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Atricle Dump - CRM for the SME Market: More than Just Technology
Although the Six Sigma methodology originally started out as a way to improve processes and products in a manufacturing environment, today it has grown to encompass a broad range of industries. As companies begin to realize the benefits a total quality improvement cycle can have upon the organization they are adopting Six Sigma and its practices into their own fold.Organizations not only receive the quality benefit of Six Sigma in their products and processes, but also significant cash savings can be realized as part of adapting such a process. In one example, GE realized a savings of close to $300 million dollars in the first year of implementation of Six Sigma.Health care organizations can see benefits that not only affect the bottom line of the company, but also affect the quality of care and overall recovery rate for patients. In one example a hospital used Six Sigma practices to significantly reduce the amount of time it took to get heart attack patients from ER to the cardiac care unit by close to 41 minutes.As a result the fatality rate of heart attack patients dropped significantly and the quality of care for those patients improved over 300%.Financial institutions are using Six Sigma as a way to manage both their customer satisfaction expectations as well as risk management initiatives. By using the methodologies and improvement cycles of Six Sigma Bank of America realized close to $2 billion dollars in benefits as well as a 25% increase in customer sati
The research indicated that CRM programmes do lead to increased customer loyalty and increasing revenues but that cost reduction through the streamlining of business processes - as well as higher ‘advocacy’ (“would you recommend us to som
As a seeker of solitude in my busy entrepreneurial workday, I use yoga, Pilates, a good old-fashioned run in the park, and anything else I can think of to calm my nerves and keep my head clear and focused. I have worked hard to keep my body fit and my business running smoothly. I have also found that the same principles used in the meditation practiced during yoga can be used to strengthen my business.While meditating during a yoga class several years ago, the instructor told us to feel that every movement is a new beginning. This made me think of my own business, which was just a fledgling startup at the time. In my day to day struggle as an entrepreneur, every project and each new contact could potentially take my business in a new direction. After making this connection, I knew that meditation had a lot to teach me about business. Since then, I’ve learned to apply some of the basic principles of meditation to my business and you can do it, too.Start employing meditation principles in your work life by viewing your business as a living being. Each direction the being goes in is, in fact, a new beginning. View this positively since life, just like business, is ever-changing and accepting that is a necessary part of enjoying your life and your business.It is also important to pause throughout your day and really feel your body. When you are stressed out at work or you feel your shoulders or back stiffening after a tense meeting or an especially taxing day, take the
CRM is no longer the domain of large corporates. The dramatic rise in sales of CRM technology to SMEs indicates a sea-change in the market. This change is driven by the realization that CRM can deliver ROI in unexpected ways, such as, cost reduction, increasing customer profitability as well increasing advocacy (‘would you recommend us’). But SMEs are falling foul of the ‘cart before the horse’ rule believing that purchasing a CRM package will ensure a customer focus. It is the same pitfall that the large corporates suffered in the 1990s. It is vital to set your strategic objectives regarding CRM before you evaluate a software solution – the software is only one of a number of tools to support your strategy, it should not dictate your strategy. CRM is a management philosophy that places the customer firmly at the centre of a business. Technology is the enabler which should support the business process to deliver the appropriate level of service keeping the customer happy, loyal and, above all, profitable.
What is CRM?
CRM is not just about technology, it is a combination of well designed business processes supported by suitable technology that is used by trained and loyal employees. Successful CRM is always lead by the business strategy, which drives change in the organization. This change might be enabled by technology or enabled by processes re-engineering or cultural development. The key to success lies in the ability to develop and execute a business strategy that meets the needs of your customer (and other stakeholders), develop a true customer-centric philosophy embraced by every person in the organisation, and develop effective and efficient customer focused business processes that deliver competitive advantage.
The heralded failures of companies that implemented CRM technology in the 1990s can be largely attributed to the absence of a coherent customer centric strategy. Missing at the outset was a clear understanding of the strategic objectives and business processes to be enabled by the technology in the first place. Strategic vision, therefore, is critical. It provides the compelling motivation for change and guides operational actions that companies need to execute to achieve their business objectives.
Why bother with CRM at all?
