8.2 Customer Relationship Management

Sales management CRM system

automate each phase of the sales process, helping individual sales representatives coordinate and organize all their accounts. features include calendars, reminders for important tasks, presentations, and document generation

Predictive dialing

automatically dials outbound calls and forwards answered calls to an available agent

Sales force automation (SFA)

automatically tracks all steps in the sales process. focus on increasing customer satisfaction, building customer relationships, and improving product sales

List generators

compile customer information from a variety of sources and segment it for different marketing campaigns. These sources include website visits, questionnaires, surveys, and so on.

Interactive voice response (IVR)

directs customers to use touch tone phones or keywords to navigate or provide information

Partner relationship management (PRM)

discovers optimal sales channels by selecting the right partners and identifying mutual customers. It offers real time sales channel information about such things as inventory availability, pricing strategies, and shipping information.

Supplier relationship management (SRM)

focuses on keeping suppliers satisfied evaluating and categorizing suppliers for different projects.

Call scripting system

gather product details and issue resolution information that can be automatically generated into a script for the representative to read to the customer

Campaign management systems

guide users through marketing campaigns by performing such tasks as campaign definition, planning, scheduling, segmentation, and success analysis

CRM reporting technologies

help organizations identify their customers across other applications

CRM predicting technologies

help organizations predict customer behavior, such as which customers are at risk of leaving

CRM analysis technologies

help organizations segment their customers into categories such as best and worst customers

up selling

increasing the value of the sale.

Contact management CRM system

maintains customer information and identifies prospective customers for future sales, using tools such as organizational charts, detailed customer notes, and supplemental sales information

Customer relationship management (CRM)

means of managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability. It allows an organization to gain insights into customers' shopping and buying behaviors.

Website personalization

occurs when a website has stored enough data about a person's likes and dislikes to fashion offers more likely to appeal to that person

RFM formula

organization must track: how recently a customer purchased items, how frequently a customer purchases items, the monetary value of each customer purchase.

Analytical CRM

provides information about customers and products that was once impossible to location, such as which type of marketing and sales campaign to launch and which customers to target and when.

Employee Relationship Planning (ERM)

provides web based self service tools that streamline and automate the human resource department.

Three phases in the evolution of CRM

reporting, analyzing, and predicting

Automatic call distribution

routers inbound calls to available agents

cross selling

selling additional products or services to an existing customer

Analytical CRM

supports back office operations and strategic analysis and includes all systems that don't deal directly with the customers (data warehouse, data mining)

Operational CRM

supports traditional transactional processing for day to day front office operations or systems that deal directly with the customers (sales systems, marketing systems, customer service systems)

Opportunity management CRM system

target sales opportunities by finding new customers or companies for future sales. Determine potential customers and competitors and define selling efforts including budgets and schedules.

sales management CRM systems, contact management CRM systems, opportunity management CRM systems

three primary operational CRM technologies a sales department can adopt are

cross selling and up selling

two key sales strategies a marketing campaign

Contact center (call center)

where customer service representatives answer customer inquiries and solve problems, usually by email, chat or phone. one of the best assets a customer driven organization can have because maintaining a high level of customer support is critical to obtaining and retaining customers

Reporting

Customer identification: asking what happened

Predicting

Customer prediction: asking what will happen

Analyzing

Customer segmentation: asking why it happened

Find new profitable customers, exceed customer expectations, discover the activities the firm performs the best, eliminate competition, care about customers

Examples of the information insights analytical CRM can help an gain

Web based self service system

allow customers to use the web to find answer to their questions or solutions to their problems

Benefits of CRM

allows a company to operate more efficiently and effectively in the area of supporting customer needs. enables a firm to treat customers as individuals.

Contact center, web based self service, call scripting

CRM technologies that can assist organizations by providing outstanding customer service is

List generator, campaign management, cross selling and up selling

Three primary operational CRM technologies a marketing department can implement to increase customer satisfaction are