Novel crm for companies

8/7/2019 Novel crm for companies

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1

INTRODUCTION

Through this presentation we present a entirenew perspective on customer retention forproducts and services industry where highvalue purchase occurs

By high value purchase we mean any

purchase whose value in rupee termsexceed 5000/- (Five thousand only)



2

INTRODUCTION

This Presentation gives the basic bare bonesof our idea and is applicable for bothproducts and services companies the onlyeligible criteria put forward is high valuepurchase

The actual implementation would take intoaccount the industry type, customer base,type of product/service etc intoconsideration



3

INTRODUCTION

The customizations will have to be done bythe respective companies based on abovementioned parameters but the basicunderlying idea is the same

The industries which need this next generation

idea will ideally be operating in a B2Cenvironment with huge numbers of customers



4

INDUSTRIES

PRODUCT1. Automobile

2. Appliances (FMCD)3. Furniture

4. Mobile

5. Computer/ Electronics

6. Real Estate

7. Electrical Goods

8. Gems & Jewellery

SERVICES1. Aviation

2. Hotel3. Hospitals

4. Insurance

5. Banking

6. ISPs And Telecom Cos

7. Travel

8. Spa Beauty Care



5

INDUSTRIES

Though not an exhaustive list these are typicalindustries that would benefit from ourapproach

Every industry has to customize the approachfor itself as they give varied offerings



6

INTRODUCTION

The idea can be summarized in one sentence

Make your customer fell very Important like

EmperorThough sounding very clichéd we will in subsequent

slides show you literally how it will be done in anovel, simple and cost effective way

The idea is based upon customer retention but itsbenefits are not confined to customer retention but go way beyond



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Novel CRM

The Customer is king and we will exceed hisexpectations by our service..

This is the common customer service mottofor various companies but it remains inletter not in spirit

We will ensure that your customers are

treated not like kings but like emperorsCost of this extravagance is low but results

outstanding



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INTRODUCTION

Every Individual customer should be treatedlike a key account this is the basic idea of

our approachOnce you pamper your existing customers

then you will have no problems retainingthem and consequently you can cross-sell or

up-sell them your productsThese customers will then galvanize others

who will then get served by you



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Relationship MarketingPrograms



10

Introduction

Our Approach is simple yet far reaching in its benefitsthe approach is plain common sense but why

organizations dont implement it is an enigmaFor treating your individual customers like a key

account costs as little as 1%(or less) of thepurchase value per customer per year

The approach just requires few minor process/mindset modifications and a robust IT Infrastructure



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Customer RelationshipManagement(CRM)



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BENEFITS Customer satisfaction is achieved

Customer is treated like king hence more

brand loyalty Product improvement through customer

feedback

Better and timely service to customers

Simple market researches done oncustomers

Alternate channel for informing customers

about new products and promotions



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BENEFITS (contd)

Customer preferences ,demographics for analysisand implementation

Socially Relevant messages like energyconservation, safe driving etc communicated tocustomers

Loyal customers rewarded

Apart from all these tangible benefits it will enhanceyour brand image and improve your companysperception among the people



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Customer Retention

Typically 68% of customers leave a companybecause of its service and move to itscompetitors

We will ensure that this number will reduce to30% of the customers in a year because our

approach ensures customer satisfaction somore retention



15

Advertising

Huge amounts of money are spent onadvertisements in order to make customeraware of new product/promotions beinglaunched by the company

Our approach ensures that all the new

product/promotion information reaches thetarget audience based on customer profiles



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Product ReviewTaking active feedback from your existing customers

about the products can reveal a lot about product

drawbacks and customer preferencesThese data are then analyzed and incorporated into

any new product or updated version of existingproducts

For service companies the deficiencies in service comehome and then subsequently corrective measuresundertaken



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Customer Profiling

Very few companies have idea about theircustomers i.e. demographics, income,education, preferences etc those who haveidea usually engage third parties to gatherinformation which they do by sampling

Our approach ensures that customer profilingis done along with other functions listedabove and across all customer groups



