NAME – MIZBA QURESHI

SAP ID – 77220986261

PROJECT TITTLE – CUSTOMER REALTIONSHIP MANAGEMENT

 INDEX

SR.NO PARTICULARS PAGE NO

1 INTRODUCTION 3

2 OBJECTIVES SCOPE AND 4

COVERAGE
3 METHODOLOGY 17

4 DATA ANALYSIS 26

5 UNDERSTANDING OF CRM & Key 32

AREAS
6 INNOVATIVE APPROACH TO 36
PROBLEMS
7 CONCLUSION 43

8 RECOMMENDATIONS USEFULNESS 44
IMPLEMENTATION
9 LINKING OF RECOMMENDATIONS 50
TO THE OBJECTIVES
10 PICTURES 51

11 BIBLOGRAPHY 52
INTRODUCTION: -

Customer Relationship Management –

CRM is a term that refers to the various methods and technologies used to manage
customer interactions. In recent years, CRM has become an increasingly important
aspect of business, as companies seek to improve their relationships with customers
and better understand their needs.

Although the progress that is being made, there is still some confusion about the
meaning and implications of CRM. In order to illustrate the differences in view we will
present two extreme and two 'standard* definitions.
One of these definitions originates from the Metagroep, which, in 2000, defined CRM as
the automation of horizontally integrated business processes involving front office
customer contact points (marketing, sales, service and support) via multiple,
interconnected delivery channels. In this description, CRM is positioned in the 'IT
corner'. Technology facilitates or makes customer contact possible between employees
from different departments via the Internet, telephone and the 'face-to-face channel. On
the Internet, technology essentially replaces people, and a human-machine interaction
arises. In telephone and face-to-face contact, IT plays a more supportive role and
makes sure that the supplier's employees are in a better position to help the customer.

An entirely different definition suggests that CRM is 'a process that addresses all
aspects of identifying customers, creating customer knowledge, building customer
relationships, and shaping their perceptions of the organization and its products'. The
role of technology is not even mentioned in this definition. CRM is still referred to as a
process, or rather a sequence of activities; however, this definition does not specifically
state that IT is necessary to perform these activities. At the same time, this definition
requires that more attention be paid to the customer and the goal one hopes to achieve
vis-à-vis the customer. We would like to get to know the customer and develop a
relationship with him or her: we are not only interested in closing a deal. We feel it is
important that the customer's and supplier's interest in one another covers a longer
period of time than simply the moment of the transaction, and that this interest also
goes deeper than the purchase and sale.
At any rate, we consider it important for the customer to get an impression of the
company as a whole and the products it manufactures and for the supplier to get to
know the customer more as a person rather than just as a buyer.
OBJECTIVES SCOPE AND COVERAGE: -
In order to get the most from Customer Relationship Management, you have to a have a
clear set of CRM objectives and goals. Although customer relationship management
can be loosely defined as the process of building and maintaining good relationships
with your customers, there are many improvements that a well-designed CRM plan can
help you accomplish. These can include learning more about staffing needs so that you
can refine your search for talent, tailoring your production efforts and inventory to better
meet the needs of your targeted market or improving your online reputation among
other things.

The Objectives of Customer Relationship Management are as follows: -

i. Improve the buyer’s journey –

The fundamental purpose of a CRM system is to improve the customer experience.

Executing on this objective is the most sure-fire way to see positive results across your
business. When you make improved customer satisfaction the main goal for your CRM,
all other objectives work to support this goal.
One of the best ways to boost customer satisfaction is to offer a personalized
experience. A CRM gives you unified customer profiles to understand all of your
customers’ needs. You can use these insights to tailor every interaction and how you
approach your products and services.

With a CRM, all your customer data is easily accessible by the entire team so everyone
can pick up on customers’ histories and preferences faster. This helps you increase the
speed at which you respond to customer inquiries to provide a more positive
experience.

ii. Improve operational efficiency –

CRM software makes your sales process much more efficient as you can save a
considerable amount of time by automating repetitive administrative tasks. Audience
segmentation, email follow-ups, post-sale workflows, and invoicing are just some of the
tasks and processes that a CRM lets you automate.

Modern CRMs can further consolidate customer information gathered across the
organization, including sales, marketing, and customer service, into a single dashboard,
everyone in your business can enjoy streamlined communication and smoother
collaboration.

iii. Increase customer retention –

Your best customers are always your current customers. No matter your industry, it is
always easier to encourage repeat purchases and/or expand contracts than it is to win
over new prospects. By adopting a CRM, you can boost retention to maximize the
average lifetime value of your customers.
The software makes it easy to track each customer’s interests and every interaction to
gain a clear understanding of how to serve them best. As a result, campaigns can be
aligned to each customer to encourage further loyalty.

For example, you can cross-sell and offer discounts based on previous purchases. Or,
you could keep track of how long someone has been a customer and send them
rewards when they reach key milestones to improve stickiness.
iv. Lower your customer acquisition cost –

Gaining new customers comes at a cost. With a CRM, you can get more return from
every dollar spent on marketing to new customers to lower your average customer
acquisition cost (CAC). There are several ways a CRM helps you achieve this.
To start, it can lower the cost needed to executive effective campaigns by automating
repetitive tasks to free up time for your sales and marketing teams. The centralization of
data afforded by a CRM also allows you to target potential customers with greater
efficiency.

With a CRM, you will know exactly what stage of the purchasing process each prospect
is in. You can use this to send marketing messages targeting their specific needs at that
moment instead of sending generalized messages less likely to capture their attention.

v. Generate more sales –

At the end of the day, your business needs sales to survive. A great way to increase
sales is to ensure you direct your efforts toward selling to the right people. Not every
lead will be a good fit for your business, and some will have a higher value than others.
With a CRM, your sales team can ensure their pipeline is full of highly qualified leads
and prospects.

The data in a CRM system can be used to learn what your best customers have in
common so that you can then prioritize the leads that share the same traits. This keeps
the sales team focused on the best leads for the largest contract sizes. By doing so, you
can close more deals with higher-value customers.
CRM as a Business Strategy: -

CRM is a business strategy and therefore more than a functional strategy alone It
affects the organization as a whole: marketing, IT, service, logistics, finance, production
and development, HR, management, etc. The CRM strategy will have to provide
direction to each department or employee that maintains contact with customers. The
employees and managers customer-oriented approach will have to improve. However,
the back office, whose task it is to fulfil the promises made by the front office, will
ultimately have to learn to cater for individual customers. Processes will have to become
well defined, and will have to be executed flawlessly and efficiently, because after all,
the customers are watching. The fact that IT plays a role here goes without saying and
requires no further explanation. These individuals must build the new 'infrastructure' but
will also have to realise that it is the strategy and not the technology that is a
determining factor during the design of the CRM programme.

In practice, when it comes to CRM, many companies' strategies focus on increasing

efficiency and reliability. For example, self-service grants customers continuous access,
and the back office also remains spared from all sorts of customer questions. These
days, train passengers look up their own train schedules, and taxpayers can file their
returns electronically. This type of system is friendlier, but also more efficient. In order to
realise self-service with a high level of quality, the underlying processes - such as the
booking of and delivery of tickets, receipt of payment and processing of the tax return -
will have to be perfectly defined and controlled. An experienced person with the
necessary talent for improvisation to compensate for errors in the system, or to make
adjustments to the process in order to be able to satisfy varying customer needs, is not
available.

CRM's goal is a so-called customer intimacy. The development of relationships requires

that both parties get to know one another, and help, trust and make a commitment to
one another for the long term. By working together in this way, both parties are capable
of achieving lasting success in a competitive environment.
We do not wish to imply in any way here that a strategy geared towards the
achievement of operationally excellent processes is unsuitable. It could be a quite
sensible strategy, the realization of which is, for a large part, dependent upon the use of
the same IT systems as those used for a CRM strategy.
However, we do not agree with the idea of equating the application of the technology
and the definition of processes that go along with it to a CRM strategy.
We would also prefer not to rule out the fact that companies, once they have reached
the stage of operational excellence, might get ambitions when it comes to achieving
customer intimacy. For them a new era will begin - one in which customers may be
served in a reliable and efficient manner. The back office is perfect! The current system
also offers the opportunity to further expand customer knowledge and to develop a
broader differentiation in the customer approach. In addition, the organization is capable
of supplying customization.
In other words, the time has come when the supplier can fulfil the promise of customer
intimacy.
MEASURE CRM OBJECTIVES: -

Goals that you can’t track and measure aren’t real goals. Therefore, every CRM
objective should be tied to a specific performance metric that can be used to determine
whether the objective is achieved.
If your CRM objectives align with your business goals, the appropriate metrics for
evaluating your efforts should be easy to define. For example, if you want to improve
customer retention, you should focus on your churn rate and look for it to decrease.
Or, if you hope to increase sales, you can track new and total revenue generated.
If you find that you’re not reaching your CRM objectives, you can then adjust your
tactics to yield better results. Perhaps, you’re not converting enough leads, so you
decide to change your automated email campaigns. Or maybe, you’re not retaining
enough customers, so you choose to make a greater effort to understand where and
when customer satisfaction is dropping.

Our CRM strategy should be an ever-evolving process, with your objectives adapting
over time as your business grows. No matter your size or the results you achieve, your
success will always depend on giving your customers the best possible experience.
Insightly CRM was designed to give businesses large and small the ability to create
world-class experiences without unnecessary complexity.
Get started with a free trial of Insightly CRM today, or request a personalized demo to
see how it can help you achieve your goals.

To truly understand the goal of CRM, you must understand your customers’ lifecycle
and how a customer becomes a loyal customer. Through marketing, customer service,
and sales every prospect goes through these five stages: Reach, customer acquisition,
conversion, customer retention, and customer loyalty.
So, how does the CRM process help you achieve that process? The CRM process
steps include a collaborative effort between your marketing, sales, and support teams,
with each step and team member playing a necessary role in turning prospective leads
into loyal customers.

