Post on 08-Apr-2018
transcript
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Recommended Text Books :
1. Customer Relationship managementEmerging concepts, Tools & Application
J.N Sheth , Atul Parvatiyar G.Shainesh
2. The Ultimate CRM Handbook
John. G . Freeland TMH edition
3. CRM at the lightening speed.Paul Greenberg
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Transition to CRM world
Production centric
business Approach
70 & 80s business thinking Late 80s + business thinking
Product centric
business approach
Mass production
Economy of scale
Low cost & volumePush.
Customized production
Low volume & more variety
economy Of scope
High operation cost
Product delivery as a total solutionof Product & service
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Is customer chasing a product Or product chasing a
customer ??
Todays corporate Business challenges
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A large number of BFSI institutions like Citibank, ICICIBank, HDFC Bank, IDBI Bank, BNP, Standard CharteredBank, Bank of Punjab, State Bank of India, besides
financial services like GE Countrywide, and insuranceplayers like Max NewYork Life Insurance, Bajaj Allianzand ICICI Prudential Life Insurance have adoptedbusiness process management (BPM) like CRM
process to deal with increasing front end issues at customer level after core banking , regulatory issueslike Money laundering, risk management system ,unhedged external liabilities etc .
What do corporate world think of CRM
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Indian banks have been directed by RBI to improve
their risk management system by building aninvestment fluctuation reserve (IFR), by identifyingthe problem assets , making provisions for problemassets , and by putting in place systems that monitor
un-hedged external liabilities.
PSU banks & private banks like the ICICI, whichhas offshore entities, have to track money
laundering activity & report the same.A
ccording tothe Money Laundering Act 2003, FIs have to report& confiscate the transactions as MLA is anextraditable offence.
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Customer Life Cycle.
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The customer life cycle encompasses four continuous patternsin which businesses interact with customers across multiplechannels and touch points.
CRM integrates the right employees, partners, processes, andtechnology to optimize relationship management across allfour patterns within a customer life cycle:
. Engage: Recognizing potential customers and convertingthem into (first-time) buyers.
. Transact: Getting the customer to make a purchase.
. Fulfill: Providing the total one point solution .
. Service: Providing customer care and service across allchannels.
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Building Customer Life cycle management
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Analytical CRM: The customer knowledge data base
formed from the systematic collecting and storing ofcustomer data is perceived as an asset to theenterprise. Through an analysis of the data in this database it is possible to improve marketing efficiency indifferent ways.
Operational CRM: Operational CRM means that an ICTbased support is provided for front office activities,including sales, service and support. Such support isintended to be used both in call/contact centers and bythe sales staff in their customer contacts.
Collaborative CRM: The development ofICT has openedup new possibilities for communicating with thecustomers.
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EmpoweredEmployees
IntegratedPartners
InformedManagement
ConnectedCustomers
CRM Eco system
MarketingAutomation
Sales ForceAutomation
CustomerService
FieldService
eCommerce
Intelligent and easy business solutions thatenable extraordinary customer experiences
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Businesses have long since measured financialperformance with traditional financial measurement tools:profit and loss statements, balance sheets and cash flowstatements. These measurement frameworks suffer from
limitations; they measure past activities and are lagversus leading indicators (Kaplan & Norton, 2001).
Kaplan and Norton created the balanced
scorecard to address some of these deficiencies andhave expanded the tool to measure strategy. In thisexample, the balanced scorecard intends to predict futurefinancial performance and track how effectively thecorporate strategy is executed.
Measuring business performance
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Consumer
Insight
Valueproduction ValuedeliveryCustomerBehavior
&Mind set
Internally focused measurement Externally focused measurement
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(Business process)
CLV( Projected
revenue)
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Depending on the companys business model andThe business unit within the company, CRM
measurement frameworks vary. Some key categories ofperformance measurement include:
1. Brand performance measures2. Customer asset management3. Customer behavior4. Marketing performance5. Sales force performance6. Service center performance7. Field service performance8. Supply chain and logistic performance9. Web site performance
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1.Brand-buildingCustomer equity building
Customer behavioral modelingCustomer value management
Customer-facing operations
2. Marketing operationsSales force operationsService center operationsField service operations
3.Supply chain and logistic operationsWeb site operationsLeading indicator measurement
4. Balanced scorecards
Customer knowledge management
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Products and services originate in the companys valueproduction capabilities and then flow through the valuedelivery capabilities and to the customer. The
companys customer insight capabilities must collectknowledge about the customers behavior and mindsetand inform the value production and deliverycapabilities.
