship Management (SRM) Evaluates and categorizes suppliers for different projects to optimize supplier selection SRM system analyzes vendors based on key variables such as strategy, business goals, prices and markets to find complementary partners SRM systems provide seamless communication channels where data can be shared by all parties Benefits include: Single consolidated view of all suppliers Consistent, detail management information with multiple views Elimination of duplicate suppliers Managing Other Relationships Partner Relationships 9.5 Alliance Partners Competitor organizations that cooperate to compete more successfully Dealers Agents who sell product on behalf of an organization, usually a manufacturer or distributor Retailer Stores operating at the end of the supply chain from the manufacturer selling directly to consumers Resellers Bulk purchasers who add a margin and sell in smaller lots for profit. Partner Relationship Management (PRM) has a goal to select and foster relationships with effective partners. PRM systems facilitate communication with partners and monitor partner activities
12 Managing Other Relationships Employee Relationship Management 9.5 Unhappy employees may upset or anger customers leading to customer attrition Employee Relationship Management (ERM) focusses on increasing employee morale, productivity, communications and change readiness ERM systems Subset of CRM systems Assist employees in dealing with customers by providing just in time information on the company, policies, products, services etc Future CRM Trends 9.5 Will integrate with RFID, wireless, SaaS and other information technological developments to improve in providing a 360-degree view of the customer Already support mobile sales and communications by integrating wireless into CRM systems Greater incorporation of RFID (and other coding systems) to track sales, shipping, product uptake, productivity and providing a richer source of CRM metrics 9-35 OPENING CASE QUESTIONS Twitter: A Social CRM Tool 5. Describe some best practices evident in the CRM industry. Discuss to what extent a company using Social CRM can follow these best practices. 6. Describe the trends found in the CRM industry. Discuss to what extent a company using Social CRM can follow these trends. 7. Explain SRM. Do you see potential for Social SRM, and if so, how could it be used to improve its business? 8. Explain PRM. Do you see a potential for Social PRM, and if so, how could it be used to improve its business? 9. Explain ERM. Do you see a potential for Social ERM, and if so, how could it be used to improve its business?
13 CLOSING CASE ONE: Harnessing Customer Relationships at Fairmont Hotels & Resorts 1. How can Fairmont s marketing department use operational CRM to strengthen its relationships with its customers? 2. How can Fairmont s customer service department use operational CRM to strengthen its relationships with its customers? 3. Review all of the operational CRM technologies and determine which ones would add the greatest value to Fairmont s business? 4. What benefits does Fairmont gain from using analytical CRM? 5. How does Fairmont use CRM to increase efficiency in its business? 9-37 CLOSING CASE TWO: Target: CRM and Big Data 1. How is Target using CRM to drive customers to its stores? 2. How would you classify what Target is doing in terms of the types of CRM systems? 3. In your opinion, what types of best practices need to be adopted when companies like Target start using predictive analytics in the CRM system? 4. Read Kashmir Hill s February 16, 2012 article, How Target Figured Out a Teen Girl was Pregnant Before Her Father Did. ( What would your reaction be? 9-38 CLOSING CASE THREE: Revving Up Customer Relationships at Harley-Davidson 1. What are the two different types of CRM, and how has Harley-Davidson used them to become a customer-centric business? 2. Which of Harley-Davidson s customer-centric strategies is most important for its business? Why? 3. Evaluate the HOG s CRM strategy, and recommend an additional benefit Harley-Davidson could provide to its HOG members to increase customer satisfaction
14 CLOSING CASE THREE: Intuitive ERP 4. Describe three ways Harley-Davidson can extend its customer reach even further by performing CRM functions over the Internet. 5. What benefits might Harley-Davidson gain from using analytical CRM? 6. Explain ERM, and describe how Harley-Davidson might use it to increase efficiency in its business
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