The Steps are as follows: -

Brand awareness generation –

Finding new leads is essential for business growth, so the first step is acquiring new
customers. In order to do this, you need to understand your targets audience, segment
your audience by specific demographics, and create marketing campaigns that speak
directly to those segments. Your CRM becomes a wealth of information, allowing you to
track and see patterns from your previous leads and existing customers. This
information gives you a better understanding of the leads you are trying to target and
what methods of marketing have worked best.
Acquiring new leads -

Once you know who your target leads are, your marketing and sales teams can better
understand who and how to target these leads. Your CRM can implement things like
automated newsletter signups through your website or the sales teams can initiate live
chats to talk directly with potential leads.

Lead conversion –

CRM tools, such as lead scoring, can help your sales and marketing teams identify the
leads that are interested and ready to convert to purchasing customers.

Customer service and customer retention –

Once a customer makes a purchase, the role of the CRM is not over. Quality customer
service, as well as continual relationship building through regular communication, can
help retain quality customers and promote the conversion from customer to brand
advocate. Automated emails asking for referrals or reviews are just some examples of
what a CRM can do in this stage.

Upsells or customer feedback –

Customers often return to the same business to continue purchasing the products they
love. However, offering regular communication that offers similar but more expensive
products is a way to increase customer value to your business. If you are a service-
based business, you can use this step to regularly check in with your customers to see
how you are doing or if there are things you can do to improve your services. Your CRM
can set regular reminders to contact existing customers for these check-ins, as well as
establish automated marketing emails for upsells that target groups of customers.

Meet your insurance agency’s goals with a quality CRM –

Adding a quality CRM to your business can help streamline and automation your day-to-
day business processes and give you more time to focus on more hands-on areas of
your business. At Better Agency, our team is here to help answer any questions you
may have and show you how adding our CRM to your business can help you achieve
your goals.
SCOPE OF CUSTOMER RELATIONSHIP MANAGEMENT –

The scope of CRM includes a wide range of activities, from managing customer contact
information to developing personalized marketing campaigns. In order to be effective,
CRM must be tailored to the specific needs of each business. As such, the scope of
CRM can vary greatly from one company to the next.

However, there are certain core elements that are essential for all successful CRM
initiatives. These include the ability to capture and store customer data, the ability to
track and analyse customer interactions, and the ability to automate customer-facing
processes.

By understanding the scope of CRM, businesses can be better equipped to develop

strategies that will improve their relationship with customers and help them grow their
businesses.

Scope of CRM are as follows: -

The ideal CRM system is a single repository for all data sources within a company that
gives an atomistic real-time view of client data.

A CRM system is huge and important, but it can be used by small and large businesses
alike, as the main aim is to provide effective customer service.

Managing this type of customer connection is difficult, and it all depends on how a CRM
system is installed or connected methodically and flexibly. However, once completed, it
functions as the most effective method of engaging with consumers.

As a consequence, consumers feel grateful for their self-satisfaction and loyalty, which
leads to a stronger relationship with the supplier and more business.

A CRM system is important not just for dealing with existing clients, but also for
obtaining new ones.

Customer Relationship Management methods have offered all suppliers and customers
a fresh perspective on how to keep the firm running smoothly by meeting mutual
purchasing and selling demands.
Traditionally and essentially CRM is management software for sales, marketing and
customer service teams as they are the major touchpoints for any customer contact
strategy.

CRM for sales management –

A good mobile enabled CRM will allow sales reps to manage their tasks, activities and
meetings from wherever they are, reducing unwanted administration time and building
in best practice into prosp0065ct management.
Sales managers who need real time transparency in reviewing their team’s sales
pipeline and KPIs can do so with the use of configurable CRM dashboards.
When reviewing CRM choices, the sales functionality should cover the basics of:

• Salesforce and pipeline management

• Lead, contact and prospect management

CRM for marketing -

CRM can provide both marketing and sales functionality within their own operational
requirements; but should also enable better collaboration and transparency between
teams; putting the lead, prospect and customer at the heart of the CRM strategy.
Marketing teams can be supported in lead generation efforts, planning and executing
multi-channel marketing campaigns, segment audiences, deliver targeted messaging at
the right time, analyse marketing spend ROI and carry out best practice testing
efficiently.
Marketing functionality within a CRM system review should include:

• Multi-channel marketing campaign management

• Database management
• Social media engagement

CRM for customer service -

Customer service teams need to be able to deliver a positive customer experience and
to do this they need to be supported by a CRM system that gives them a good record of
past customer contacts, support enquiries, technical incidents and product history.
Customer service operators need to handle calls, emails and social/web enquiries
quickly and to the satisfaction of the customer; but also keeping to service KPIs such as
response times, resolution percentages and SLA adherence.
A CRM system should provide a 360-degree view of the customer and support
operatives with information they need at their fingertips so they can resolve issues and
handle queries efficiently.

When considering CRM functionality for customer service, organisations should review:

• Customer service and contact management

• Knowledge sharing and document management
• Computer Telephony Integration (CTI)
• SLA and contract management
• Social listening integration

CRM for business intelligence -

A CRM dashboard provides managers with an "at a glance" snapshot of company
performance and the various functions in one place. Because of the reach of CRM, it
can illustrate business intelligence in the areas of individual and team performance
against KPIs, customer engagement and retention, support levels, audience profiling,
sales pipeline, profitability, customer trends and product analysis.
By bringing data collected together, a CRM will help in swift and informed decision
making and surface information easily via alerts or traffic light systems so that
management can identify issues or bottlenecks and more importantly resolve them in
order to drive the business forward.
When reviewing the business intelligence (BI) functionality within your CRM shortlist,
you will need to cover the above CRM reporting capabilities and also ask about the
future capabilities of BI for CRM, such as predictive analytics, big data or embedded BI.

ELEMENTS OF CRM: -

The realisation of a CRM strategy depends on a number of components or come

potencies. Perhaps the most obvious competency is related to the ability to create the
infrastructure referred to by McKenna, which makes it possible for customer and
supplier to recognise one another and to be able to interact in real-time" However, in
this book we do not wish to place priority on this. After all, it is not the technology but the
business strategy which must lead or provide guidance The manner in which we aim to
achieve a lasting competitive advantage in our industry is the primary matter of
importance.
The four Elements pf CRM are as follows: -
Customer knowledge -
Knowledge of the individual customer is essential in order, ultimately, to develop a long-
term relationship and to supply customisation. Customers, but also pros-pects, must be
identifiable; it has to be possible to determine who someone is Is that John, Peter or
Pauline on the other side of the proverbial counter? At the same time, the customer's
profile must also be known. What has the customer purchased, how does he or she
prefer to communicate and how may he or she be characterized further? Without this
type of knowledge, it would be unthinkable to attempt to build a long-term relationship
with the customer.
Companies must develop the competency or capability to develop this type of individual
customer knowledge for a large number of customers. Databases will have to be filled
with correct and current data which will be transformed by analyses into individual
customer information. Individual customer data will have to be supplemented by the
outcomes of anonymous (qualitative) market research so that a more complete image of
the customer may be created. In the expansion of the customer information, economic
considerations and manageability factors will have to play an important role. Although it
is actually quite interesting to gather as much data and obtain as much customer
information as possible, one must not lose sight of the ultimate goal. The aim is still to
develop long-term relationships that are mutually profitable. The information must result
in companies being better able to help customers on time, in a more targeted manner,
and with more appropriate solutions. Data that do not contribute to the achievement of
this goal are not worth registering and storing.

Relationship strategy –
The individual customer information must be used to develop a long-lasting customer-
supplier relationship. In other words, a marketing or other type of strategy must be
implemented which truly differs from a strategy which merely focuses on the stimulation
of transactions and thus requires other competencies.
Companies that concentrate on the stimulation of sales become proficient in the art of
seduction. They have a certain means of communication, a short-term horizon and a
limited interest in the customer. They measure their success by their sales and the
number of completed transactions. Market share represents a very important criterion
for success. On the other hand, organisations with a relationship strategy in place have
a longer-term horizon, 'tell and listen' more than they 'sell', and have a broader and
deeper interest in the right customers. Their interest in individual customers does not
end at the moment the transaction is completed. On the contrary, the purchase only
marks the beginning of the relationship in which trust and commitment must grow.
The supplier has also traced out the contours of a policy necessary to further develop
this relationship with the customers.

Communication -
Consumer who recalls experiences with suppliers will quickly arrive at the conclusion
that the quality of conversation generally taking place between customer and supplier is
somewhat basic. It consists primarily of the most urgently necessary functional remarks
and is not very spontaneous in nature. And those moments which do occur that are
favorable to engaging in a dialogue of any true substance often end up being rather
disappointing. For example, it suddenly appears to be very difficult to respond to a
simple request for information or to remedy a complaint because in order to do this, one
must deviate from the prescribed procedures, and the computer system will not
accommodate such deviation. Many companies have no experience in carrying on a
dialogue of any sub-stance. The situation becomes even more complicated if we involve
the role of information and communication technology. A so-called multichannel
environment or better yet, a network of communication channels, must be developed
through which it is possible to communicate 'anywhere, anytime, anyplace".
Even while walking through town, a customer must be capable of finding a financial
institution using his or her mobile telephone in order to consider the available options for
a personal loan. The customer is on the brink of making a major purchase and would
first like certainty about the financing of this purchase. After having received an initial
confirmation by telephone from the credit provider, the customer would like to have a
look at a few things on the Internet from home. At the point that the customer still has
unanswered questions, he would like to establish contact by phone once again in order
to receive further information. Should certain factors still remain unclear, he will most
likely want to arrange a face-to-face meeting with an adviser. A dialogue will take place,
hopefully without repetition and reiteration of the identification ritual: who are you and
what would you like? Shifts are made between the various channels and the transitions
between them appear to proceed smoothly. The conversation takes place, independent
of time and location.