While companies frequently measure customer valueproduction and delivery capabilities, very few measurethe customer insight or knowledge managementcapabilities.
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CRM strategy in an organization helps to build 360Degree view of the customer
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Why customers quit ???
1% die
3% become dormant .
5% develop high aspiration .
9% leave for competitive reasons
14% are dissatisfied
68% quit because of an attitude ofindifference( relationship) by marketer .
Statistics :
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Marketing Statistics
The average business never hears from 96% of
its unhappy customers.
They tell a minimum of 9-10 other people abouttheir bad experiences.
Getting a repeat customer from unhappy
customer group is 1 in 11.
Every positive experience is shared with 2 to 3people( prospective customer ).
For every single complaint received, there are in
fact 26 customers with the similar concern.
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Marketing Statistics
Of the customers who register a complaint, as many as
70% will do business again with your organization if the
complaint is resolved effectively.
This figure goes up to 95% if the complaint has been
resolved promptly.
40% of complaints result from customer mistakes or
incorrect expectations.
A complaint that is handled efficiently is actually better
than no complaint at all.
Customers who complain and get satisfactory results
are 8% more loyal than if no complaint at all.
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Hence in a competition driven markethaving more business challenges,to attract , acquire and retain a customer,business practices which are customercentric ( Customer RelationshipManagement ) is imperative and need ofthe business.
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Customer Relationship Management
Process of creating and maintaining
relationships with business customers or
consumers
A holistic process of identifying, attracting,differentiating, and retaining customers
Integrating the firms value chain to create
enhanced customer value at every step
An integrated cross-functional focus on
improving customer retention and profitability for
the company.
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Customer Relationship Management
A customer centric business processes practiced
by an organization from acquisition to retention
to build bonding , enhance positive customerexperience, increase multiple touch point value
and create high customer life time value.
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Shift from transactional marketing to Relationship marketing
Interdependence
Independence
Conflict Collaborate
Transactional
Marketing
Relational
Marketing
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Structuralbond
Financialbond
Customizationbond Socialbond
Level of relationship strategies
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Distinctions in Customization
Mass Marketing Customization
Relationship
with customers
Customer is passiveparticipant in process
Customer is activeco-producer,
Customer needs Researched and
articulated
May not be
articulated
Product and serviceoffering
Marketing and R&Ddrive offering
Customized basedon customer
interactions
Price Fixed prices with
discounting
Value based pricing;
customer
determined
Communication Advertising and PR Integrated,
interactive
Distribution Mix of direct and
indirect
Direct (online)
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Customer Profitability and Life time Value.
As cost of serving a customer increases over
the years ,due to inflation ( rise in input cost )
profit earning ability of the firm decreasesduring the life time . Hence customer centric
business leverage on RLEATIONSHIP
MANAGEMENT as key strategy to improve
customer profitability over the lifetime of thecustomer.
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CLV proposition
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Sales Force AutomationProcess
Customer Service
Process
Contact & Activity
Managementprocess
Marketingmanagementprocess
CRM process focus areas in business
EnterpriseResource
Planning
tool
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SALES Force ManagementProcess
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Challenges of Sales Management process
Long Sales Cycles : In complex products and
services ( solution sales ), the sales process fromlead generation to closure tend to get longer thananticipated.
Disconnected lead information system makingdecision process of lead qualification difficult .
Need for transparent sales transaction inde- centralized customer set up.
Control & streamline Sales forecast process.
Unable to assess sales productivity
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Sales Force Automation
Manages lead generation, tracks movement of
leads through the pipeline, allows better usage
of customer data, integrates activities acrosssales channels, simplifies relationship
management, forecasts for opportunities
Helps to understand competitive position in
sales situation . Sales funnel ( Sales pipeline ) management
Sales person productivity analysis
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Revenue management is key the success of anybusiness .
Revenue Planning : Begins during the third quarter fornext fiscal year.Input is gathered from sales & marketing team andother sources and Revenue plan is fixed.
