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CRM - Concepts & Considerations 110210
 

CRM - Concepts & Considerations 110210

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Things to consider when heading off on the CRM journey.

Things to consider when heading off on the CRM journey.

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    CRM - Concepts & Considerations 110210 CRM - Concepts & Considerations 110210 Presentation Transcript

    • CRM: concepts & considerations February 2010 content in the context of the audience 1 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010 www.ideagarden.com.au
    • Customer loyalty is not about how customers demonstrate their loyalty to us, it is about how we demonstrate our loyalty to them. Sir Ian MacLaurin, Former Chairman, Tesco 2 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Some misconceptions •  CRM is a marketing database •  CRM is a marketing process •  CRM is an IT issue •  CRM is about loyalty schemes •  CRM can be implemented by any company 3 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Definitions: CRM is the core business strategy that integrates internal processes and functions, and external networks, to create and deliver value to targeted customers at a profit. It is grounded in high-quality customer data and enabled by IT (Source: Buttle) 4 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • 5 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …really? 6 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …from this…. Then…. 7 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …and now …to this…. 8 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Customer management delivers on businesses 3 core issues: 1. Competitive differentiation 2. Customer intimacy 3. Return on customer investment 9 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • The purpose of business is create and keep a customer ... to do that, you have to do those things that will make people want to do business with you. All other truths on this subject are merely derivative. Peter Drucker 10 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • CRM is a strategy, not a tactic. 11 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Interestingly, in many cases corporate customer management strategy involves removing personalised service to deliver a more personalised service….. 12 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Customer engagement / management strategies cannot exist in a bubble…. …they co-exist with other business and marketing strategies 13 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • 14 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • We now deal with the digital consumer – and they are totally connected which will impact management strategy….. 15 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • "Technology has given consumers an option to tune businesses out, and tune each other in…. ...on the flip side, technology has given businesses an opportunity to gain greater customer insights at a lower cost." Forrester research director Chris Charron 16 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • http://www.flickr.com/photos/jm3/98030303 17 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • You have to understand the DNA of your customers 18 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Participation rather than presentation 19 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • From simple beginnings, technology advancement has led to ways we can connect with customers outside of the retail / face to face environment….. 20 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • … behaviours became more observable and communities started to form – that made selling products and services more focused - perhaps.... 21 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …but what do we choose? 22 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • segments began to form….. 23 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Segmentation: What brings people together, not what sets them apart. 24 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • … channels broadened and things got closer and opportunities abound.... 25 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • “world” of mouth influences customer management activities 26 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • … strategies focused on the replicable.... 27 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …but is it differentiation? 28 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • … business became too focused on acquisition – at any cost.... 29 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • 30 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …and one of the most important things missing…. 31 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …was really understanding customers…. 32 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Source: Hugh MacLeod - @gapingvoid 33 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • People want to be connected 34 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Some fundamental considerations 35 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • What defines a good CRM strategy? •  You need to identify and define what makes your customers successful •  Create a customer based culture within your organization •  Track any and all correspondence with the customer and prospects •  Develop and clearly define strategy for dealing with customer complaints •  Define and adopt measurements that accurately determine customer response to a product or service. 36 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Foundations of a CRM Strategy •  Determine the business goals that can be supported/delivered by CRM activities. •  Increasing the profit from each customer •  Increasing the acceptance of new products by the customer base •  Increasing customer satisfaction •  Improving response rates to campaigns •  Decreasing costs in campaign development and time to market •  Decrease number of employees and time to develop marketing activities •  Improve the percentage of customer migrating through the value chain 37 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • CRM Strategy considerations •  Rewards and recognition •  Loyalty programs •  Transactions to relationships •  Personalisation •  Profit as segmentation •  Customisation •  CRM as a brand builder •  Cross- selling •  Achieving customer intimacy •  Up-selling •  Online customer management •  Migration downward •  Service levels – “tiering” 38 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Defining success metrics •  Depending upon the industry and category of the business, there are a range of metrics that should be considered to assist determine the success of CRM activities. •  These can include: •  Customer profit contribution, cost per acquisition, cost to serve •  Product penetration •  Life time value @ customer level •  Value creation •  Referral and recommendations •  Segment profit contribution 39 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • How can a strategic customer management focus become part of your DNA? 40 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • …areas to consider…. 41 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • What’s your Organisations definition of CRM? 42 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Objectives & Goals 43 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • What customer need are you meeting? 44 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • What’s the strategy to build & leverage customer data? 45 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • How will you engage, encourage & reward participation? 46 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • And finally – take time to look at the program from a customers perspective 47 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010
    • Thanks email: phil@ideagarden.com.au Twitter: twitter.com/phillipsmith LinkedIn: www.linkedin.com/philsprofile content in the context of the audience 48 // COMMERCIAL IN CONFIDENCE // © IDEAGARDEN 2010 www.ideagarden.com.au