The individual value proposition -

An organisation that takes the initiative to get to know an individual customer, to
develop a relationship with him or her, and to carry on a dialogue with him or her really
cannot avoid also offering these customers an individual proposition. The physical
product, service, and also the price is all adapted to the individual circumstances. The
organisation has built up the capability to supply customisation in one form or another.
Together with the customer, for example, the company may design his or her ideal
product. The company will then have an efficient method of producing this design; for
instance, the custom product might be composed from standard modules produced on a
large scale and for which 'only' the assembly needs to be flexible. Apart from the
physical product, in interaction with the customer, the service may also be geared
towards his or her specific wishes, as may the price, naturally. The supplier must not
allow opportunities to implement revenue management pass him by. Adapting the price
to the value that the proposition represents for an individual customer at a certain time
and at a certain location offers the supplier an interesting prospect for increasing sales
and profits. One of the pitfalls involved in the development of the customized
propositions is that companies create a complexity which is too large. An attempt is
made to combine this large-scale aspect with flexibility. Companies do not wish to
sacrifice the benefits associated with economies of scale.
The development of these four competencies must occur in a step-by-step, balanced
manner. It is not desirable for one of the four to move ahead of the others in its
development. The unavoidable situation then arises in which too much is invested in
one of the sub-elements; the expected yield - financial as well as in terms of activity -
will fail to materialise and frustration will develop.
EXECUTIVE SUMMARY: -

Building sustainable and successful relationships with a large customer base is not the
easiest thing to do and will have a direct impact on many cores operational processes
from product development to debt recovery. It is not purely a technical issue. It is not
only about software implementation. And it is not just about sales. It is about the
interactions of the entire business with your customers.
An integrated operational CRM software is often known as a ‘front office solution’ as it
deals directly with customers. It’s a complete CRM suite covers at least 3 areas; Sales
Force Automation, Customer Service/Support & Contact Center and Marketing
Automation. These solutions seamlessly manage and consolidate the disparate and
siloed processes that commonly happen across multiple customer-facing units. With
this integrated CRM suite, all sales, marketing and service personnels can share and
retrieve the same information and work in sync.
CRM is a corporate level strategy, focusing on creating and maintaining relationships
with customers. Several commercial CRM software packages are available which vary
in their approach to CRM. However, CRM is not a technology itself, but rather a holistic
approach to an organization’s philosophy, placing the emphasis firmly on the customer.
CRM governs an organization’s philosophy at all levels, including policies and
processes, front of house customer service, employee training, marketing, systems and
information management. CRM systems are integrated end-to-end across Marketing.
Collaborative CRM focuses on the interaction with customers (personal interaction,
letter, tax, phone, internet, email, etc.
Collaborative CRM includes:
• Providing efficient communication with customers across various communication
channels
• Providing online services to reduce customer service costs
• Providing access to customer information while interacting with customers
• Driven by authors from the Harvard Business School (Kracklauer/Mills/Seifert),
collaborative CRM also seems to be the new paradigm to succeed the leading Efficient
Consumer Response and Category.
CRM applications often track customer interests and requirements, as well as their
buying habits. This information can be used to target customer selectively. Furthermore,
the products a customer have purchased can be tracked throughout the product's
lifecycle allowing customers to receive information concerning a product of to target
customer with information on alternative products once a product begins to be phased
out. Repeat purchase rely on customer satisfactions, which in turn comes from a deeper
understanding of each customer and individual needs. CRM is an alternative to the "one
size fits all" approach. In industrial markets, the technology can be used to coordinate
the conflicting and changing purchase criteria of the sector.
The data gathered as part of CRM raises concerns over customer privacy and enables
coercive sales techniques.
However. CRM does not necessarily involve gathering new data, but also includes
making better use of customer information gathered as a result of routine customer
interaction. The privacy debate generally focuses on the customer information stored in
the centralized database itself, and fears over a company's handling of this information,
especially regarding third parties.
CRM is a corporate level strategy, focusing on creating and maintaining relationships
with customers. Several commercial CRM software packages are available which vary
in their approach to CRM. However, CRM is not a technology itself, but rather a holistic
approach to an organization's philosophy, placing the emphasis firmly on the customer.
CRM governs an organization's philosophy at all levels, including policies and
processes, front of house customer service, employee training, marketing, systems and
information management. CRM systems are integrated end-to-end across Marketing,
Sales and Service
A CRM system should:
• Identify factors important to clients
• Promote a customer-oriented philosophy
• Adopt customer-based measures
• Develop end-to-end processes to serve customers
• Provide successful customer support
• Handle customer complaints
• Track all aspects of sales
• Automate marketing planning and execution.

In its broadest sense, CRM covers all interaction and business with customers. A good
CRM program allows a business to acquire customers, provide customer services and
retain valued customers. Customer services can be improved by:
• Providing online access to product information and technical assistance around the
clock
• Identifying what customers value and devising appropriate service strategies for each
customer
• Providing mechanism for managing and scheduling follow up sales calls
• Tracking all contacts with a customer
• Identifying potential problems before they occur
• Providing a user-friendly mechanism for registering customer complaints
• Providing a mechanism for handling problems and complaints
• Providing a mechanism for correcting service deficiencies
• Storing customer interests in order to target customer selectively
• Providing mechanisms for managing and Scheduling maintenance, repair and on-
going support
METHODOLOGY: -

Data is one of today’s most valuable resources in business. Collecting information about
customers allows companies to understand their interests and needs better. There are a
variety of methods for collecting data, and it’s hard to choose the best one. Primary
Data Collection Method has been selected in order to complete the Project based on
Customer Relationship Management. That’s why we are taking the time to introduce
you to this topic! Get to know the best data collection methods and decide which one is
best for your organization.
The whole data collection can be a risky topic, especially when thinking about GDPR
and other regulations. Privacy and data security, what are the differences between
public and private data – these are the questions that occurred after this law started to
be in effect. What are the risks that we should consider while talking about data
collection methods?
The most important thing to remember is that GDPR is giving more power to people
when it comes to sharing their personal information and allows them to decide which
data they actually want to give to companies. They have definitely more knowledge
about this topic.
What can be done to require information about your customers’ behaviour and still be in
compliance with GDPR?

DATA COLLECTION METHODS

If you already know how to collect data accurately and what you can achieve with it,
now it’s time to learn about the most popular methods of data collection. Each one can
be applied to meet your goal best, but you can also mix them up. Results are always
satisfying!

Surveys –
Asking direct questions to your customers is probably one of the most popular, and also
an effective method of gathering data. Web-based surveys are definitely quick and easy
for the respondents. They usually have limited answers to choose from with a few open
questions. Such a secure form of questionnaire sometimes leaves no place to share the
actual thought of one customer or his in-depth impression.
Inerviews –
A one-on-one interview is probably the most personal method to choose from. The
interview is ideal when you want your data analytics to be in-depth. It allows you to ask
specific questions, and if the answer is not clear enough, you can always follow up with
another question. Unfortunately, the results of such interviews are at the risk
of being generalized based on conclusions, and it shouldn’t be done.

Focus Group –
Focus groups are basically the same as interviews but are conducted in a group.
Ideally, the focus group should have between three to ten people maximum, plus a
moderator. The general idea of a focus group is that each participant can share the
opinion, but it also leaves a place for discussion within the group. Thanks to such a
method, you can get highly detailed data from representatives of different target groups.
But it also lies in the hand of the moderator to control this type of interaction, as well as
trying to keep the results qualitative and measurable.

Online Tracking –
Your website or app is the perfect tool for collecting data about customer behaviour.
Each person that visits your website automatically creates the data. Therefore you have
access to information about how many people visited your site, how long they stayed,
what they clicked, and where they got lost. Tracking customers’ behaviour allows you to
have greater insight into their preferences. You can track not only
customers’ behaviour but also their transactions. What they bought, what they were
interested in, what they left in the basket – all this information helps plan your business
strategy.

Marketing Analysis –
Another data collection method is through your marketing campaigns. While conducting
a campaign, you use a chosen channel. It analyzes data about profiles of people that
clicked on your ad, how many times they did it, at what time, on which device, etc. This
method provides you with the best feedback about profiles of people who were actually
interested in your advertisement.

Monitoring social media –

Thanks to the power of social media, you can gather as much data as each person
decided to share publicly. Collecting data about their interests, hobbies or followers can
give you a better understanding of your target audience. You can also monitor how
many times your company was mentioned or looked for on social media. Many social
media sites will also provide you with analytics about the performance of your posts.
This is a perfect use of the third-party data, that can give you precious customer
insights.

Subscription and registration Data –

Signing up to your email list or rewards program almost always requires providing
valuable customer data. It is also done with the customer’s permission. The main
benefit of such a method is that your leads are more likely to convert. They have
already shown an interest in your brand. You just need to remember that asking for too
much can discourage people from joining your subscription, but if you’re not asking for
enough your data analytics won’t be as valuable.

Monitoring in - store Traffic –

If you have a store, you can also gather customer insights from monitoring the in-store
traffic. You can have a traffic counter on the door, so it will help you keep track of how
many people come to your store during the day. It will also give you the information on
your busiest days and hours are. You can also install security cameras or sensors that
will follow your customers’ within the shop. It will provide you with data about the most
popular part of your store.

Why Should we collect Data?

As mentioned before, data collection is essential. No matter which area of business you
represent, the collected information can be of use to help you understand your
customers’ behaviour. What are the main benefits of collecting the data?

A better understanding of your customers –

First and foremost, if you gather data, you get to know your customers. You get all the
information required to provide the best experience they need. Of course, it is nearly
impossible to get to know every one of your customers personally, especially if your
business is large or runs online. But the more information you have, the better you can
understand them, and the easier it will be for you to meet their expectations. Data
collection methods help you to improve your understanding of customers’ behaviour,
their interests, and what they want from you as a company.

Easier identification of areas for improvement –

Gathering data may also help with identifying which areas of your business need
improvement. How? By looking at transactional data, you know which of your products
are the most popular and which are not. Data collection methods are also helpful when
it comes to identifying opportunities for expansion. If you analyze your customer data,
you can gain valuable customer insights to determine your true potential. You can
choose to launch a new store in a given area and put a personalized advertisement or
discount that can focus on your current customers.

Prediction of Future trends –

It would help if you kept an eye on the ball. The collected data analytics makes it easier
and gives you more time to be prepared. Are videos getting more popular than text?
Use it. Are people more eager to share their thoughts on your fan page than in emails?
React to it. The black color is now leaving shelves for more colorful clothes? Take
notes. Information is all around us; you just need to focus and make use of it. Data
collection methods even help you make predictions based on the individual customer.
By using information that may be important to your customer, you can proactively offer
support that increases his customer experience.

Better personalization and targeting –

As mentioned in previous articles, targeting and personalization are an important factors
when it comes to customer care. None of those techniques can be executed without
the basis of data analytics. Thanks to the information gathered you can tailor any
message, ad, or any type of content to each customer’s personal
preferences. Targeting is not only useful in the case of individual customers but also in
the case of a specific group. By gathering data about your customers, you can adjust
your message so that it is more suitable for your target group.