Related expenses are decided & planned profit is predecided.Revenue plan is broken up into sales targets forproduct line & communicated to sales force .
Q1( AMJ) Q2(JAS) Q3( OND) Q4 ( JFM)
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12
annual
revenue
plan.xls
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Sales performanceAnalysis
Business partnerManagement
Sales Planning
OrderAcquisition
OpportunityManagement
Sales Process ManagementSales Process Management
Order
management
Order vetting
Technical
Commercial
Feedback to
sales team
Sales funnel
management
Sales force
Productivity
management
OrderlossStatus report
& analysis
Annualbusiness
planning
Channel partner
Warehouse
C&F
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Top Search Terms Leads by SourceCampaign ROI
Web Form
Lead Capture
Import Data
Web Site Visitors
Inbound Calls
Lists
Google AdWords
EmailMarketing
Direct Mail
Cold Calls
Partners
TV
Radio
Events
Trade Shows
PR
Set up auto-response emails-Thank you for your interest
-Your trial information
-Event details
Set up lead assignment rules-Geography
-Company size
-Product of interest
Use the import
wizard or Excel
connector
Purchased list
Trade show
Legacy data
Contact me request Free trial
Event registration
Organic Web traffic AdWords referrals
Email responses
Yellow pages Google Maps
Word-of-mouth referrals
Create New Leads
Cold calling If one doesnt exist, create a new lead
Lead Quality
Generate More Leads: Capture those leads through a
variety of channels including your Web site.
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Closed Business
by MonthTop Sales RepsTop 10 Deals
Presentation Proposal Negotiation WonYesNo
Open Opportunities
You canmonitor your
opportunitiesreports and
dashboards to
keep track of
your top deals
and prioritize
your time.
Customize Sales force tofit your internal sales
methodologies and
processes, making it
easier to monitor your
sales pipeline.Use email marketing and
call downs to re-market
to yourarchived
opportunities.
Keep an archive of your dead opportunities.
Sales force gives your entire
company a 360-degree view of
your customers and facilitates
collaboration across your
organization, helping you
build strong, lasting customer
relationships.
Sales
Support
Marketing
New Customers
Close More DealsClose deals fasterby providing a single place for updating deal information, tracking opportunity
milestones, and recording interactions. Easily analyze your sales pipeline so you can quickly
identify and eliminate any bottlenecks in the sales cycle.
Retail sales
forecast.xls
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Lead analysis & sales forecast
RFQ analysis
Bid preparation (Investment proposal )
Sales coordination
Sales collaterals & templates
Sales productivity analysis
Field intelligence report
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Sales target The amount of sales each sales representative, team, product or product category has
committed or is assigned to solicit.
Close percentage This metric goes by many names. The purpose of the metric is to score a lead with a
percentage that it is likely to turn into a sale. As sales personnel work with thecustomer to answer questions, exchange information, prepare legal contracts and so
on, the percentage is changed up or down.
Customer score Not only are leads scored, but customers are too. By scoring a customer, companies
can develop a model that helps them predict which customers are likely to purchase
their product or service. Many attributes (size of the company, geographic location,level of access into the company, level of cultural, industries the customer serves,
size of budget for the solution being sold) can go into scoring a customer. In this
regard, customer scoring is similar to a segmentation exercise.
Sales expenses This metric includes all expenses related to the sale, such as travel, entertainment,
printing, shipping, use of other internal resources, 3rdparty expenses, etc.
Close rate The percentage of sales leads that convert to sales. This is often tracked at the sales
representative, team, customer segment and product/product category level.
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Sales totals The total number of sales represented by all leads. This metric is often multiplied
by the close percentage for a weighted sales leads number. This metric is used to
predict future sales.
Sales lost The number (or percentage) of sales lost, broken down by reasons, which can
include loss to a competitor, loss of customer funding, and many other reasons.
Training impact Companies use different techniques to detect the impact of sales training on the
sales force, including sales staff surveys on training effectiveness and
comparisons in other sales metrics pre- and post-training.
Cross-sell rate The percentage of sales totals that include items that were not specifically
requested but recommended by the sale force or through marketing.
