Flashcards
CRM
Cards in this deck (24)
- 1What is CRMHow companies interact with customers and manage relationships with them
- 2Difficulties in CRMLarge companies have many customers and there are many communication channels: E-mail, Telephone, Website, Post, etc
- 3What are CRM systems (2)CRM systems are enterprise systems that focus on functions that support CRM.
It gathers customer data that companies can then use to interact better - 4What functions CRM (4)Sales
Marketing
Customer Service
Technical Support - 5CRM Capabilities (4)Any employee can answer customer queries-information is there
Find most loyal and profitable customers
What customers are buying
DIstribute information to touch points
Single enterprise view - 6What are touch pointsContact points the company has with clients: in-store, telephone, website etc
- 7CRM SoftwareCan be used for niche tools or functions for a large enterprise
- 8ERMERM: Help employee provide better customer service with tools for employee performance management, setting objectives, performance-based compensation, employee training
- 9PRMMostly used by companies that operate through selling partners, it improves collaboation: Lead generation pricing, promotions availability, assess partner's performance
- 10Operational CRMDeals with customer-facing activities and enhances business processes used in these activities. It also adds each interaction to a customer history in database
- 11Operational CRM uses tools forSales force automation
Customer service
Marketing - 12Sales force automation (10)Generates leads and qualifies those leads as prospects
Focus sales on most profitable customers
Provides sales prospect and contact information, product information, product configuration capabilities,
Reducing costs of aquiring/retaining customers and cost per sale
Has capabilities for sales forecasting, territory management and team selling - 13Customer Service (9)Increase efficiency of customer support staff
Interactions with customers are added to that customer history in database
Any member of support staff can access that information
View customer needs: Products owned, previous complaints, enquiries etc
System routes calls to correct division
Accurate information reduces call time
Productivity and quality of service is in increased while transaction time is reduced
Customer happier cause less time and better answer
Web-based self-service capabilities: personalised support information online - 14Marketing (10)Event-based marketing: automated offer to customer when he/she shows interest
Provide product/service information
Acquiring prospect/customer data
Qualify leads for targeted marketing
Scheduling and tracking direct-marketing mailings
Analyse market and customer data
Identify profitable customers
Satisfy specific customer needs
Cross selling
Manage and execute marketing campaigns - 15Analytical CRM (5)Based on data warehouses: Data from operation CRM+Customer touch points
Data is analysed through online analytical processing (OLAP), data mining, other techniques
Analysed to identify buying patterns, profitable/unprofitable customers, and to create market segments
CLTV - 16Sources of data (2+2)Operational CRM
Customer Touch points
Purchased from other companies (direct marketing lists)
Demographic data - 17Touch pointsPoints of contact that company has with customers: website, mail, telephone
- 18Customer Lifetime (3)Revenue brought in by certain customer + Cost of servicing that customer + Expected life duration of relationship with that customer
- 19Difference between operational and analytical (3)Use many of the same resources, and these resources can be considered part of Operational however the analyses of data is Analytical
Operational leads to Analytical
Operational connects to customers through touch points Analytical analyses data gathered from touch points - 20Companies that provide CRMSAP
Microsoft
Sage
Salesforce
NetSuite - 21FC Bayern Munchen LV= (London Victoria)SAP/German football club: Intensify fan experience thorugh personalised offers
M.Dynamics CRM/British insurance and investement services provider: Reduced sales administration by 66% - 22Advantgages of CRM (6)Increases customer satisfaction through better customer service
Personalised service
Information available across company - any member of support team can answer queries
Identify effective communication channels
Reduced costs for direct marketing, and customer aquisition/retention
More effective marketing - increase sales - 23Churn rateMeasure of customes who stop buyingusing the brand
Reduced when CRM is effective
Indicate growth or fail - 24Disadvantages of CRMPrivacy
Training
Information
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- Flashcards on CRM, created by jeyhope on 24/08/2015.
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- jeyhope
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