CRM seeks to re-create the position where you know your customer and understand what makes them tick. It uses the recent developments in software that allow mapping of complex transactions and relationships to give a holistic picture of a customer and, in theory, gives the client the same level of service through a range of possible channels.
Magic Johnson sums it up, “With businesses, you go to the same places because you like the service, you like the people and they take care of you. They greet you with a smile. That’s how people want to be treated, with respect. That’s what I tell my employees.. Customer service is very important.”
Peter Drucker drives it home, “The single most important thing to remember about any enterprise is that there are no results inside its walls. The result of a business is a satisfied customer.”
So what must my CRM application have???
- Sales force automation
Sales force automation (SFA) involves using software to streamline all phases of the sales process, minimizing the time that sales representatives need to spend on each phase. This allows sales representatives to pursue more clients in a shorter amount of time than would otherwise be possible. At the heart of SFA is a contact management system for tracking and recording every stage in the sales process for each prospective client, from initial contact to final disposition. Many SFA applications also include insights into opportunities, territories, sales forecasts and workflow automation, quote generation, and product knowledge.
CRM systems for marketing help the enterprise identify and target potential clients and generate leads for the sales team. A key marketing capability is tracking and measuring multichannel campaigns, including email, search, social media, telephone and direct mail. Metrics monitored include clicks, responses, leads, deals, and revenue. This has been superseded by marketing automation and Prospect Relationship Management (PRM) solutions which track customer behaviour and nurture them from first contact to sale, often cutting out the active sales process altogether.
- Customer service and support
Recognizing that service is an important factor in attracting and retaining customers, organizations are increasingly turning to technology to help them improve their clients’ experience while aiming to increase efficiency and minimize costs. Even so, a 2009 study revealed that only 39% of corporate executives believe their employees have the right tools and authority to solve client problems.
Relevant analytics capabilities are often interwoven into applications for sales, marketing, and service. These features can be complemented and augmented with links to separate, purpose-built applications for analytics and business intelligence. Sales analytics let companies monitor and understand client actions and preferences, through sales forecasting and data quality.
Marketing applications generally come with predictive analytics to improve segmentation and targeting, and features for measuring the effectiveness of online, offline, and search marketing campaign. Web analytics have evolved significantly from their starting point of merely tracking mouse clicks on Web sites. By evaluating “buy signals,” marketers can see which prospects are most likely to transact and identify those who are bogged down in a sales process and need assistance. Marketing and finance personnel also use analytics to assess the value of multi-faceted programs as a whole.
These types of analytics are increasing in popularity as companies demand greater visibility into the performance of call centers and other service and support channels, in order to correct problems before they affect satisfaction levels. Support-focused applications typically include dashboards similar to those for sales, plus capabilities to measure and analyze response times, service quality, agent performance, and the frequency of various issues.
Departments within enterprises — especially large enterprises — tend to function with little collaboration. More recently, the development and adoption of these tools and services have fostered greater fluidity and cooperation among sales, service, and marketing. This finds expression in the concept of collaborative systems which uses technology to build bridges between departments. For example, feedback from a technical support center can enlighten marketers about specific services and product features clients are asking for. Reps, in their turn, want to be able to pursue these opportunities without the burden of re-entering records and contact data into a separate SFA system.
For any type of business, basic client service can be accomplished by a contact manager system: an integrated solution that lets organizations and individuals efficiently track and record interactions, including emails, documents, jobs, faxes, scheduling, and more.
These tools usually focus on accounts rather than on individual contacts. They also generally include opportunity insight for tracking sales pipelines plus added functionality for marketing and service.
- Social media
Social media sites like Twitter, LinkedIn and Facebook are amplifying the voice of people in the marketplace and are having profound and far-reaching effects on the ways in which people make purchases. Customers can now research companies online and then ask for recommendations through social media channels, making their buying decision without contacting the company.
People also use social media to share opinions and experiences on companies, products and services. As social media is not as widely moderated or censored as mainstream media, individuals can say anything they want about a company or brand, positive or negative.
Increasingly, companies are looking to gain access to these conversations and take part in the dialogue. More than a few systems are now integrating to social networking sites. Social media promoters cite a number of business advantages, such as using online communities as a source of high-quality leads and a vehicle for crowd sourcing solutions to client-support problems.
Companies can also leverage client stated habits and preferences to “hyper-target” their sales and marketing communications.
Having a CRM application with the above mentioned features will not be enough and give the business overnight customer satisfaction for all its customers.
The business from its top management, all departments, and the front end staff need to use the application, need to be trained to use the application to improve their ability to keep the customer happy.