Number of calls The number of calls made by a sales representative or sales team. This can be
broken down by new account calls and existing account calls.
Number of new
customers
How many new customers have been added during a period of time.
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Key returns from improved sales performance
and management include the following:
Increased salesperson productivity Increased sales management productivity Decreased cost of customer acquisition Increased revenues (increased profits onrevenues) Decreased administrative overhead Reduced employee training costs
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Customer Service management
QoS ( Quality of Service ) delivered byan organization is judged by itscustomer of the basis of 5 keyparameters known as serve qual
parameters.
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Proprietary slides
45
1. Tangibles of Service :
( Infrastructure & facilities , Employ commitment (People)
& the process links of services laid to build efficiency &
problem resolution )
2. Responsiveness :
Attitude (Willingness) to help the customer proactively.
3. Reliability : Dependability on the service & accuracy of
the service.
4. Assurance : Competence of the organization to deliver
the promises & gain credibility for service .
5. Empathy : Caring for the customer . Feeling of concern
& responsibilities.
i i f i d i
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Designing SLA for committed service
Components of SLAScope of service to be rendered
Committed Total turn around timePenalty clauses
Implementation timeJoint responsibility
Financial implicationPrice escalation clause
Commercial implications
Legal implicationTermination clause
Renewal clauseExit clau e
SLA is formal & legal document detailing the scope of service with standardOperating procedure explained by the service provider to set right expectationOf the client. ( Eliminate Service Gap )
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SLA Management encompasses :
SLA contract definition (basic schemawith the quality of service parameters.)
SLA negotiationSLA monitoringSLA enforcement, according to defined
policies.
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SERVICE
PERFORMANCESERVICE ROI
Web Form
Import Data
THRU Web Site
Inbound Calls
Warranty
customer
Database
SERVICE CALL
Email TO CC
Calls Thru
TOLLFREE NO.
Preventive call
Management Use the import
wizard or Excel
connector
Contact me request
Service call
Allocation process
SERVICE STATISTICS
CUSTOMER SERVICE MANAGEMENT PROCESS
Call call call call call incentivescapture analysis allocation tracking closure calculation
Set up auto-responseemails with id code
benchmark
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Call tracking: logging to resolutionCall uptime calculation : Actual time / total committed time
Service center operations
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Call counts and
duration
The number and duration of calls either received or sent, often
broken down by call type, which is input by the call center
representative after completing the call.
Average hold time The amount of time a customer has to wait before being served by
an agent.
Abandonment rate The number of calls abandoned expressed as a percentage of the
total calls. These are customers who hang up while waiting for an
agent or get disconnected.
Average
abandonment time
The average time a caller waited before abandoning the call.
Adherence The amount of time the agent is in their seat ready to take calls,expressed as a percentage of the total time the agent is scheduled.
Wrap-up time The amount of time, after the call is completed, the agent needs to
complete administrative tasks related to the call.
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Average cost per call The sum of all costs for running the center divided by the number of calls
received.
Average talk time The amount of time the agent spends on the call talking to a customer.
Average handle time The sum of the talk time and the wrap-up time.
Agent utilization The amount of time agents spend on calls versus other internal tasks,
expressed as a percentage of available time.
Blocked calls The number and percentage of calls that receive a busy signal and could not
even get to the automatic call distribution system (ACD).
Service level A goal for call center performance. A widely used format for the goal and
values is for a call center to answer 80% of the calls within 20 seconds.
Call quality Companies have devised ways to monitor the quality of a call and the agents
abilities. Scores can include vocal intonation, friendliness, promptness,
knowledgeableness, and adherence to procedures.
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Response time Amount of time it takes a service agent to respond
Completion time Amount of time it takes a service agent to resolve a customersproblem.
Repair fulfillment
time
The amount of time it takes to deliver a requested part or service
needed for a repair.
Service level This metric is similar identical to the call center metric when
applied to inbound phone calls. It includes additional measures
when applied to all support calls.
Customer
satisfaction score
Many companies routinely survey their customers after a service
call to verify satisfaction.
Service call priority Service calls are frequently prioritized to comply with service
contracts or warranty terms or to indicate the importance of the
request.
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CRM driven Supply chain performance.
Fill rate The number of items ordered compared with items shipped.