How customer data & a CRM strategy will take your business to the next level?
The most important advantage of collecting customer data is being able to create an
effective CRM strategy
But what Is a CRM strategy:
CRM stands for Customer Relationship Management and refers to managing an
organisation's relationship and interactions with customers and potential customers.
CRM svstems allow companies to interact effectively with customers. streamline
marketing processes. and improve profitability.
Other benefits of data collection and CRM strategy include:
Increased ability of resolving customer issues;
Tracking customer spending habits;
Choosing the most effective marketing media;
Generating purchase recommendations and suggestions;
Increasing customer retention rates;
Achieving a deeper understanding of your market;
Improving your consumer database;
Helping to improve vour marketing strategies
Creating personalisation.
Email finder or chrome extension tools such as Apollo, Hunter and Contact Out.
These tools help improve email marketing productivity with highly accurate contact
information. The ultimate goal for data collection and CRM software is customer
acquisition and retention. This is what any motivated business owner strives for.

How to organise data with a CRM system?

Collecting –
Collect as much data wherever you can whether it's on the phone, in person, online.
The kind of data you are interested needs to be relatable and easy to import to aCRM
system. The way you collect data depends on what you want to sell to people.
Methods to collect data from customers include:
Pop-up forms on websites
Asking people about their interests when signing up;
Using cookies on your website to help track visitors, personalise landing pages, and
distinguish between multiple page views and single visits;
Using location data from customers when they download an apo or check-in on social
media
Observing social media activity;
Free Wi-fi enabling you to see what websites people visit while shopping at your store;
Offering tree resources to people in exchange for their email address is another tried
and tested method.

Organising –
Simply collecting data is not enough; vou will need to organise it so that it is easily
accessible to look back on and use Simply collecting data is not enough; you will need
to organise it so that it is easily accessible to look back on and use.
A good idea is to sort customers based on geography, demographics, engagement
levels, etc. Data organisation is a major part of an effective CRM strategy and allows
you to target specifically to groups using the type of message that will influence them.
Learning –
The next step is to be smart with your data. Find out what data means and how you can
use it. Who is buying products and why? There are a lot of questions you can ask
yourself and the answers will allow you to focus on customers' needs and wants.
Learning from customer data means you will:
Improve your marketing by understanding the behaviour of prospects that become
customers;
Improve your products or services by getting helpful product feedback;
Find the most effective way to customise promotions and special offers;
Create a more personalised and pleasurable shopping experience;
Get Ideas on now to create new products or services;
Use the data you have gathered to create interesting and shareable content.

Marketing Successfully -
Now that you know more about your audience, put 100% into marketing for them. Save
time by using CRM automation. For example, you can set up automated emails or
messages to different regions based on the time they are most likely to view them.
Dedicated CRM software comes with additional features such as selecting relevant
customers for certain promotions.

How data collection works - the role of CRM software

Gathering and storing large amounts of customer data and using it to market your
products or services more effectively may seem like a very complex process. Now it
doesn't have to be this way thanks to the multiple CRM software options available to
you.
Nowadays, creating a successful CRM strategy without automation tools is impossible
to imagine. A basic CRM software functionality and capability checklist
Contact management
This allows users to organise contacts into groups so the organisation can better cater
to them
Customer segmentation
No marketing campaign will produce the expected results without proper customer
segmentation. Customer segmentation tools organise customer data coming from
various sources and divides customers into groups sharing similar characteristics, such
as buying patterns or age.

Customer opportunity management

This is a tool allowing you to identify customers that are most likely to convert. Also
called lead scoring, the feature helps you streamline marketing teams and optimise
Lead management
This technology enables businesses to follow up with leads based on a varietv of factors
Reports
Top CRM software should always include the possibility to generate reports. This allows
users to view statistics in a visual manner and to have data updates. reports ultimately
enable users to make data-driven decisions.
Sales analytics
The hard data from past campaigns, collected from social media, website traffic, and
polls can be used to create better sales campaigns in the future.
Mobile CRM
Having access to vour data using a mobile device can turn out to be crucial when vou
are on the go and need to make decisions fast to benefit vour business
Chat integration
Being able to chat with employees and partners from the same user interface where you
provide customer support, helps you save time and never miss vital
Email marketing integration
If you don't require a standalone, robust email marketing service you may be satisfied
with email features provided by a CRM application. However, many CRM products offer
the possibility of integrating separate email marketing systems so you don't have to
import information to your CRM.
Case management
If you want to focus on your relationship with a certain customer, reliable CRM software
can provide you with the tools to manage each customer case individually, in a secure
environment
Quote and order management
Easily create quotes, manage orders and inventory. Such tools improve order
processing capability and ultimately your relationship with customers.

Sales performance management

Sales managers need to see what aspects of a sales team are working well and which
need improvement. CRM platforms provide tools for managing the performance of
sales, identifying issues and addressing problems efficiently.
Projects and Tasks management
You can serve your customers well only when vou manage vour employees with the
same level of dedication. For instance, a customer's request will remain in pending
status unless your employees know who should work on it. Tasks management tools
helps employees work better starting with the simple fact of assigning tasks and making
sure they are completed on time.
Workflow automation
You can't afford missed follow-ups, yet keeping track of every interaction can be labor-
intensive. The solution is very simple: automate. Your business hours will be more
productive with a CRM system finishing routine tasks for you. Sales routines can be
automated and their performance analysed by AI. A single workflow can contain
multiple actions without missing the point on anything.

OPERATIONALISING DATA QUALITY: -

The medium for which the processing of the customer data occurs is characterised by
limitations and/or technical standards. The receiver obviously accepts his. The need for
quality is directly related to the expectation to which the processing is being subjected.
This applies even more to internal use: for an ad hoe overview of the outstanding
debtors, it is acceptable to limit names to 25 characters use capital letters and print
using the least expensive printer available. It is important only that the amount is correct
and the telephone number is included.
The quality of relationship data becomes apparent to the supplier if he or she is able to
identify and address the relations in the appropriate way. In some studies, the aspect of
the accessibility of data is added to this list. In doing so, we indicate to what extent
those using the customer data within the time span allowed for this are able to retrieve
the data. It is particularly important for agents in the contact centre to be able to obtain
access to these data quickly enough that they may conclude the customer contact in a
satisfactory manner.
With databases maintained in a normal manner, duplication of entries may be expected
to lie between 10 per cent and 20 per cent. The cause of duplication is that there are
several sources of customer data that are recorded independently without proper
matching with current data. With databases involving natural per-sons, the household
can be a disruptive factor. On the one hand, several people in the same household can
have the same initials and last name; in this situation, data such as date of birth and sex
can have a high distinguishing value. However, the chance is just as great that parents
and children with different surnames comprise one household. It is then difficult to
estimate whether or not there is one family or more at that address. With organisations
(companies, government bodies and so forth), not only does the name create
complexity, but the addresses do this as well. Companies often have more than one
branch and maintain separate postal, delivery and invoice addresses.
The name is perhaps the most important piece of data for a customer, yet this bit of
information is not validated in most customer management systems in which
typographical errors may be found and unknown names are ignored.

A Dutch study on the perception of errors in the ascription used on commercial post
showed that 6 per cent of recipients threw the post unopened into the bin if an error
appeared in his or her name or that of the company; 32 per cent of those surveyed
found it extremely annoying (AGB Interact, 1995). Although the research is now some
years old, there is no reason to assume that a great deal has changed in this regard
since that time.
ANALYSIS OF DATA: -

Many organisations are quite pleased when their operational CRM systems work.
One may deduce from this that the expectations with regard to the quality of the data
analysis should not be set too high. The focus is on the implementation of the systems;
satisfaction reigns once the system is stable and operational. The time is simply not
available to set up a data warehouse for marketing objectives.
Ideas must still take shape with regard to the analyses to be performed for this purpose
and it is only those organisations that have a history with direct marketing or database
marketing that have gained the necessary experience with the recording and analysis of
customer data. However, every leap forward brings with it disadvantages; data analyses
for a transaction-oriented organisation operating in a single-channel environment differ
from those for a company with a CRM strategy already in place. It is no longer just the
prediction of a response or conversion to an individual mailing or outbound
telemarketing campaign that matters. The campaign will have to be looked at within the
context of the entire relationship marketing policy. Research is needed into the effects
of both incoming as well as outbound communication through different channels on
transactions and customer values. More in-depth knowledge of the customer behind the
buyer should be developed.
It seems that opportunities to benefit from this increased need for information exist in
abundance. The growth in data within many companies is, after all, quite substantial.
Data become available via the Internet, call centre, sales information systems, surveys
and back-office systems. As the databases grow in size, so do the possibilities for
analysis. Using datamining techniques, purposeful, visible connections may be sought
between selected variables in an exploratory manner. It is not necessary to indicate
beforehand which relationships are expected between which variables. Patterns in data
are recognised which are unrecognisable to the naked eye.
Several years ago, datamining seemed to be a magic word. If we no longer have to
specify beforehand which relationships are expected between variables, and no
demands are placed - such as with a normal distribution - on the application of the
techniques, modelling seems to become a simple and not very time-consuming activity.
The promise of exposing hidden patterns has caused dollar signs to flash before many
an eve.
Reality, however, seems to have caught up with the ideals and dreams. The results
achieved with datamining have turned out to be disappointing. In various tests in which
datamining was compared with classical statistical techniques, early datamining
techniques did not score better than the classical, older yet more trustworthy
techniques. In themselves, these first experiences were positive in the 1990s and did
not give cause to renounce datamining entirely. On the contrary: it proved that
datamining is not as simple as was originally thought. The impression that the data
could be entered into the computer without too much bother and that the results would
just be there for the taking, appeared to be incorrect.
Careful data management and thorough preparation of the analysis question remain
indispensable. Professional experience with the techniques is a condition for turning
quality input into quality output. This way, datamining does not have to be implemented
in situations in which statistical techniques may also be sufficient and insight and
experience with the extensive palette of datamining techniques is desirable in order to
obtain good results. Finally, the interpretation of the end results requires a skilled eye.
Over the course of the analysis project, different disciplines make contributions. To
leave the entire project in the hands of a data analyst will not lead to the desired results.
An optimum degree of teamwork is necessary between the database manager, the data
analyst and the marketer. Those who gather the data or use them will have to assist
those who enrich them. Language barriers and differences in interests between the
three specialists will have to be overcome The cooperation between them should not be
thought of as a waste of time. On the contrary, acting as a team should give them
energy and represent a reason to give priority to their collaboration.