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CUSTOMER

Every other company claims that customersare part of its family but they don't haveany idea about their family members i.e.who, where, how, what are they? They alsodo not take opinion of their family membersbefore embarking on a new venture

Our Approach would literally help you toachieve this goal enshrined above



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Customer Profiling

All the existing customers are profiled on thebasis of various parameters as decided bythe company and arranged into groups

After logical segmentation of customers thentargeted campaigns are run for various

groups for cross sell and up sell campaignsEach group will have a specific campaign foritself so as to derive maximum mileage



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Analytics

Advanced analytics will be run on the dataaccrued from existing customers

Based on the results loyalty schemes can beprovided for regular ones while for relativelynew entrants some trial schemes are

provided



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ANALYTICS



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Customer PamperingOnce an enterprise pampers its customers it

will have more loyalty

Whenever in doubt about any product/promotion consult your existing customerstheir insights will greatly help in takingcrucial decisions

Customers are always ready with advice somegood some bad some ridiculous but we willselect only the best and reject others



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Single Point of Contact

Many a times a customer has no idea whomto contact in case of damage/service etc

There should be a dedicated person, website,mail ,number etc for these complaints

A name is more valuable than a mail id and

whom to escalate when problem doesnt get resolved after a certain period



24

Corporate Social Responsibility(CSR) A company spends huge amounts of money

for a socially relevant cause via advertising

By our approach we will ensure that thesesocially relevant messages are transmittedto the existing customers of the company

and they are urged to participate in thischange

The existing customers will whole heartedlysupport and participate in this venture



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ADVERTISINGOur approach will help you to get feel of how your

advertising is going vis a vis impact and visibility

The existing customers of the company will be thedecision makers in choosing the brand ambassadorconcept etc for advertising

Our approach in fact opens up a whole new medium

for advertising and assessing advertisement impact for various other mediums



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Product/Brand

Experiences

Expectations

of performance

Evaluation

of actualperformance

Evaluation of gap between

expected and actual

performance

Dissatisfaction Satisfaction

Expected

confirmed

performance



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APPROACHPain is defined by us as the gap between

expectation and reality and the way to

relieve pain is to merge expected result withactual result

We here are not talking of satisfaction but wewill ensure that dissatisfaction doesnt exist

Satisfaction will come into picturesubsequently but elimination of dissatisfaction is the primary objective



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Present CRM

Companies today typically invest heavily in acrm package to manage customer

relationship and this strategy itself is flawed

The CRM gets it input from various purchasesthat a customer has done ,complaints,queries etc

Third party surveys are uploaded into CRM foranalysis



29

Present ScenarioSome companies call up their customers after

purchase to enquire about products

performance but this is one off measurerather than norm

Services companies typically use a feedbackform to gather customer information and

then upload it Some companies use technology to monitor

real time performance of their products



30

Present ScenarioCustomer connect initiatives are run by

various companies by selecting a specified

group of customers and finding out theirpreferences

Loyal customers are rewarded by offeringthem discounts , products, gifts etc

Advertising and sales promotion done throughestablished channels and their reachmeasured by third parties



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Present Scenario

Rarely the existing customers bar a very feware asked for their opinions regarding new

product/service offerings

Customers belonging to different life cyclephases of products are not treateddifferently

The point of contact for customers is dealersnot company representative



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APPROACH

Obtaining feedback is an ongoing process, not a one-time event. The most successful

companies change according to theircustomers' desires and demands

Be wary of over-analyzing the data. It's easyto lose sight of your long-term goals whenyou're foundering in numbers. Surveyinformation is only a guideline for potentialchange



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APPROACHShow your clients you appreciate their input

and thank them for their efforts. Customers

like helping out if they see changes beingmade per their suggestions

y Use customer feedback to highlight areasfor improvement, not to punish employees.

y Use customer satisfaction training andpolicies to motivate and encourageemployees, not to discourage them.



34

APPROACHIn a nutshell the approach is to treat your

individual customers as key account and

apply principles of account management toall your individual customers

There are two ways of accomplishing thisobjective i.e.

