E-Business Management: E-CRM PDF

7 : E-CRM A CRM system collects, connects, and analyzes all customer- related data, including customer information, interactions with company representatives, purchases, service requests, assets, and quotes.  The system then allows users to access this data and understand what is happeni...

7 : E-CRM A CRM system collects, connects, and analyzes all customer- related data, including customer information, interactions with company representatives, purchases, service requests, assets, and quotes.  The system then allows users to access this data and understand what is happening at each touchpoint.  This understanding develops a complete customer profile and builds a strong relationship with the customer.  Customer data is collected for use in sales incentive modeling, sales forecasting, territory segmentation, campaign design, product innovation, and other sales, marketing, and customer service activities.  CRM tools and software help speed up the customer interaction process, generate more sales deals, build strong relationships with customers, build customer loyalty, and thus increase sales and profits.  E-commerce – Marketing – Customer Service  Customer relationship management draws its power from the method of continuously collecting customer data, analyzing that data, and then using that information to deepen relationships and improve business results.  It ensures that every employee who comes into contact with the customer conveys the message, “We know you and value you.” A data-driven set of CRM tools provides support beyond the sales process, which is crucial to business performance.  By gaining detailed customer insight, you can:  Introduce and sell new add-on products at the right time, in the right way, and at the right price.  Help customer service teams resolve issues faster.  Help development teams build better products and services.  CRM software supports strong and effective relationships with loyal customers through conscious and superior customer experiences.  What is the goal?  To increase customer acquisition and retention rates by providing experiences that provide customer lifetime value.  Customer relationship management is a strategy and tool that supports these experiences.  Customer relationship management helps you gain new customers, make sales to them, and build a loyal customer relationship with them.  These systems collect and organize many different types of customer data to better understand customers/prospects and answer (or predict) their questions.  Wrong decisions come from lack of access and interpretation of customer data.  Being able to store, track, and validate customer data in an automated system allows sales and marketing teams to optimize their customer engagement strategies and build better relationships.  Salesteam automation helps you sell faster by making sales more efficient.  The best CRM systems use artificial intelligence (AI) and aggregated customer data to automate the sales process by suggesting the best next actions to sellers.  Customers and prospects come through a variety of channels, including websites, social media, email, online/offline events, etc.  Many businesses struggle to connect marketing efforts across all of these channels.  By leveraging CRM systems, marketing teams can improve conversions, strengthen customer relationships, and align messaging across digital customer channels.  With customer relationship management, marketing and sales work better together to increase sales and revenue. When sales and marketing work together, sales productivity increases along with marketing ROI.  What is marketing ROI? It’s the return on investment (ROI) that marketing quantifies to justify how marketing programs and campaigns generate revenue for the business.  ROI is short for return on investment. And in this case, it is measuring the money that company spends on marketing campaigns against the revenue those campaigns generate.  Before starting any new campaign it's important to understand numbers.  Today’s marketing is no longer a simple matter of “getting traffic.” It’s a complex process with multifaceted strategies across digital and traditional platforms.  To make informed decisions about where to spend time and budget, you need to know the cost of each strategy. Once you understand your marketing costs, you can make better decisions to create revenue streams that make your business more profitable.  Customer lifetime value is the total worth of customer’s business throughout the entire duration of their relationship with your company. It is an important metric because it costs less to get more business from an existing customer than to acquire a new one, so focusing your marketing efforts on your existing customers is a great way to drive growth.  Today, customers have access to almost unlimited information.  With just a few clicks, taps, or swipes, they can access publicly available information about brands and products, including reviews and perspectives from other users.  With social media, individuals can direct their own audiences.  One person’s negative experience can have a huge impact on the perception of the brand in the larger context. This makes it easy for customers to form independent opinions and not be interfered with in any way.  Not only do customers have the tools to make their own decisions about what to buy, they also have more choices than ever before about where to buy.  And thanks to the digital transformation that has taken place across the world between 2020 and 2021, switching to another brand has never been easier.  According to McKinsey: 40% of consumers said they switched brands during the pandemic, citing price, value, and relevance as the top reasons for switching.  1.Customers: The overall goal of a CRM strategy should be to help you become a customer-centric business.  Who are your customers? How do they prefer to interact with you? Is this audience local, regional, or global?  Are they open to testing and experimentation or risk- averse? What role does your brand play in the daily lives of this audience?  2. The Offer: What exactly are you selling? Is it a simple, easy-to-understand offer? Or is it complex enough to require consultative support from your sales team? How does it stand out compared to competitor offerings? Such details help you understand how your product or service impacts customer perceptions and how your strategy can help improve those perceptions.  3. Revenue Model: Customers are the source of revenue that keeps a business running. Therefore, your CRM strategy should focus on the revenue model.  Do you sell one-time, high-value products to each customer, or do you need to retain and renew customers so that you can sell on an ongoing basis?  Do you operate on a subscription model that requires constant communication with customers?  What are your sales channels, and what unique requirements do they require (like taxes and currency conversions)?Your CRM strategy should be structured around how your revenue functions work.  4. Sector: A customer relationship management strategy should be implemented considering the nature of the sector.  Are there very strict regulations ?  Are there a few dominant players or are brands making it difficult to compete?  Are there challenges that customers personally care about, such as environmental impact?  5. Stakeholders: It is important to know which departments and managers need to collaborate to implement the strategy.  Marketing, sales, and customer service teams are the teams closest to the CRM process, but they are not the only teams affected.  Leaders who need to be informed: IT team who will help implement CRM technology, HR team who will help with employee training, and all internal organizations that need to be involved.  Theultimate goal of the Marketing 4.0 concept is to move customers from awareness to advocacy.  Brands need to be physically attractive, intellectually impressive, socially engaging and emotionally captivating, while also exhibiting strong friendliness and ethics, ultimately taking a human-centered approach.  In order to adapt to changing consumer behaviors in the digitalizing world, emotional closeness to the brand must be provided through participation marketing.  In order to enrich the digital customer experience, mobile applications, a social media enriched with chat and comments, and gamification techniques should be used to encourage targeted customer behaviors (Kotler et al., 2017).  The Marketing 5.0 approach means implementing technologies that mimic humans to create, communicate, deliver and enhance value throughout the customer journey.  A group of technologies that aim to mimic the capabilities of human marketers is the fundamental concept in this approach.  These technologies include artificial intelligence, natural language processing, sensors, robotics, augmented reality, virtual reality, the internet of things and blockchain technologies.  The combination of these technologies is the enabler of Marketing 5.0.The important point here is that companies need marketers who know how to use the right technology with the right strategy.  The basis of this new approach is not technology but people. The aim is to correctly recreate customer experience processes with new technologies.