MIS – Customer Relationship Management – Flashcards
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Three primary enterprise systems
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1. supply chain management 2. *customer relationship management* 3. enterprise resource planning
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Customer Relationship Management (CRM)
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involves managing all aspects of a customer's relationship with an organization to incr 1.customer loyalty and retention and 2. an organization's profitability also refers to practices, *strategies and technologies that companies use to manage and analyze customer interactions and data* thru out the customer lifecycle -with goal of improving business relationships with customers, assisting customer retention and driving sales and growth
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CRM lifecycle
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help touch customers at multiple times Marketing → Sales → Orders → Service → (repeat)
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leveraging tech for CRM - marketing
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-run campaigns -generate leads -form database
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leveraging tech for CRM - sales
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-assign leads -quantify leads -convert leads -track opportunities
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leveraging tech for CRM - orders
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-deliver products -produce invoices
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leveraging tech for CRM - support
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-manage cases -conduct training -provide service -develop knowledge base
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benefits of CRM (3MB)
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-enhances ability to target profitable targets -integrated assistance across channels -improved pricing -customized g/s -improved customer service efficiency and effectiveness -individualized marketing messages
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"dark side" of CRM (3MB)
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-leads to favoritism and differential treatment for higher-end clients -cause neg perceptions among other customers -leads to dissatisfaction, mistrust, and opting-out of business
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Who is Tom Siebel ?
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created first CRM software called "Siebel" -later became oracle
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Leading CRM softwares
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-*salesforce.com* -insightly -microsoft dynamics CRM -ZOHO -base
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what is salesforce.com?
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•CRM software that is considered (or has?): -sales cloud -service cloud -data cloud -marketing cloud -community cloud -analytics cloud -App cloud -IoT •has over 100,000 customers (ex. spotify, GE, philips) •one of most highly valued american cloud computing companies •fun fact: has never turned a profit since 1999
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Customer Experience (CX)/ CX Management
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-product of interaction btwn an organization and the customer over the duration of their relationship -("what the customer is thinking") -interaction includes customer's: attraction, awareness, discovery, cultivation, advocacy, and purchase and use of a service -measures by the inv's experience during all points of contact against the indv's expectations
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Examples of CRM: What processes or activities could an upper-end restaurant deploy or consider today (CRM & customer experience) in: *influence selection - incr traffic*
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-WOM -Ads -Social media -review sites -promote independent blogs -dining reservation sites -promote relations (events, etc.) -quality of website to create interest
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Examples of CRM: What processes or activities could an upper-end restaurant deploy or consider today (CRM & customer experience) in: *Pre-dining experience*
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-reservation process -personal interactions with any employees -ability to handle special requests -location accesible -parking conveniences/ valet if needed
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Examples of CRM: What processes or activities could an upper-end restaurant deploy or consider today (CRM & customer experience) in: *Dining and Post-Dining experiences*
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-greeting at restaurant -convenient area for waiting (ex. bar) -ambiance of setting (lights, music, etc) -drink and table service -any extra's provided -invite you back -asked your opinion/survey -frequent diner program -chef or other management check on you -friendliness of team
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Sales management CRM system
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automates each phase of the sales process, helping indv sales reps coordinate and organize all of their accounts
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contact management CRM system
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maintains customer contact info and identifies prospective customers for future sales
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opportunity management CRM system
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targets sales opportunities by finding new customers or companies for future sales
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Common sales and operational CRM technologies
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(especially in B2B models where producing leads, qualifying opportunities, producing proposals/bids or where teams of people support selling activity 1. Sales Force Automation (SFA) 2. Sales management CRM system 3. Contact management CRM system 4. Opportunity management CRM system
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the _____ department was the first to begin developing CRM sustems with ________
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sales department sales force automation
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sales force automation
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a system that automatically tracks all of the steps in the sales process
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HBR article says that too many executives are missing the most important part of CRM. What key questions should they ask themselves?
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1. What relationships are critical to the success of my business? 2.How do I support those relationships to help them grow into a community?
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(HBR Article) 3 steps to answering executives questions about CRM
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1. Executive "vision" of the network 2.Prioritize the right relationships 3.Assign metrics that measure relationship activity
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Acc. to Gartner ~70% of CRM spending and inquiries (application functionality) are in regard to 4 areas:
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1. marketing campaign management 2.sales force automation (SFA) -e-commerce platforms -customer service call center call handling
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How can organizations find their most valuable customers?
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Determining and Tracking (RFM)
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Determining and Tracking (RFM)
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•how *recently* a customer purchased items •how *frequently* a customer purchased items •the *monetary value (rev and margin)* of each customer purchase
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Once a company knows info about most val. customers through RFM, what do they do?
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begin to *strategize* marketing campaigns, sales promotions, and other was to incr business ex. If Mrs. Smith buys only at the height of the season, then the company should send her a special offer during the "off-season"
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Trends/evolution of CRM
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Reporting→ Analyzing→ Predicting As business world shifts from product-focus to customer-focus, most org. recognize tht treating existing customers well = best source of profitable and sustainable revenue growth
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Reporting CRM
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customer identification asking WHAT is happening
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Analyzing CRM
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customer segmentation asking WHY it happened
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Predicting CRM
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customer prediction asking what WILL happen (what's going to happen next based off of why things are happening now)