Fill rate can be calculated on a line item, SKU, case or valuebasis.
On time ship rate What percent of orders where shipped on or before the
requested ship date. On time ship rate can be calculated on a
line item, SKU, case or value basis.
Performance to
promise
What percentage of orders where shipped on or before the
promised ship date. In some cases, some items may be on
back order or delayed for whatever reason. This metric
captures the overall conformance with promised ship dates.
Backorders The number (or percentage) of unfulfilled orders.
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Customer order
cycle time
The average time it takes to fill a customer order.
Cash to cycle time The number of days between paying for raw materials and getting
paid for the product by the customer.
Supply chain cycle
time
The total time it would take to satisfy a customer order if all
inventory levels were 0.
Perfect Order
Measure
The error-free rate of each stage of an order. Error rates are captured
at each stage (order entry, picking, delivery, shipped without
damage, invoiced correctly) and multiplied together.
Upside flexibility The ability of a supplier to meet additional demand requirements
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Contact and activity Management
KAM process
Blue book / Account dossier /Customer historysheet preparation
Scheduler and calendaring events
Project management process
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Customer
Sales Level/
Potential
Customer Service/Re
lationship Requirements
Large
Small
Low High
Direct
channe
ls/
Internet-based
sales
Key/Global
AccountManagement
The shrinking
domain for the
traditional
salesforce?
Marketing Strategy
The critical new interfaces for sales
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Exploratory
Basic
Cooperative
Interdependent
Integrated
Strategic
intent of
seller
Strategic intent of buyer
Adapted from a model developed by Millman, A.F. and Wilson, K.J.
From Key Account Selling to Key Account Management (1994)
The relational development model
KAM
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Key account preliminary categorization
Realization of fullest potential
of both organizations
Confidence in relationship, stable
& highly evaluated by both sides
Integrated
Interdependent
Basic
Degree ofcollaboration
KAM relationship stage Needs of parties to
KAM relationship
Low: transactional
High: collaborative
Reduction of risk,
ability to forecast
Operational, efficient
transactions
Cooperative
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Creating closer relationships with supply
chain partners
InformationSystems
Operations
Marketing
Operations
InformationSystems
Marketing
Key-Account
Co-ordination
Supplier
To
Supplier
Development
Customer
Directors
selling company
Directors
buying company
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Key account categorization
Top 15 (in volume/revenue generated)
Next 30
Next 55
A
B
C
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Selection of Key Accounts
Large
Medium
Small
Strategic Star
Status Streamline
High
High
Low
Supplier Business
Strength with Customer
Account
Attractiveness
low
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High Low
High
Low
Key accountattractiveness
Supplier business strengthwith customer
Selectiveinvestment
Management
for cash
Strategicinvestment
Pro-active
maintenance
The key customer portfolio
Supplier Relationships as a Source of
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Business Contribution
Criteria
Business Process
Criteria
Strategic
Suppliers
Preferred
Suppliers
CommoditySuppliers
First mover advantage
Channels to market
Reverse revenue generation
KAMlead
Business strategy driven
A te
am on
both sides
Point-to-point solution
Technology access
Operationaladvantage
Cost improvement Superior service levels
Ease of transaction
Relationship manager
Strategy from CatMan
SLA scorecard
Managed locally Performance monitored
E-enabled
10
20
600
1, 350
3,000
10
< 1% ofsuppliers
c. 20% ofall
suppliers
c. 80% ofall suppliers
Type
Supplier Relationships as a Source of
Business Advantage
Business Process
Criteria
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Blake and Mouton
1/9
The customers
friend
9/9
The problem
solver
1/1
The ordertaker
9/1
The pressuresalesman
5/5Compromise
Method approach
Concern for
customer
Concern for making the sale
9
1
91
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Developing the Strategic
Account Planning Process
The strategic account planning process
should be specific and actionable, and
include
Objectives and activities
Action plans designed to meet the objectives
Assigned responsibilities and accountabilities
A listing of the resources required toimplement the plans
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Facilitating Buy-In
Training and education programs can
facilitate buy-in within the selling
organization
Sales education programs must
emphasize the value that KAM and sales
managers can provide to these strategic
accounts
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Providing Guidance for Plan Development
and Implementation
KeyAccount Managers provide much
guidance and leadership to their team
& buyers . They seek ongoing support from top
management
Identify new opportunities & helpbuying organization in decision
making.