THE ANALYSIS PROCESS: -

Successful data analysis requires progressing through the different stages in the
analysis process in a responsible manner.

Problem formulation
The first and most important phase involves the formulation of the research question. It
has already been indicated in the introduction that an extensive range of questions is
available. Given the fact that the analysis capacity is very limited in many organisations,
it is only the essential and feasible questions which should be addressed. It should
come as no surprise that a marketer is primarily interested in a model that points out
customers at the time that they are going to start familiarising themselves with the
market in order to purchase products and services that the company supplies. When is
a certain person going to move and thus be 'in the market' for a mortgage? When will
the car need to be replaced? Discussion about the relevance of this question is not
necessary however, the feasibility of this analysis problem does deserve attention.
Should current data on relevant events such as a move and the maintenance costs of
cars become available from external sources, then creating a stable model with high
prediction power is promising. Should these data be lacking, creating such a model will
become more difficult. It must be determined whether or not the data may still be
obtained elsewhere or whether it is wiser to reserve the analysis capacity for other
problems.
The types of formulations of questions which are relevant within the CRM strategy
framework are summarised. The ultimate goal of the analysis questions in the first three
rows is to make selections from among the organisations and/or people to whom an
offer will be made. This is represented by the four main areas of focus which lie at the
foundation of the relationship policy. The effectiveness of the marketing action or
campaign is the central theme. Which approach and which lists may be used to
encourage prospects to make the most profitable purchases?
In order to arrive at the actual creation of a model, a further description of the question
is desirable. An exploratory analysis of the problem area can be enlightening.
Descriptive statistical techniques, such as frequency and cross-tables, and the graphic
illustrations derived from these, usually provide helpful solutions. They provide insight
into the economic importance of a retention analysis, for example, or provide insight into
the turnover and profit share of single customers in proportion to that of customers who
have purchased more than one product.
The exploration helps in the formulation of the final research question within which
framework the dependent variable(s) and independent variables will ultimately have to
be defined. It will be determined how, for example, cross-selling and retention are
measured and which independent variables must be included in the model.

Preparations
Before performing the final analysis, a random sample may be pulled from the data-
base. The advantage of taking a random sample is that less of the system's storage and
analysis capacity is used. The random sampling provides insight into the quality of the
intended data. How may data be cleaned up so that erroneous data may be corrected
and duplication eliminated? Are metadata available?
A simple definition of metadata is structured data, about data; metadata ensure
consistency in the data, that variables in the database are defined in the same way. for
example. when a product is referred to within an organisation, everyone is talking about
the same thing.
The way to measure specific features may also be examined. For example, the
purchases made by a member of a book club may be quantified in a number of ways. Is
the most recent purchase the one that is to be studied, or the total num-bet of orders
per year; the amount involved in the last or all of the purchases; the changes in the
purchase patterns as compared with a previous period; the purchases made by an
individual or the household, etc. In exploratory analyses, he most relevant variables
may be selected. In classifying models, these are he variables that distinguish the best;
in other words, they make a distinction between groups. Variables which have the
greatest power of prediction are those which are preferred in probabilistic models.
Cases may be collected from the data set with measurements of the relevant variables
in order to compile the final analysis database. Particular attention should be paid to the
distribution among the scores for the independent variable. A random representative
sampling, in which each case has the same probability of being included in the final
database, is not automatically the preferred one.

In order to be able to model the exit behaviour of customers, for example, a

'Substantial number of ex-customers' must be included in the final database. A
segmentation analysis also requires representatives from the different segments which
are encountered. Stratified random sampling may be chosen to perform this, so that for
each stratum or layer (segment), a fixed number of observations are collected at
random. In some situations, the final conclusion will be that it is not possible to compile
a high-quality analysis database. A cross-sell analysis performed on a database of an
organisation which had not taken any cross-selling initiatives in the past will obviously
offer very little to go on. Continuing the analvsis process in this case will be pointless.
The final analysis database may be divided up into a training and a validation set. The
first training (or validation) set may be used to develop the model. The validation set is
used to test the reliability of the developed model. To do this, the data from the
validation set are plugged into the model. The outcomes from the model are compared
with the actual scores for the independent variable, which are also available in the
validation set.
The compilation of the final analysis database is a time-consuming activity and one
which can easily occupy half of the total time spent on the complete analysis project. If
this preliminary segment must be run through for each selection or effectiveness
analysis, a large portion of the analysis capacity would then be 'lost'. There is a great
deal to be gained if a final data set can be constructed which may be used for different
types of analyses. Financial institutions, for example, have this type of final data set at
their disposal which includes some 60 to 100 variables used in the compilation of lists.
This aids them in making quick selections of people and organisations which are
approached with a certain offering, which may vary from product A through to product Z.
In principle, they are capable of responding quickly to the market and providing input to
the campaign management system that is responsible for the operational management
of the promotions and campaigns.

Final analysis using statistical techniques or datamining techniques

There are a variety of techniques available for performing the final analysis Within the
category of statistical as well as datamining techniques, there are many alternatives
available. They vary from regression, cluster and discriminant analyses to neural
networks, genetic algorithms, decision trees and case-based reasoning. Different
variations exist for each of the techniques separately.
Experience and insight into the techniques is desirable in order to arrive at a reasoned
choice and application of this choice.
The most experience has been gained using statistical techniques. Insight exists
regarding their reliability and applicability. Their disadvantage is that the dependent and
independent variables must be specified beforehand as well as the relationships
between them. Linear relationships and an independent result variable such as the
response or the segment are usually assumed Additionally, various techniques assume
a certain distribution among the scores for the variables. Skewed distributions with
many non-respondents and few respondents may hinder the application of these types
of techniques, or require a (logistical) calculation of the raw data materials. In situations
in which it is possible to satisfy these conditions, the statistical techniques are still
preferable to datamining techniques.
Datamining techniques may prove their worth in situations in which:
• it is not known beforehand what relationships exist between the variables;
• non-linear relationships exist between the variables.

Visualisation

The final step in the analysis process involves the reporting and visualisation of the
outcomes. Setting aside time for this last step in the project requires discipline, but is
definitely rewarding. After all, research outcomes that are not easy to communicate will
never be accepted by management. The outcomes of some datamining techniques,
such as neural networks, provide very little insight. It is those results that must be
visualized. Simple figures must specify what the effect changes in several relevant
variables have on the ultimate dependent variable. What is the effect on the response of
lowering the introductory price, for example? What is the effect on the response of
expanding the mailing list by an extra 10 per cent of the prospects from the data set?

Nature of analysis

Segmentation and selections

Acquisition analyses and selections
Customer analyses and selections
Analyses to determine the effectiveness of the customer approach

Objective of analysis –

To divide the customer database into homogeneous customer groups.

To draw up lists of the name-address-city information for persons and organisations to
be approached for a marketing campaign.
Analyses geared towards the determination of the quality of different lists.
Retention analysis, focused on the early identification of customers with a heightened
probability of terminating the relationship.
Cross-sell analysis, geared towards offering a products from a product category from
which customers have not yet made purchases
Deep-selling analysis whose goal is to increase the sales in a certain product category
Up-selling analysis by which more premium products are sold
Response-analyses of marketing campaigns, databases/lists: which campaigns or
databases/lists score the highest?
UNDERSTANDING OF CRM: -

Customer Relationship Management is a technology for managing all your company’s

relationships and interactions with customers and potential customers. The goal is
simple: Improve business relationships. A CRM system helps companies stay
connected to customers, streamline processes, and improve profitability. When people
talk about CRM, they are usually referring to a CRM system, a tool that helps with
contact management, sales management, productivity, and more. A CRM solution helps
you focus on your organisation’s relationships with individual people — including
customers, service users, colleagues, or suppliers — throughout your lifecycle with
them, including finding new customers, winning their business, and providing support
and additional services throughout the relationship.

WHO IS CRM FOR?

CRM will be the single largest revenue area of spending in enterprise software. If your
business is going to last, you know that you need a strategy for the future. You have
targets for sales, business objectives, and profitability. But getting up-to-date, reliable
information on your progress can be tricky. How do you translate the many streams of
data coming in from sales, customer service, marketing, and social media monitoring
into useful business information?
A CRM system can give you a clear overview of your customers. You can see
everything in one place — a simple, customisable dashboard that can tell you a
customer’s previous history with you, the status of their orders, any outstanding
customer service issues, and more.
You can even choose to include information from their public social media activity —
their likes and dislikes, what they are saying and sharing about you or your competitors.
Marketers can use a CRM solution to better understand the pipeline of sales or
prospects coming in, making forecasting simpler and more accurate. You’ll have clear
visibility of every opportunity or lead, showing you a clear path from inquiries to sales.
Some of the biggest gains in productivity can come from moving beyond CRM as a
sales and marketing tool, and embedding it in your business – from HR to customer
services and supply-chain management.
Though CRM systems have traditionally been used as sales and marketing tools,
customer service teams are seeing great benefits in using them. Today’s customer
might raise an issue in one channel — say, Twitter — and then switch to email or
telephone to resolve it in private. A CRM platform lets you manage the inquiry across
channels without losing track, and gives sales, service, and marketing a single view of
the customer.
RUNNING A BUSINESS WITHOUT CRM CAN CAUSE YOU REAL
MONEY –

More administration means less time for everything else. An active sales team can
generate a flood of data. Reps are out on the road talking to customers, meeting
prospects, and finding out valuable information – but all too often this information gets
stored in handwritten notes, laptops, or inside the heads of your salespeople. Details
can get lost, meetings are not followed up on promptly, and prioritising customers can
be a matter of guesswork rather than a rigorous exercise based on fact. And it can all
be compounded if a key salesperson moves on. But it's not just sales that suffers
without CRM.
Your customers may be contacting you on a range of different platforms including
phone, email, or social media — asking questions, following up on orders, or contacting
you about an issue. Without a common platform for customer interactions,
communications can be missed or lost in the flood of information — leading to a slow or
unsatisfactory response.
Even if you do successfully collect all this data, you’re faced with the challenge of
making sense of it. It can be difficult to extract intelligence. Reports can be hard to
create and they can waste valuable selling time. Managers can lose sight of what their
teams are up to, which means that they can’t offer the right support at the right time –
while a lack of oversight can also result in a lack of accountability from the team.

