CRM and Social CRM
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The document outlines the importance of Customer Relationship Management (CRM) and Social CRM, highlighting their roles in enhancing customer satisfaction, optimizing marketing efforts, and increasing sales. It discusses the challenges faced in CRM adoption, particularly in the wake of social media integration, and presents 'Relaso' as a comprehensive CRM solution that addresses these challenges. The document also emphasizes CRM as an essential business process rather than just a technology, underscoring its necessity in today’s competitive landscape.
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CRM and Social CRM
- 1. CRM & Social CRM Angsuman Chakraborty Relaso (Taragana Inc)
- 2. Contents ● About us ● What is CRM? ● Why do you need CRM? ● How can you leverage CRM? ● What is Social CRM? ● Pros and Cons of Social CRM ● Summary ● More information
- 3. About Angsuman Chakraborty ● Over 16 years of industry experience in architecting, leading & developing Software products for Fortune 500 to startup companies in USA & India ● B.Tech (Honours) IIT Kharagpur ● Co-Founder Taragana Inc ● Chief Software Architect at DoubleTwist Inc. ● Consultant Architect Millipore Inc. ● Product & Technical Lead for Extensity Expense Report (flagship product) and Travel Plan products, Tech. lead for Timesheet product – three products which lead to very successful IPO of Extensity in 2000 ● Sun Certified Java Architect ● Senior Management Course from AMA
- 4. Taragana Inc ● Develop Software products & services ● Few notable clients: ● Invitrogen Inc. ● Millipore Inc. ● Scripps Research Laboratories ● 720.com ● Jotmate Inc. ● SciMagix Inc. ● Worldwide customers base (over 2000) for Machine Translation Software
- 5. Customer Relationship Management In Peter F Drucker’s words, the purpose of business is to c rea te and keep a c us to m er. Today, when businesses are scrambling to get customers, the importance of Customer Relationship Management (CRM) cannot be ignored
- 6. What is CRM? ● Customer ● Increase customer satisfaction ● Add new customers ● Increase sales from existing customer ● Relationship with ● Existing Customers ● New prospects ● Management ● Tracking ● Analytics ● Reporting ● Automation
- 7. Why CRM: As Growth Drivers • Today, getting new customers is a problem. Retaining them is even more hard, which is in direct proportion to the growth factor of CRM • The need for the companies to optimize marketing spend and deliver offerings in a more defined manner • Customer delight gaining more and more importance • CRM application provides an effective way to enable cross-selling • With increasing competition in all sectors of industry companies with more customer awareness will gain • Growing SME segment which has lower propensity to spend on marketing would rely on CRM software • Growing service industry which banks on customer knowledge for growth
- 8. On Demand CRM is Gaining Ground in Company India Business Model in India On Hosted Premise • Most of the companies are On exploring the best possible Hosted marketing mediums including Mass Premise media, new media, marketing On channels such as seminars, online Hosted Premise demos drive the volume of sales and enquiry Hosted • Tier I cities has the significant share . Tier II cities are also emerging as the destination for Hosted CRM providers • The demand for CRM solutions in Hosted India is likely to be driven by large organisations and SME Hosted
- 9. Why CRM ● Increase customer satisfaction ● Loyal customers ● More repeat business ● More cross selling opportunities ● Word-of-mouth advertising ● Cost reduction ● Self-service ● Eliminate manual data entry & notifications ● Automate workflow
- 10. Why CRM ● Shared information ● Leverage new prospects ● Cross selling ● Analytics ● Record of all interactions ● Maintain commitments ● Legal (SOX, J-SOX, Bill 198 etc.) ● Business Analytics & Reporting
- 11. Legal Requirements ● Key financial processes ● Marketing discretionary spending ● Sales revenue recognition ● Service credits and product returns ● Audit Trail ● Monitoring business activities ● Tracking cost and revenues
- 12. Sales Force Automation ● Tracking, recording & streamlining sales process ● Sales forecast ● Business insight into opportunities, territories ● Workflow automation
- 13. Marketing ● Tracking & Measuring Multi-Channel Campaigns ● Email, SMS, Search, Social Media, Telephone, Direct Mail, Television, Newspaper etc. ● ROI Analysis ● Lead qualification & Lead Targeting
- 14. Relationship Marketing ● Stage based ● Awareness → Comparison → Transaction → Reinforcement → Advocacy ● Trigger based ● Automation
- 15. RFM ● RFM is used to analyze customer behavior and define market segments. It is particularly popular in retail. ● Recency – How recently the customer purchased ● Frequency – How often he purchases ● Monetary value – How much does he spend? ● Categorize attributes (CHAID)
- 16. Business Analytics & Reporting ● Market Segmentation & targeted marketing ● Revenue projections ● ROI analysis of Campaigns ● Sales force performance monitoring ● Relative growth across segments ● ...
