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Any application or initiative designed to help an organization to optimize interactions with customers, suppliers, or prospects via one or more touch points for the purpose of acquiring & retaining customers.
developments. Service center. Sales management & support. Market Analysis. Internet, telemarketing product & brand management.
Contd..
Field
sales ,Tele sales. Internet sales. Field service. Internet customer service. Service interaction center(call centers). Business partners collaborations.
CRM E
Cost Reduction Strategy
t
Growth Strategy
BPR
ERP
SFA
CRM
eCRM
Business Led
IT Led
Marketing Led
1980s
1990s
2000s
What is E-CRM ?
In simplest terms, -CRM provides a company to conduct interactive, personalized and relevant communication across the globe with their customers by utilizing both the traditional and electronic channels. It adheres to permission based practices, respecting individual's preferences regarding how and whether they wish to communicate with you and it focuses on the understanding how the economics of the customers relationships affects the business.
contd
E- CRM is the electronic based version of CRM. The user of an E- CRM solution uses the sources of the internet to increase the relationship with the customer. Web based CRM can easily handle the relationships between Central sales management, regional sales office, customer care, sales, sales distribution, regional sales team etc.
E-CRM
E-CRM (Electronic Customer Relationship Management) expands the traditional CRM techniques by integrating new electronic channels, such as Web, wireless, and voice technologies and combines it with e-business applications into the overall enterprise CRM strategy. The goal is to drive consistency within all channels related to sales, customer service and marketing initiatives to achieve a flawless customer experience and maximize customer satisfaction, customer loyalty and revenue. Therefore ,it is just an expanded, integrated version of CRM . Thus, Old CRM + Internet = E-CRM
Why E-CRM ?
To optimize the value of the interactive relationships. Enable the business to extend its personalized reach in the hand of customers. Co-ordinating marketing initiatives across all the customer channels. Using the customer`s information for more effective e-marketing and e-business. Focus the business on improving the customer relationship and earning a greater share of each customer`s business through consistent measurement, assessment and actionable customer strategy.
EVOLVING TO E-CRM
In a nutshell, a company evolving to E-CRM should: Define its business objective. This would be specific and different for different businesses. Assess its current position with respect to the environment and determine its current level of sophistication along the E-CRM continuum ( E-CRM assessment). Define new business processes and align its existing business strategy and existing processes in line with the new realities (E-CRM Strategy alignment). Define a technical architecture and the important criteria associated with this architecture.
An incomplete view of customers reduces their loyalty and trust. Consolidating customer data and information from different sources. To keep up with every customer s interaction.
Measures, predicts, and interprets customer behavior. Predictive models to identify the customers most likely to perform a particular activity or behavior. Online analytical processing, data mining and statistics.
Contd.
Real-time decision application To coordinate and synchronize communications across disparate customer An effective real-time decision application promotes information exchange between the company and every customer Personalized messaging application Building customer profiles and enables customized product and service offerings based on the information integration application
Goals of E-CRM
Reduce :
Costs of marketing.
Imp
ve :
I crease :
Conversion rate, i.e., Turn surfers into buyers. Customer retention. Order size.
Contd.
Customer
response. through
Competitiveness
differentiation.
Profitability.
E not only stands for electronic but also perceived to have many other connotations. Though the core of CRM remains to be cross channel integration and optimization. The six Es of E-CRM are briefly explained in the following slides.
E- l
tr l
E-
t rpri
Contd..
Empowerment: it must be structured to accommodate
consumers who now have the power to decide when and how to communicate with the company. Through ,which channel , at what frequency. An E-CRM must be structured to deliver timely pertinent, valuable information that consumers accepts in exchange of his/her attention.
Contd..
To
determine the effective allocation decisions accordingly, so that most profitable customers could be indentified and retained and the resource could be invested in the relationships, which are more profitable.
ECRM ASSESSMENT
Before the implementation of a particular strategy into any business scenario, it is worthwhile to know the current state of the business with respect to prevailing competition.
It is very important to develop a numerical measure of how a company measures up in the eyes of the customers with respect to its competitors.
Benefits
Retaining existing customers. Selling more to existing customers. Finding and winning new customers. Interactions leading to trusted relationships:
Focus the business on improving customer relationships and earning a greater share of each customers business.
Increasing efficiency. Improving marketing and sales decision making. Enabling process measurement leading to process improvement.
Contd.
Enables 24*7 customer interaction:
optimize interactive relationships between customers and companies.