WHAT DOES A CRM SYSTEM DO?

A customer relationship management (CRM) solution helps you find new customers,
win their business, and keep them happy by organising customer and prospect
information in a way that helps you build stronger relationships with them and grow your
business faster. CRM systems start by collecting a customer's website, email,
telephone, social media data, and more, across multiple sources and channels. It may
also automatically pull in other information, such as recent news about the company's
activity, and it can store personal details, such as a client's personal preferences on
communications. The CRM tool organises this information to give you a complete
record of individuals and companies overall, so you can better understand your
relationship over time.
A CRM platform can also help you to develop customer relationships. CRM solutions
today are more open and can integrate with your favourite business tools, such as
document signing, accounting and billing, and surveys, so that information flows both
ways to give you a true 360-degree view of your customer.
A CRM system manages all your contacts and aggregates lead and customer
information to build profiles of everyone you interact with. This gives you easy access to
important information to better understand customer behavior like purchase records and
previous communications with contacts across different channels (chat, email, etc.).
Customers won’t have to repeat their stories over and over to you, and you’ll be able to
address issues with best practice and less effort for improved customer loyalty.

Streamlining and improving the sales process, building a sales pipeline, automating
tasks, and analyzing your sales data will inevitably lead to one outcome—increased
sales and sales productivity. A CRM system allows you to have all your customer-facing
voice, chat, and email touchpoints accessible in one place. You’ll clinch more deals by
building a repeatable, proven sales process, and delivering the right message on the
right channel at just the right time.

Retention and churn rates are extremely important determiners for a company’s
success; customer churn is a major obstacle to business growth. CRM tools like
sentiment analysis, automated ticketing, and customer support and customer service
automation can dramatically improve your retention by letting human agents defuse
problems. Analytics tools that look at customer life cycle can show you when churn
happens and why, so you can identify and address pain points.

Analytical CRM tools make your data available, intelligible, and relevant to your
business needs. All your heaps of sales data, finance data, and marketing data flow into
CRM to become visible metrics, with data warehousing and data mining there to make
sense of everything. The net benefit is customer acquisition, customer retention, and
better data management

Having all your major day-to-day business functions in one place makes for better
workflow, easier collaboration between team members, and better project management.
Task automation eliminates menial, repetitive work and gives more time for the
cognitive tasks humans are best at. Dashboards and analytics will help you gain
insights into your work and optimize all kinds of business processes.

Miscommunication and lack of information transfer are two major time-wasters. When
people take time self-learning to do things other team members already know how to
do, or work on redundant tasks, you’re losing a lot of hours per week. Collaborative
CRM tools can streamline your teamwork by letting you build a knowledge base,
establish best practice workflows, and allowing for frictionless communication between
team members.
KEY AREAS OF CRM –

Customer relationship management is a combination of practices, strategies, and

technologies used to manage and analyze customer interactions. It usually includes the
analysis of data collected from a number of customer touchpoints, such as website
visits, telephone calls, live chat, direct email, marketing campaigns, and social media.
The aim of CRM is to improve customer relationships, increase loyalty and retention,
and drive sales. However, for it to succeed, your CRM strategy needs to take into
account the following key elements:

TECHNOLOGY –
Applications and infrastructure. When people talk about CRM, they are usually referring
to a CRM system, used to manage digital interactions with current and potential
customers. Data is collected from the entire customer lifecycle, including marketing and
sales platforms, digital commerce, and customer service interactions.

STRATEGY –
Business goals and objectives. Your CRM strategy should be based on clear goals and
objectives. It should also align with your company’s positioning, culture, vision, and
values.

PROCESSES –
Procedures and business rules. For a CRM strategy to work, all internal and external
processes should be customer-centric. Do they provide the best possible customer
experience? Do customers trust what you do with their data?

PEOPLE –
Organizational structure, skills, and incentives. People form the core of any CRM
strategy. Are employees focused on customer engagement? Are departments cross-
functional? Is there a top-down commitment from the entire staff? Are bonuses
connected to customer satisfaction goals?
IMPORTANCE OF CRM: -

CRM is so much more than technology. Think of it as a business philosophy based on

listening to customer needs and behaviors and using that information to build stronger
relationships and generate more leads. It should form the foundation of your business
strategy.
A good CRM system takes into account all touchpoints in the customer lifecycle. This
might include phone calls, messages through social media, website interactions, and
emails. It gathers data when a client Tweets about your company, files a complaint,
submits a review, or raises an issue. By analyzing this data, you can build a picture of
who your target customer is, how they typically behave, what they want and expect from
your business, and how you can win them over.
A CRM system can also help you organize, streamline and automate your processes so
that you collect the right data and have the right information at your fingertips whenever
you need it.
For a company to succeed in business, it needs to understand its customers. The data
you collect through your CRM solution can help you understand what makes your
customers tick, and how you can keep them happy. You can then use this information to
communicate in a way that addresses their needs and wants. This will create an
increased sense of trust and loyalty and help to cement a long-lasting relationship with
all of your customers.
Customer relationship management data can be used to optimize marketing campaigns
using a data-driven approach. This can help you better understand your sales
pipelines and provide you with a clear vision of all leads and opportunities so that you
know which are worth investing your time and attention in.
Implementing a CRM system can provide your company with a great number of
benefits. Customer relationship management can help you get to know your customer
base and build better relationships. A CRM tool can be used to manage and analyze
your customer data more effectively and automate and optimize your customer
relationship management processes. It also makes it easier for your employees to
identify sales opportunities and manage marketing campaigns, driving the bottom line of
your business.
Access to more comprehensive analytics will help you understand market trends and
customer wants and needs. Customer relationship management data can help you gain
valuable insight into your typical customer so that you can build a better customer
experience for them. When a customer sees that you care about the experience they
have with your company, it helps build a sense of trust and loyalty.
INNOVATIVE APPROACH TO PROBLEM SCHEME –

A customer relationship management (CRM) system is one of the most valuable tools
for a business but can also be one of the most complicated to administer. When done
right, CRM will help your company be more efficient and grow. One study reports that a
CRM tool can increase sales by as much as 29 percent while improving productivity by
34 percent.

COMMUNICATION PRESSURE AND INITIATIVE –

Reasons to communicate with customers can originate from a variety of sources.

The company may be introducing new products, or might have created a spe. cial
promotion, or perhaps it would like to inform the customer about specific developments
in the industry. An insurance company has a new form of savings account, or would like
to provide customers who are insured via their employer with an extra special offer, or
inform them about the consequences of upcoming legislative changes for their pension
fund. Events may also occur involving the customer which may make it interesting to
establish contact. Returning to the insurance company example, perhaps there is a new
addition to the family. the customer is planning to move, change jobs and/or there has
been an incident involving damage. Insight into events involving the customer which are
either imminent or have already taken place is important for the relationship policy.
These are the moments during which purchase opportunities occur.
In creating the contact plan, the supplier, depending on the stage in the relationship, will
have to determine which occasions may or should be acted upon and which should not.
Situations will have to be prevented in which good customers are approached too often
or customers in the 'car park' remain spared from information completely while there
are, in fact, customers among them who are profitable on a transaction basis.
Companies will also have to aim for a situation in which the initiative for contact does
not lie solely with the customer or the supplier; a certain degree of equilibrium is
preferable.
Finally, the company will often find that it is difficult to obtain reliable information on
imminent events involving its customers. It is difficult to make contact at exactly the right
time with the customer; we are often too early or too late. The challenge facing the
marketer is to increase his or her familiarity with the supplier so that the marketer's
company is automatically the one the customer approaches at the time the need arises.
COMMUNICATION PRESSURE AND INITIATIVE –

Although a communication plan is a requirement in the design and implementation of

the relationship policy, care must be taken to ensure that the importance of this plan is
not overestimated. The commercial communication between customer and supplier
often constitutes only a small part of the total communication regarding the purchase,
use and ultimate discarding of the product by the customer. To a certain extent, contact
occurs via the company; however, information may also be obtained in other ways such
as via the press, independent experts, and family and friends in the customer's
environment. Policies incorporating the positive influences inherent in these
independent flows of communication are not employed often enough and can be very
efficient. Studies have shown, for instance, that customers who are acquired via a
'member-get-member' promotion can represent a relatively high value to the company.
The chance that they will stay and develop into profitable customers is above average.
Communities in which customers help one another and the supplier may have just as
substantial an impact on customer retention and relationship development.

LOYALTY PROGRAMMES –

In order to further develop the commitment of their customers, various companies also
implement loyalty programmes.
Within this context, the term loyalty' is associated with, among other things, (collective)
savings schemes which are linked to a database containing information on the name,
address, city, certain behaviour and background information for individual customers.
The success of the programme lies in providing customers with specific rewards. The
intention is to reward loyal, frequent buyers more often. The distinction is made between
good and bad customers with the aid of behaviour registration. With Esso, for example,
we see that a distinction is made between customers who buy more and those who buy
less. Motorists who buy fuel from Esso more often can qualify for double points. In
reality, companies are careful about discriminating between bad, good, better and best
customers.Worries exist that if the company applies this distinction, it will encounter
resistance from certain consumers.
This way of rewarding customers fits in with operant conditioning, a theory describing
ways in which individuals learn from the rewards and the punishments that they receive
for certain behaviour. It describes a method of learning for which very few mental
processes are necessary. People learn from certain types of conduct. Actions are not
preceded by information-seeking behaviour outside of the internal memory, and
evaluation of alternatives for different aspects is lacking. The mental processes take
place on a very limited basis and the preference for the supplier or brand is mentally
embedded to a limited degree.
If this strengthens the involvement with the supplier, mental processes are activated,
efforts are made to improve the intrinsic satisfaction (with the services of the supplying
organisation). The probability increases that choices are made for the future and that
the underlying values and goals of the organisation evoke positive associations.
The possibility also exists that the selective way of rewarding customers should be seen
as an extension of the organisation's other activities, such as general service, thematic
advertising and product quality. The loyalty programme is then the added bonus, the
surprise added to the products or services the company offers. But even so, it would be
even 'purer' if the term was not exclusively linked to the long-term savings programme,
but instead was connected to all of the supplier's relationship-oriented efforts.
We may say that within 'real' loyalty programmes:
• The individual relationship between supplier and customer comes into play as the
company discriminates between good and bad customers; the database makes it
possible to do this.
• A psychological as well as a behavioural basis exists; the parties empathise with one
another, accommodate one another, surprise one another and commit to one another;
they have every intention of continuing the indianchin and to continue making
transactions.