Act as problem solver & evangelist.
Marketing Data analysis for
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Marketing Data analysis for
strategic marketing decisions.
Information about
Data available in
DW
Data standardized
To a common format
CRM process & information technology
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CRM process & information technology
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Classification: It maps data into predefined group or
clusters . These classes are predefined . Classification
algorithms requires that the classes are defined on the dataattributes values. ( Micro Segmentation of consumers )
Regression : It assumes that the target result fit in to some
known type of functions ( eg linear , logistic etc ) & then
determines the best function which models the given data.
Clustering : The approach is useful for determining the
similarity On the predefined attributes . Identifying precise
set of variables / parameters describing the data set fordecision making process. Consumer modeling for
promotion strategy.
Summarization : It is used for extracting representative
information about the database. It maps data in to subsets
with associated simple description.
CRM P j i l i
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CRM Project implementation
methodology
Planning
Deployment
Post
Deployment
Envisioning
Development
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Components for CRM software project management
model
Basic components are common to any industries which
include
1. Scope management
2. Time management3. Resources management
4. Quality management
5. Cost management
6. Communications management7. Risk management,
8. Procurement management
9. Integration management.
l i C l i h l
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Implementing CRM solution: Technologyperspective
CRM solutions stand on a integrated database ofcustomers/ transaction data , which are used forbuilding proactive marketing strategies .
People , Process & Technology are the corner stones ofany successful CRM solution implementation .
Industry nuances are to be kept in mind whiledesigning CRM solution for an organization.
Integration issues with back end operation viz ERPwork flow management etc need to be addressed priorto the selection of CRP solution.
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Six Es e CRM are :
1. Electronic channel integration : (Web, Mail & messaging )
2. Enterprise : Across the organization other than sales &marketing function are able to interact & providecustomer centric services & products. ( Enterpriseintegration ERP , Work flow , DRP ) .
3. Empowerment : Enabling the customers to decide when& how to stay in touch with the organization.
4. Evaluation : Evaluate customer interaction along varioustouch point channel & compare anticipated ROI againstaccruals.
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5 Economics : Concentrate on customer economics , whichdrives smart asset allocation decision & greatest return on
customer communication
6. External information : Leverage information from thirdparty sources , web page profiler etc.
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Data
mining process: It helps to predict future trends &behaviorallowing the business to make proactive knowledge
based decisions.
Data mining taxonomy .
Predictive model Descriptive modelClassification Clustering
Regression summarization
Time series analysis Association rules
Prediction Sequence discovery
It uses advance algorithmic structure based on artificial
intelligence ( ANN, Expert system - rule based , case based
modelbased, GA, DT , NNM & statistical tools along with
search engines to predict or describe the behavior .
Using Customer tracker an organization can do
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Profile key contacts.Schedule activities and view tickler lists.
Generate, distribute and store customer
correspondence.
Create, store and track customer contracts.
View customer project lists and support tickets.Identify, track and manage opportunities.
Sales executives and administrators can leverage
views of Pending Pipeline, Win / Loss Data, and
Activity Lists.
Establish a portal for named customer contacts to
submit project requests and support tickets.
g g
following :
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CRM implementation
User interface.
Session managementWork flowDatabaseGraphicsMessagingBusiness
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Balance Score card is a framework of evaluation used to measure
the overall effective ness ofan organization.
The 4 perspectives used to evaluate the overall performance are :
Customer perspective , Learning & knowledge perspective , Financial
perspective & Internal process perspective.
The CRM specific perspectives are : 1. Customer Value perspective ,
which measures the financialbenefits gained form the customer .
2. Customer satisfaction perspective which measures the level of
satisfaction achieved by products & service .
3. Customer interaction perspective that measures the operational
excellence of internal process & multi channel management.
4. Customer knowledge perspective that measures the quality of
customer knowledge & dataanalysis.
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Conclusion :CRM is a business philosophy driving anorganization to build customer centric
business process & culture to gaincompetitive edge in cut throat competitiondriven market for sustainability & growth.
Technology is the backbone of anysuccessful CRM process implementation .
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