Although at the start of CRM projects the primary stated aims are usually “increasing customer loyalty”, “increasing sales revenue” and “increasing customer retention” Gartner research into the measured outcomes of implementing CRM highlighted that the biggest pay back was improved operational efficiency followed by improved operational effectiveness
“The tangible benefits that most firms report are related to cost reduction areas. In many cases, benefits may be less tangible but no less critical. Once organisations begin to ‘inject the voice of the customer’ into their decision-making processes you make better decisions that are in keeping with the needs and demands of your customer base.” (Gartner 2005)
The research indicated that CRM programmes do lead to increased customer loyalty and increasing revenues but that cost reduction through the streamlining of business processes - as well as higher ‘advocacy’ (“would you recommend us to some
You don't have to be running your own business for very long to find out that customers are different when it comes to what they expect out of a cleaning service. There are those customers who want the best, no matter what the cost. On the other end of the spectrum are price conscious customers who are more concerned with how their cleaning expenses fit into their overall budget than anything else. Marketing to these two distinctly different groups can indeed be a challenge.What are the differences between the "budget conscious" and the "quality minded" customers? There are always individuals who will make their final decision based on price. However, that doesn't necessarily mean that these are not good customers for your cleaning business. With the budget minded there are special issues to consider:1. For the budget minded, regular carpet maintenance will not be high on their list of priorities.2. They will probably only become concerned about the "soiled" look of their carpet and ask for cleaning before a special event or occasion.3. When they finally decide the carpets need cleaning, they will want the "biggest bang for the buck".4. The budget minded are also not likely to ask for special services, such as carpet spotting, floor stripping and waxing, and window washing.5. Overall, these customers are willing to have fewer cleaning services provided and deal with some inconvenience in exchange for a lower price.Quality minded customers have a
What is CRM?
CRM is not just about technology, it is a combination of well designed business processes supported by suitable technology that is used by trained and loyal employees. Successful CRM is always lead by the business strategy, which drives change in the organization. This change might be enabled by technology or enabled by processes re-engineering or cultural development. The key to success lies in the ability to develop and execute a business strategy that meets the needs of your customer (and other stakeholders), develop a true customer-centric philosophy embraced by every person in the organisation, and develop effective and efficient customer focused business processes that deliver competitive advantage.
The heralded failures of companies that implemented CRM technology in the 1990s can be largely attributed to the absence of a coherent customer centric strategy. Missing at the outset was a clear understanding of the strategic objectives and business processes to be enabled by the technology in the first place. Strategic vision, therefore, is critical. It provides the compelling motivation for change and guides operational actions that companies need to execute to achieve their business objectives.
Why bother with CRM at all?
Although at the start of CRM projects the primary stated aims are usually “increasing customer loyalty”, “increasing sales revenue” and “increasing customer retention” Gartner research into the measured outcomes of implementing CRM highlighted that the biggest pay back was improved operational efficiency followed by improved operational effectiveness
“The tangible benefits that most firms report are related to cost reduction areas. In many cases, benefits may be less tangible but no less critical. Once organisations begin to ‘inject the voice of the customer’ into their decision-making processes you make better decisions that are in keeping with the needs and demands of your customer base.” (Gartner 2005)
The research indicated that CRM programmes do lead to increased customer loyalty and increasing revenues but that cost reduction through the streamlining of business processes - as well as higher ‘advocacy’ (“would you recommend us to som
Do you dream about being able to stay at home with your kids? You don't want to put your kids in day care anymore. You don't want to work just to earn enough money to pay the daycare fee. Well, you might be ready to try to find and realize some small business ideas. There are many things that you can do as a work at home mom or dad.Here's some of the benefits of working from home:The most obvious benefit is that you can spend more time at home, which will allow you to be with your kids and to see them grow up.Just imagine yourself stay with them whenever they are home sick from school. And wouldn't it be nice if you were there to here your kids first words instead of the babysitter? Being able to be there for your loved ones and being able to keep them at home is one of the biggest reasons to work at home.Another great benefit is the freedom. You are going to plan and schedule your work, and you are going to be able to work that schedule the way you want to work. This means that you can take some time off when you need to, and you will be able to interact with your family at home or at events away from home.This freedom is possible because you can set your own hours, and it will mean that you have to work when your children are asleep, or you can work while they are at school, busy with friends or homework. You can take a break when they need you.The greatest benefits of them all is that you finally can take charge of your life. This means
The heralded failures of companies that implemented CRM technology in the 1990s can be largely attributed to the absence of a coherent customer centric strategy. Missing at the outset was a clear understanding of the strategic objectives and business processes to be enabled by the technology in the first place. Strategic vision, therefore, is critical. It provides the compelling motivation for change and guides operational actions that companies need to execute to achieve their business objectives.
Why bother with CRM at all?
Although at the start of CRM projects the primary stated aims are usually “increasing customer loyalty”, “increasing sales revenue” and “increasing customer retention” Gartner research into the measured outcomes of implementing CRM highlighted that the biggest pay back was improved operational efficiency followed by improved operational effectiveness
“The tangible benefits that most firms report are related to cost reduction areas. In many cases, benefits may be less tangible but no less critical. Once organisations begin to ‘inject the voice of the customer’ into their decision-making processes you make better decisions that are in keeping with the needs and demands of your customer base.” (Gartner 2005)
The research indicated that CRM programmes do lead to increased customer loyalty and increasing revenues but that cost reduction through the streamlining of business processes - as well as higher ‘advocacy’ (“would you recommend us to som
*Diversity refers to the broad mix of people currently or soon to be a part of your organization. It exists whenever you encounter anyone who has a view of the world, or "paradigm", different from your own. **Managing diversity is a deliberate effort to create a work environment that allows these differences to contribute equally to the common goals of the organization.Managing diversity emerged as a key strategic issue in the1990's. Unfortunately, for some, it has also emerged as the latest new management fad. As such, there has been a lot a talk recently about the value of diversity training. After all, several companies took a pioneering approach to diversity and were among the first to "do something" to address the issue. Typically, the “something” they tended to latch onto was diversity awareness training. In fact, these companies are now in their second or third year of awareness training on diversity.Diversity training is certainly a necessary part of any diversity initiative, but it is not the only part. How often have you attended a really outstanding training session and have been really turned on by the experience, only to return to the workplace and face the same mess you left. What usually happens is the glow of the training experience quickly fades as you face the reality of your work environment. There has to be more.Recently, many organizations have begun to recognize the value of implementing diversity as
Why bother with CRM at all?