Create a dedicated team of account managers in yourcompany to take care of customers

Outsource the account management to a vendor i.e. athird party



35

APPROACH

The activities to be undertaken before thisinitiative can be launched are

Phone number of customers to be available

Email id and mailing address of customers

Centralized database of customers with

unique identification number for eachcustomer



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APPROACH

By now you must have a feel that ourapproach consists of talking/communicating

to your existing customers you are spot onWe believe that a regular communication

channel be available between you and yourcustomers which would be 2 way not 1 wayas practiced today



37

APPROACH You have to be proactive in communicating to

your customers not wait for mishap to occur

at his end and he/she calls youBy communicating even after selling product/

service you will have top of the mind recallfor existing customers

Your customers will also appreciate that youtake so much of pain to call them up andtake opinion about all and sundry



38

APPROACHPresently we have customer care centers who receive

customer complaints and try to solve them that is

just a number for many and majority dont ever callit

Have account managers who will help customers andcall them from your end periodically

These account managers will have a name, email forcustomer queries and escalation authority forescalation if issue is not resolved in a given timeframe



39

APPROACHThe Approach is simple after a sale is done

call up the customer say after 3 months

just to enquire what are his feelings afterbuying our product Does he feel buyers remorse

Does he like aesthetics, features etc

Does he need any help give him a contact name , email, mailing address of servicerepresentative for assistance



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APPROACH Identify his preferences and language etc

Identify product/service advantages vis a vis

competition After this is done upload all the details

pertaining to this customer into databaseand then call him up regularly to feel his

pulseUnder the guise of taking feedback about products/services extract demographics,usage, income and other valuable data fromcustomers



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APPROACH After 2-3 calls you will have sufficient data about your

family members (Customers)

You can then run analytics on the results and thensegment your customers on various parameters andthen run targeted promotions on different segmentstaking into variances

For any pan-india promotion identify eligiblecustomers call them up and inform themaccordingly



42

APPROACHFor new product launch identify the target segment

and create suitable sample from your customers

and take their feedbackInform customers about new product / promotion for

those interested in any specific item and thosewilling to volunteer for new product testing

Ask customers about the promotion they are willing toget updated and mail details accordingly DO NOTSPAM



43

APPROACHThe approach can be implemented in a phase

wise manner for example in a specific region

for a specific time period in a no frillsmanner

By no frills we mean only contactingcustomers randomly to gauge whether they

found our products/services satisfactory andtheir feed back on the same

Run this campaign for 5-6 months selecting atarget group of customers



44

APPROACHCommission an independent survey to find out

changes before and after the campaign both

on quantitative and qualitative parametersIf the results are encouraging then undertake

the full fledged implementation of the same

For this no frills approach outsource customerconnect program to third party i.e. domesticcall centre (BPO)



45

APPROACHThe no frills approach will cost you less than

.2% of the purchased value of

goods/services per customer for calling himtwice in 6 month period and there are nofixed expenses except consulting fees

The no frills approach will also help to identifytypical problems and will help immensely inimplementation of full fledged campaign



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APPROACHThe Customers would not mind our calls as

they would feel important that a company

has taken pains to contact him/her evenafter selling and is taking their opinion

He would readily answer the call and willanswer any questions put forward by our

account manager and he will be ready withfurther suggestions and advice for us whichwill help in catering to tastes of all



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APPROACHThe persons who bought products or availed

services from your competitors will feel

cheated as your competitors would not callthem this would ensure positive image foryour company and word of mouth publicity

For every service given by you call up yourcustomers and take a feedback which theywould readily give and would be sincere



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APPROACHFor every inconvenience faced by your

customer apologize to him immediately on

behalf of company so that he feelsimportant

Every customer will appreciate companys wayof connecting with them even after he has

no business with themImagine having happy customers you will get

business from them and the imageenhancing benefits that accrue from it



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APPROACHFor loyal customers run a different campaign

reward them for their loyalty

For customers at various stages of product lifecycles customize the campaign suitably tomeet their requirements

For customers who are close to product replacement time call them to get top of mind recall



50

APPROACHDont practice it as one off approach i.e.

