CRM

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Customer Relationship Management

“On average, sales and marketing costs average from 15%-35% of total corporate costs. So the effort to automate for more sales efficiency is absolute essential. In cases reviewed, sales increases due to advanced CRM technology have ranged from 10% to more than 30%.”  -Harvard Business Review-

The better a business can manage the relationships it has with its customers, the more successful it will become. Therefore IT systems that specifically address the problems of dealing with customers on a day-to-day basis are growing in popularity.

Customer relationship management (CRM) is not just the application of technology, but is a strategy to learn more about customers’ needs and behaviors in order to develop stronger relationships with them. As such it is more a business philosophy than a technical solution to assist in dealing with customers effectively and efficiently. Nevertheless, successful CRM relies on the use of technology.

CRM is part of an evolution in corporate thinking that began with the Enterprise Resource Planning (ERP) initiative of the 1990s. ERP forces all resources within a corporation to work within one business system. In the 1990s, over $300 billion was spent on centralizing, standardizing and organizing information and resources throughout U.S. corporations. The results, however, have been mixed in terms of payout. What is indisputable is that the information system processing skills acquired in implementing ERP programs enabled many organizations to support CRM and E-commerce programming; initiatives not in existence when ERP began. CRM was developed, in large part, as a result of data mining, or segmentation and targeting research, made possible from the centralization of customer records.

CRM technology applications link front office (e.g. sales, marketing and customer service) and back office (e.g. financial, operations, logistics and human resources) functions with the company’s customer “touch points”. A company’s touch points can include the internet, e-mail, sales, direct mail, telemarketing operations, call centers, advertising, fax, pagers, stores and kiosks.

So, what are your options in terms of implementing CRM at your business? You have two main options: 1) a CRM package installed on your premises, or 2) a hosted CRM solution. These two options, along with their relative pros and cons are discussed below.

Social and Cloud-Based CRM

In addition to the two main system-based options for implementing what could be called traditional CRM as described above, there is a new approach to CRM being used with increasing frequency. Social CRM is a type of CRM that uses social media tools and services to engage and attract customers. As well, Social CRM is also used to monitor what is being said about your company or product in the social media realm.

Social CRM can be quite advantageous to your business since you can increase your reach and have immediate engagement with your customers. As well, it can offer you another way to get feedback from your customers regarding products, services, and your brand. Another advantage of this approach is that it can be implemented quickly. On the other hand, you need to align you Social CRM with your overall marketing strategy and brand management. As well, you need to keep in mind that you will have limited control over any negative feedback posted about your brand or product/service. To implement Social CRM, you will also have to ensure that your employees have social media knowledge or training.

At the same time, there is also cloud-based CRM. Cloud computing services are becoming increasingly popular and offer a cost-effective way for businesses to gather customer data. Cloud computing is really any form of shared computing service that you access through the internet (e.g. Gmail, Dropbox). Several CRM cloud-based systems are already available that allow businesses to access, organize, and analyze information about their customers and sales online. Cloud-hosted CRM software also facilitates data integration from other sources since many other services are also cloud-based.

Now, there are many organizations that specialize in implementing CRM and can help you identify the best option for you. A CRM specialist can help you evaluate your existing system and provide recommendations on how to improve it or implement a new system. In addition, a CRM specialist will be able to help you identify the most appropriate CRM technology that matches your business needs and budget, develop a plan for carrying out the CRM project and direct you towards reputable service providers that can assist in the implementation.

A simple web search of “CRM” will result in a list of dozens of organizations that work in this area. In choosing a CRM specialist it is important to consider what kind of help you require. Is there specific CRM software that you need a specialist’s help in implementing?  Or are you a new business that requires assistance with implementing an entire new CRM strategy?

CRM consultants have different strengths and skills, with some being more technical with certification in specific CRM technology, and some more strategic and business focused. Once determined your business’ CRM needs, you can begin searching for the right CRM specialist.

A word about privacy

If you are going to collect information about your customers, you need to develop a privacy statement. This will tell your customers how you will treat their information (i.e., whether you plan to sell it, share it with your partners, or simply use it for your own purposes). You also need to allow your customers to choose whether they want to share their private information.