Although at the start of CRM projects the primary stated aims are usually “increasing customer loyalty”, “increasing sales revenue” and “increasing customer retention” Gartner research into the measured outcomes of implementing CRM highlighted that the biggest pay back was improved operational efficiency followed by improved operational effectiveness
“The tangible benefits that most firms report are related to cost reduction areas. In many cases, benefits may be less tangible but no less critical. Once organisations begin to ‘inject the voice of the customer’ into their decision-making processes you make better decisions that are in keeping with the needs and demands of your customer base.” (Gartner 2005)
The research indicated that CRM programmes do lead to increased customer loyalty and increasing revenues but that cost reduction through the streamlining of business processes - as well as higher ‘advocacy’ (“would you recommend us to som
I have four month of an experience at work at home based business opportunity and would like to share it here. It is not a talk of me, but of my experience, maybe can help new beginners.This experience is face to face with one thing: I am not from an English country and the English language is not used any day here. It has a specific useful at English schools, work, airport, hotels. There is no use day after day into household.Guess what: my work at home based business is in English.The second problem, that I learned to call it by a challenger, is my no experience at HTML language, even Internet marketing four months ago. I used to navigate at Internet, read email, open web sites and no more.Yes, I know you think I am unreasonable. But see it is always been my dream to have financial independence. It is not likely doing what I used to do. And my dream is too to reach a life style that Internet marketing offers as opportunity.But those last four months were great, although to discover that it would not bring enough income as I used to think. Why? I was a newbie and have just started. It is important to pay attention. There are no serious businesses fast enough that allow you to make a lot of money at the first four months. Anyway I could not attract the customers as I wanted to.What is the moral of story? Many things to learn and it bring a lot of work. Yes, a lot of work. It is business not holidays. However it is a pleasant work, a pleasant based busin
The research indicated that CRM programmes do lead to increased customer loyalty and increasing revenues but that cost reduction through the streamlining of business processes - as well as higher ‘advocacy’ (“would you recommend us to someone”) - are the main outcomes of CRM initiatives. These gains in operational efficiency are usually the result of a ‘unified view of the customer’. In essence this means that at every ‘touch point’ every staff member can access the same information about that customer – when last invoiced, purchase history, complaint letters, feedback forms, personal details, etc. Such a unified view leads to less duplication of effort, faster reaction times, speedier decision making and ‘seamless’ interactions with the customer.
ROI
Before starting any CRM project, careful consideration needs to be made of the specific business benefits that will be sought. These should be documented in a company’s benefits register of project investments, and continuously monitored to ensure they are delivering what is effectively determining the future value of the company.
ROI from CRM typically comes in two forms. The first is cost reductions from increasing efficiency. For example, when customer data helps a sales team maintain productivity levels with fewer resources, cost reductions result. When sales agents in the field need to spend less time manually entering data into slow legacy systems, companies save time and money. When access to customer data helps service representatives resolve inbound calls more quickly, savings roll up.
The second form of ROI is revenue enhancements, which also come in many forms. Complete purchase and service histories of top clients help sales teams make the right offer at the right time across the right channel. Timely access to valuable information increases “selling time,” shortens sales cycles, improves closure rates and keeps sales resources focused on valuable customers. Marketing teams send more targeted campaigns to customers more likely to make a purchase, while avoiding irrelevant contacts that breed dissatisfaction. Accurate customer data allows service representatives to recognize and confidently act on cross-sell and up-sell opportunities.
How do you ‘manage’ your customers?
No one customer is the same. No one customer segment is the same. To ‘treat different customers differently’ in order to maximize their experience is at the heart of a good CRM strategy. A ‘high customer value experience’ leads to repeat business and advocacy – which is a cost effective and much under used lead generator!
The unified view of the customer enables more efficient and effective customer management in part due to a better insight into customer behaviour (buying patterns, lifetime value, churn likelihood). It is also possible, though challenging, to measure the profitability per customer. Here, much depends on cost allocation methods. The promise of this approach lies in developing a deep understanding of the actual and potential value of customers by measuring their individual contr
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