- 17. Communication & Collaboration ● Communication, communication & communication ● Customer ● Internal ● Leads to: ● Collaboration ● Cross selling ● Learning from others mistakes ● Motivation ● ...
- 18. CRM Failures 2001-2009 ● 2001 Gartner Group – 50% ● 2002 Butler Group – 70% ● 2002 Selling Power, CSO Forum – 69.3% ● ... ● 2007 Economist Intelligence Unit - 56%
- 19. CRM Challenges ● Management ● Support ● Change Agent ● Vision & Strategy ● End User Adoption ● Total Cost of Ownership ● Time of implementation ● Customer Adoption ● New Challenge: Social Media
- 20. CRM Challenges: End User Adoption ● A well cited study by AMR Research found that even among top CRM vendors, 47 percent of companies reported serious challenges with end-user adoption that often put projects in jeopardy. ● Analysis shows that CRM implementations that do not make daily tasks more productive for individuals will not see corporate benefits. - http://www.crmlandmark.com/survey_crmfailures.htm
- 21. CRM Challenges: Social Media ● Most CRM Software designed in pre-Social Media Age ● Social Media is sometimes added as an after-thought which conflicts with existing paradigm ● Social Media gives control to common users ● Disrupts command and direction of traditional communication ● Requires rapid response time ● Corporates cannot “muscle in” on social arena ● Amplifies voice of people in marketplace and profoundly affects buying patterns
- 22. Opportunities in Social Media ● Opportunities ● Positive viral effects can be leveraged to market to a large audience with minimal budget which also gives more power to newer, less-funded competition ● Ability to forge long term relationships with large group of people easily ● Source for high quality leads ● Traditional CRM is ill-equipped to handle Social Media challenges and leverage opportunities
- 23. Relaso Social CRM ● Lead, Contact & Business Management ● Task, Event & Todo Management ● Opportunity Management ● Marketing Campaign Management ● Social Media & Blog Management ● Online Brand Monitoring & Management ● Unified Communication & Collaboration ● Customer Service Management ● Document Management ● Defect & Feature Tracking & Management ● Business Rule & Workflow Management ● Extensive Reporting with Custom Report Creation
- 24. Why Relaso? ● Significantly improved ease of use ● Intuitive natural user interface ● Eliminate repetition ● Integrate data from various existing sources + Open API ● Unified solution ● Piecemeal solution to related Enterprise components like CRM, Customer Service, Document Management, Social Media Monitoring & Management, Defect Tracking System etc. increases complexity and cost ● Seamless Social Media Integration ● Traditional CRM wasn't designed for Social Media and doesn't cope well, if at all, with customer-led communication in Social Media
- 25. Why Relaso? ● Relationship discovery for prospects ● Single communication interface for leads, customers, team members integrating Email, SMS, Phone, Web, Twitter, Facebook, LinkedIn, Blog ● CRM Accessibility from Web, Mobile (900Rs phone to Smartphones) with or without internet access, Email, iPad like devices ● Multi-lingual
- 26. Why Relaso? ● Relationship discovery for prospects ● Single communication interface for leads, customers, team members integrating Email, SMS, Phone, Web, Twitter, Facebook, LinkedIn, Blog ● CRM Accessibility from Web, Mobile (900Rs phone to Smartphones) with or without internet access, Email, iPad like devices ● Multi-lingual
- 27. Relationship Discovery Significantly improves Lead Conversion by automatically discovering (and informing about) real- life relationships within your existing contacts, customers and leads. CONFIDENTIAL
- 28. Multi-Lingual ● Add data in your own language ● Use multiple languages in same account, even by same user ● Search across languages ● Localization of user interface CONFIDENTIAL
- 29. CRM – A Summary ● CRM has addressable challenges ● CRM is a process, not just a technology ● CRM today is a requirement not a luxury for most business
- 30. Resources ● Review of CRM failures http://pi.vu/GuH ● CRM Success Factors http://pi.vu/Gum ● Taragana http://taragana.com ● Relaso http://relaso.com