calling him up once after a sales is done and

then forget him Always maintain communication with him and

allow him to communicate with you bycreating SPOC (Single Point of Contact) forall his troubles

The SPOC should be a person not a number



51

APPROACHThe SPOC should be the account manager for

n number of customers and will be

responsible for themHe should have a mobile number which would

be available from 10am to 10pm a landlinenumber with answering machine available24x7 a mail id for customers to reach him



52

APPROACHThe company cares for its customers is a common

refrain if you really care apply this approach

The approach can be implemented in many ways but depending upon your industry we will suggest best practices

Nowhere this has been implemented and thus its

benefits cant exactly be quantified but they arevisible to those whose eyes are open



53

APPROACHThe approach is cost effective in the sense

that for high value purchases you typically

spend very low percentage of sales value inretaining your customer

For a typical customer with 4 calls per year ,5-10 emails and 5-6 mails to his address youwould spend very less i.e. less than 1% of the value of purchase he/she has done



54

APPROACHFor this approach to succeed and prosper

entire company has to own this process and

the success of approach incorporated intoKRAs and KPIs

A special cross functional team would be setupto monitor ,evaluate and improve the wholeprocess



55

APPROACHWe dont have credentials for suggesting you

how to give your customers better service

but the perspective we have will be yourservice booster

To paraphrase Even the worst of men cangive the best of Advice Ignore this adviceat your own risk



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COSTS (Indian Rupees) Infrastructure Costs

IT Backbone

Consulting Fees Management Costs

Recruitment/ Training

New Division setup

Miscellaneous Cost per customer per year



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IMPLEMENTATION In House

Out sourced

In house implementation is very costly as theentire infrastructure is set up by us but it isbetter that it is readily adaptable

Out sourced is very cost effective but its

drawback is that it is not very adaptable anddifficult to monitor



58

ImplementationThe implementation can be done phase wise

and in a planned manner it can either be

incremental or big bang depending on theenterprise

We suggest enterprises to not incur the fixedcosts outright except the consulting feesand try out our recommended no frillsstrategy



59

ImplementationThe no frills strategy is implemented in a

specific region on a specific population

The duration of no frills strategy is of 6months and majority of the benefits accrueduring this period



60

Implementation After the completion of no frills

implementation methodology a survey is

done either by company or third party toanalyze the results

Once results are good then it is implementedeverywhere along with the IT backbone andother prerequisites to derive long termbenefit



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FUTURE SCENARIOIn coming future companies will be

distinguished on the basis of those who

treat their customers as part of their familyand those who dont

Then Gradually all companies will treat theircustomers as part of their family so for youto take advantage the time is now



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FUTURE SCENARIOThe enterprises who implement this approach

will benefit more in the long run though

short term benefits will be thereThe long term benefits will enhance the

image brand value of the companies

The benefits are measurable and persist for along time



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AFTERWORDHard to believe that so much benefit can

accrue from so little an investment

Approach is very simple , robust, banal andwould open a window for future

It has yet not been implemented be the first

to try it out if it works persist if it doesnt leave it and let the herd follow you



FOR IT/ITES OrganizationsThe above presentation was for Clients who

would need convincing for this initiative

For this Initiative I would like to partner withyour organization to make it a reality

The next few slides will explain what is in for

you if you implement this initiative

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For YOU You have clients in the target segments

In house BPO for calling and receiving calls

IT Infrastructure for storing customer data

Consulting team to convincemodify/customize approach for Client

Sales / Business Development team toacquire clients

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For YOUUtilizing these strengths you can take up this

new paradigm in CRM and help your clients

You can increase your bottom line by a largedistance because these are ongoing andlong term projects and will be the future of all companies

This doesnt entail any large additionalexpense from your side as you have all themajor capabilities with you

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For YOU Your Companys reputation will increase

Bottom line will grow

First mover advantage will be yours

Clients would flock near you

Start this initiative before others and enjoy

monopoly and delay at your own risksomebody may just pip you

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Thank YouFor further discussion and implementation

contact

Syed Durez Ahmed (Freelance consultant)

+91-9658966606

[email protected]

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Novel crm for companies

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