CATEGORIES LOYALTY PROGRAMMES –

First, there are the savings programmes for which it must be said straight away that
these are not true loyalty programmes in the sense described above. The focus here is
on encouraging the customer to make transactions by rewarding him or her for certain
behaviour: purchasing. Within this group, a distinction may be made between short- and
long-term savings programmes.
The short-term savings programmes primarily aim to stimulate behaviour. Within a
relatively short period of time, the consumer, for an additional charge or free of charge,
may be eligible to receive a gift. In the event that they are successful, it becomes
apparent how difficult it is to cancel this type of programme.
The long-term savings programmes are the more well-known: the Airmiles points
programme being perhaps the most well-known. These days, we often see
combinations of long- and short-term savings programmes. In order to prevent
consumers from having to wait too long for their rewards, and the chance that the
desired customer behavior will decrease, customers receive promotional stamps in
addition to Airmiles.
Second, there are the so-called club programmes. People are offered the opportunity to
become members of a club either free or for a very small fee.
Finally, there are the relationship marketing programmes or the 'real' loy. alty
programmes. The starting point for these programmes is that their goal is to improve the
involvement suppliers and customers have with one another.
Suppliers capitalise on the customer's situation and, through the structured use of
various marketing tools, work on enhancing commitment and purchasing behaviour in
the long run. Participants in these types of programmes may often identify themselves
with a card so that the interactions in the relationship may be registered on an individual
level. Thanks to the database, focused communication and customised services are
possible and the programme is capable of zeroing in on various events which are
relevant to the customer.

EFFECTIVENESS LOYALTY PROGRAMMES –

The effectiveness of this third type of loyalty programme also depends on the degree to
which the company is in a position to surprise, appreciate, activate and inform the
customer. Has the supplier been successful in venturing off the beaten track every now
and then and surprising the customer in a unique manner befitting his or her identity? Is
it capable of showing its appreciation for the customer by inviting him or her to a
customer day or similar event? Or has the customer been invited to participate in a
workshop, the theme of which is the valued opinion of customers? Or has the supplier
been particularly successful in informing and activating the customer?
Successful relationship management concentrates on all four of these dimensions. An
imbalance may be prevented when there is insufficient focus on the elements of
surprise and appreciation.

RELATIONSHIP POLICY BY RELATIONSHIP PHASE –

During the exploratory phase, the two-way exchange of information is an indispensable

element to a policy whose priority is the development of a long-lasting relationship. This
involves information that is necessary to stimulate follow-up transactions and the
purchase of products and services which have not previously been purchased (cross-
selling). At the same time, the customer's satisfaction with the supplier will have to be
followed closely; it is precisely in this early stage of the relationship that it is important to
be able to spot negative developments quickly and to take action.
Typical of the growth phase is that the commitment aspect can sometimes undergo
negative development which can endanger the continuity of the relationship. Analysis of
a great many customer databases has shown that customer churn is high among
customers who have not yet developed a long-term relationship with the supplier. Those
customers for whom the costs of acquisition have not yet been covered display a
heightened risk of leaving before they have even become profitable. Besides, the ability
to identify with the supplier loses some of its value. Doubts may arise regarding the
appeal and uniqueness of this supplier.Barriers which stand in the way of the
termination of this relationship and the start of a new one are perceived to be lower than
they were previously.
The goal of the relationship policy during the growth phase is thus to increase the
commitment and to continue the positive growth trend seen in the turnover.
Those activities that demonstrate and emphasise the uniqueness and appeal of the
supplier are valuable. The same applies to cross-selling activities; experience teaches
us, in fact, that customers who purchase more than one type of product or service from
a supplier are less likely to show signs of terminating the relation-ship. The customer
experiences the advantages the other party has to offer and, besides, the switching
costs can increase; after all, a replacement will have to be found for the supplier that
fulfils several needs.
Opportunities to exceed the expectations of the customer will have to be seized. By
leaving an unforgettable impression, the relationship can suddenly find itself sailing on
smooth seas. The service system generally offers good prospects. A characteristic of
services is that it is difficult for customers to accurately evaluate the level of quality that
they may expect from the competition with which they have no experience. After all,
service is intangible and quality may only be assessed on the basis of experience.
Furthermore, it appears that many customers have a conservative attitude on average
because they estimate the level of service of the organisation with which they have
experience to be higher than that of an unknown competitor.

TRANSLATING THE RELATIONSHIP POLICY INTO PHASE –

Communication geared towards the realisation of the subsequent transactions is a
crucial component of the relationship. It is recommended that communication calendars
are developed which may be used to note when the customer will be approached and
with what particular information. Concrete goals may then be linked to the achievement
of a specific result during a certain period.
In addition to the cross-selling possibilities which arise during customer contact in the
exploratory phase, the outcomes of the cross-selling analyses may also be used to
companies' advantage. These may indicate what the chances are of the customer
considering the purchase of the product concerned within a certain period, and whether
or not approaching him or her is worth the effort.
Customers who have made more transactions in later phases of the relationship prove
their value to the supplier. It is financially justifiable to bend and shape the relationship
from a transactional one into a relational one. A policy focused on cross-selling can
make room for a policy that targets the creation of a partner-ship. Suppliers may open
the dialogue to accomplish this; in order to break the ice', it may be beneficial for them
to take the lead and provide customer-specific information. Robeco Direct, a Dutch
financial services company, sends its valuable customers a personal annual report, for
example. In this report, the customer will find information on the stock market and his or
her investment portfolio in particular, and if possible, his or her risk profile. In effect, the
organisation is surprising its customers with this information service, but in a positive
way.
The information provided actually raises new questions, which will induce some of the
customers to contact Robeco Direct. An open and substantial dialogue is thus started
with these customers that marks the point that a transaction-oriented relationship is
shaped into a relationship-oriented one. The customer discloses confidential information
and allows the other to provide advice. The level of trust grows; each dares to place
more of their fate in the other's hands.
It is important to seek contact with customers who threaten to end the relationship or
those who have already done this. Simply demonstrating interest can provide an
important reason for customers to adjust their image of the supplier.
Even a portion of the customers who have already left may be persuaded during an exit
interview to give the supplier another chance.
CONCLUSION: -

At the end of the 1990s, CRM ended up high on the agenda of many a top manager,
thanks to the marketing efforts of software companies, as well as other factors. Their IT
systems enable companies to interact with large groups of customers on an individual
basis and at a relatively low cost. As a result, companies may accumulate individual
customer knowledge which they may use in offering customized solutions and in
developing long-lasting, mutually profitable relation-ships. On the one hand, these
solutions improve the operational excellence of organizations’ front offices, and on the
other, they offer the potential to develop a long-lasting relationship with customers. To
date, companies' experiences with CRM are somewhat disappointing, and this may be
for a variety of reasons. Too many CRM initiatives are still dominated by technology,
and the strategic and organizational aspects of CRM tend to fall by the wayside.
Insufficient attention is focused on the interpretation of the marketing strategy: who are
the right customers and what do they want, how do we conduct a meaningful dialogue
with them, and offer them what they want? And how do we develop a relationship with
them? On the other hand, too much energy is invested in the creation of the
communication infrastructure and the orchestration of the dialogue with the aid of IT.
The objective of this book is to expand the insight into CRM and to deepen it so that, for
the right companies, CRM will grow and blossom to become a system of 'doing the right
things right'
Customer Relationship management is a business strategy that enables a business
organization to maximize revenue, customer satisfaction, profitability through strategic
mobilization, organization, and management of customer's interests and desires. BWM
has traversed numerous business challenges that made it establish a CRM that will
foster customer relationship as a baseline for market strengthening and diversification.
BMW has diversified its market in various global markets through the initiation of the
CRM systems. The system has significantly contributed to the company's financial,
operational, managerial and development initiatives with a robust customer relationship
that has fostered great sale of its product.

From the discussion, you can realize, CRM in the automotive industry is strategically
used a model mechanism for brand promotion and customer attraction. The technology
comes with imperative customer analysis measures using technological systems for
business organization, automation, and synchronization of the business sales, customer
services, marketing, and technical support. CRM has been used to promote local and
internal customer interaction elevating the marketing initiative. Through CRM
information, BMW has been able to identify the target customer base and competitive
marketing strategies for customer strengthening and retention.
RECOMMENDATIONS: -

Since CRM involves an integrated internal process and function, any company using it
as a marketing strategy may lose the extra connection to its customer (Paquette, 2011).
Therefore, it is important to note that CRM, especially in the automotive industry, is a
business development strategy that should approach using business development
initiatives. BMW has tried to integrate the program in its business but from the outlook, it
looks like a marketing imitative basing on the target customer audience strategy.
However, for the sustainability and profitability of the management system, BWM should
realign the system as business development initiative where the company will obtain
quality customer-related information essential for the enhancement of customer
satisfaction, retention, and development. With this initiative, BMW will there require to
focus on creating customer value background with significant relationship development
measures.

The author in the following sections will draw recommendations based on the
conclusion of the analysis and research conducted on CRM appraised in the literature
review. In the conclusion on the primary research conducted it was evident that CRM in
the organization is at it's very basic level and therefore will require a solid foundation to
be established in order to successfully role out CM initiatives in the future
The author firmly believes that in order to CRM as a project to succeed within the
organization calls for top management dedication and involvement for the successful
implementation. this is supported by Kale (2004).
Therefore, before any other action is taken, gaining the organizations management
involvement and drawing on their expertise will be utmost important.
However, the author wishes to recommend CRM initiatives to the organization, placing
emphasis on top urgent, urgent, non-urgent actions that the organization will need to
action, to embrace CRM initiatives. One should keep mind that CRM require long term
planning and should be an ongoing and continues activity, which makes it not feasible in
a short time frame to ensure success in the organization. Table 5.1 shows these
recommendations.
The challenge ahead faced by the bank will be to bring together the customer data
collected from all the touch points, to offer one complete view of the customer across all
departments in the organization. The existing data
warehouse in the bank needs to be upgraded in order to capture details on a daily
basis. This will enable the bank it obtains a comprehensive view of its customers and
their relationships. Therefore, measures need to be taken to draw out information from
various data sources as described below
Application database- This requires customers to fill in application with their personal
details, which the system could forward to the banks credit agency and depending on
their decision either accept or reject the customer, based on his/her credit worthiness.
Their after the data base could save these details such as personal details, product
selection. details about other financial relationships, credit rating etc.
USEFULNESS: -

A properly deployed CRM system is an immensely useful tool. It tracks and manages all
interactions and communication your reps have with prospects and customers. It also
helps flag opportunities that might require additional nurturing or follow up (among many
other things).
The usefulness of Customer Relationship management are as follows: -
i) CRMs allow your entire sales org to keep all prospect information — over any duration
of time — in a central database. This allows for quick cross-team access as well as the
ability to easily manage all information via a shared location. CRMs help reps avoid
spending time digging through files and records to find the information they need about
prospects to follow up and close deals.
ii) All communication, both internal (rep to rep) and external (rep to prospect), can be
managed through a CRM. This allows reps to track all parts of the buyer's journey,
including every interaction, email, phone call, and more. For example, your CRM will
help a rep determine if and when they need to reach back out to a specific prospect. It
will also help your reps remember whether or not they already sent a prospect the
resources they requested.
iii) With a CRM, your team will never have to spend time logging emails, calls, meetings,
and interactions — all of this information will be automatically collected and aggregated
within the system. Additionally, a CRM allows reps to update all deals by the stage
they're in — then, the system will automatically handle the rest (e.g. weighting,
summation, visualization), keeping this process as efficient as possible for everyone
involved.
iv) A CRM tracks all of your prospect activity, which helps your reps know when they
need to follow up with specific prospects. When reps are reminded about specific follow
ups, they're able to schedule their contact at a point in time when their support is most
helpful to a prospect. This way, reps increase the chances of them converting more of
these leads into customers
v) CRMs allow your team to easily keep track of every contact (and their related data),
no matter their buyer's journey stage. In fact, reps will be able to see if a contact visited
your company website, downloaded content from the site, or spoke with another
member of your sales team already. Additionally, reps can log notes from their calls or
email interactions with their contacts and leads. The best part? All of this information
is always searchable within the CRM.
vi) Have you or your reps ever wanted to create a list of contacts to reach out to based
on specific criteria? CRMs allow you to sort contacts by data that you've collected about
them over time. For example, a rep might filter by location, company size, or deal stage.
This way, your team members will always maintain a clear idea of how to position
outreach for each segment, increasing the probability of conversion.
vii) CRMs allow your team to collect and organize data about prospects and deals using
reporting features such as sales dashboards and reports. These allow reps to better
automate and manage their pipelines, deals, and contacts. They can also evaluate their
personal performance and keep track of their goals and necessary work to reach their
quotas. Sales managers can use these sales reports to see how their team is tracking
towards quota attainment and review the number of closed deals. VPs and other
organization leaders can also monitor the amount of revenue that's been generated .
viii) The key to any successful sales organization is the ability to plan strategically and
make informed decisions. With the CRM reports I just mentioned, you can pull in key
metrics like monthly recurring revenue (MRR) and year-over-year (YOY) growth which
make it easier for sales leaders to identify trends and develop performance-related
forecasts. Plus, CRMs allow reps and sales managers to see which activities and
sources are the most profitable lead generators for reps. This data helps team leaders
create sales projections for upcoming months and adjust pipeline estimates as
necessary.
ix) As mentioned, a CRM will provide your sales team with one place where they can
keep track of leads, prospects, and customers over any duration of time. CRMs also
allow you to review specific activities like emails, calls, and meetings booked. Sales
managers can then use this data to identify patterns and see which sales processes are
working for their team and which ones could be improved — which is how your sales
team can use information stored in the CRM to scale your processes as your business
grows.
x) Ensure effective team communication is facilitated throughout your sales org and
among reps with the help of the CRM. This communication is critical to maintain a
specific brand image among all reps who are interacting with prospects as well as
ensure reps are learning from each other and working together to reach quota. With a
CRM, your team can do this by tagging reps and managers members on specific deals
they want to bring them onto. Sales leaders and reps can also use the system to
reassign specific leads with the click of a button. Lastly, reps don't need to leave the
system to write and send emails to team members to have these discussions —
instead, all communication can be facilitated easily from within the CRM.
IMPLEMENTATION: -

CRM software does more than contact management. It drives revenue growth,
productivity, and customer satisfaction. By using a CRM system, many companies have
achieved significant results, but some have not achieved all they had hoped for.
Instead, they have encountered implementation issues including cost overruns,
integration challenges, and poor user acceptance. The good news is that all these
problems are avoidable—if the CRM implementation is well designed and executed.
When properly deployed, a customer relationship management (CRM) tool can produce
a significant return on investment by streamlining sales processes, improving sales
processes, and providing employees access to more complete customer information.
Implemtations in CRM are as follows: -
a) Establish measurable business goals -
Define the specific business benefits that vou expect vour implementation proiect to
deliver. This might sound obvious, but many project fail because this step is not
completed. Clarify what exactly you want to achieve.
• increase average revenue per sale?
• Improve customer loyalty and retention rates?
• Get more sales leads?
• Lower customer acquisition costs?
• Improve sales forecasting accuracy?
• Improve customer service response times?
• Improve sales close rates?
CRM solutions address all sales, service, and marketing needs, so you should prioritize
what you want to accomplish and select the best tool accordingly. The possibilities of
what you can do are endless. The key is to understand which cloud CRM can do the
most for your business
Companies who are successful with their CRM implantations shop for their solutions
with a list of detailed business requirements. They do not set generic goals, such as
"improve customer service." Instead, they target concrete pain points to create their
goals such as" reducing customer service response times by 25 percent.

b) Align your business goals and IT department -

CRM is driven by technology, but it's not about technology. CRM is about improving
your customer-facing processes; the technology is simply a way to achieve that end.
everyone involved in building a successful CRM implementation plan understands this
and creates the structures and processes to reinforce that. Bring business and IT
together, but make business the driver. Business goals that are focused on producing
meaningful results drive CRM functionality. When IT and LOB managers are aligned
behind a well-defined set of measurable objectives, they in turn can guide CRM design.
What is CRM? In successful CRM projects, responsibility for the design and
implementation of the system rests with both business sponsors and IT personnel.
Business needs and requirements should guide configuration decisions. Joint
accountability is necessary, so many companies have a business project manager and
a systems project manager working together to make functionally and technologically
appropriate decisions.
c) Get executive support and sponsorship before the implementation project
begins -
CRM projects are strategic initiatives, so top management must actively support them.
Without executive endorsement--including an explanation of how the new system will
support business goals a CRM initiative might be dismissed by the people meant to use
it. It a CRM IS critical to survival- which is increasingly the case top executives must
drive that message from the CEO down.
d) Let business goals drive functionality -
Just as business goals should drive CRM configuration, every configuration decision
must support a business need. So, if a feature doesn't directly help you better serve
customers, you probably don't need it,
Every configuration must support at least one of rive business goa
• improve profitability
• Enhance customer value
• Simplify/streamline business/sales processes
• Reduce technology costs
• Improve systems performance
Companies can also use a CRM to expand the scope of (or even change) a job function
if needed to support a business goal. For example, your sales team will use a CRM to
manage customers better and sell more. But they can also use it to support current
customers with customer support issues to boost customer lifetime value.
Therefore, by following above mentioned points.
LINKING OF RECOMMENDATIONS TO THE OBJECTIVES: -

Your CRM strategy should always be an iterative process, evolving and developing as
your business and customers change. If you are reading this article, you are probably
at the start of your CRM implementation journey and may be wondering where to start.
This article is focused on this stage in your journey and how to achieve clarity on your
grounding goals, objectives and features for implementing a CRM solution.

Creating a CRM strategy ensures that you get the most out of your software. It clarifies
why you’re using the software and how its impact aligns with your overall business
strategy and goals. Plus, a defined strategy gets your entire organization on the same
page and focused on achieving the same goals.

CRM tools do a lot. They give companies a centralized platform for organizing data and
communicating with customers. And they allow you to manage relationships throughout
the entire customer lifecycle, spanning interactions across several multichannel
touchpoints.

With this robust functionality, countless benefits are available to those who implement a
CRM. Creating a CRM strategy helps you find the gap in your current systems and
processes so that you use the software in the manner that will have the greatest impact
on the overall health of the business.

Customer relationship management (CRM) has been increasingly adopted because of

its benefits of greater customer satisfaction and loyalty, which in turn, leads to enhanced
financial and competitive performance. This paper reports on a study that examines the
relationship between CRM strategy and performance and determines whether the use
of customer performance measures plays a mediating role in the relationship between
CRM strategy and performance. This study contributes to the limited literature on CRM
strategy since little is known about the use of CRM strategy and customer performance
measures and their relation with performance in the hotel industry in Malaysia. Data
were collected through a questionnaire survey of hotels in Malaysia. Hierarchical
regression analyses on a sample of 95 hotels revealed that only the information
technology dimension of CRM strategy has a significant and positive effect on
performance. In addition, the hypothesis concerning the role of customer performance
measures as a mediator was supported.
PICTURES FOR REFERENCE: -
BIBLOGRAPHY –

The Information to prepare the project on this topic, CUSTOMER RELATIONSHIP

MANAGEMENT is taken from the following: -

From the Details available with one of my colleague in my Company which is a broking
firm ‘Inventure Growth & Securities Ltd.”

NMIMS Customer Relationship Management Book from Jon Anton, Natalie L.

Petouhoff, Dr. Shalini Kalia.

From different websites available, for e.g., www.oracle.com, www.emerald.com,

www.nextec.com, www.walkme.com, etc.