Improving Your Odds of CRM Success                                                         Compare your Crm approaCh to ou...
it’s time to re-engineer your loyalty     technique has its strengths and              metrics need to be enhanced toprogr...
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Improving Your Odds of CRM Success

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Success with CRM initiatives remains elusive for many. A study conducted by Forrester Research found that less than 50 percent of the executives surveyed were satisfied with their CRM results. Compare your CRM approach with this list of five best practices to uncover weak points and uncover opportunities to improve the odds of your CRM success.

More CRM and Loyalty Marketing Resources

Loyalty Blog: http://www.customerinsightgroup.com/loyaltyblog/

eBooks: http://www.customerinsightgroup.com/white-papers

Loyalty Workshops: http://www.customerinsightgroup.com/custom-loyalty-workshops

Systematic New Loyalty Program Development: http://www.customerinsightgroup.com/systematic-new-loyalty-program

Pinterest: http://pinterest.com/engagekeepgrow/

Who is Customer Insight Group?

Customer Insight Group, Inc. leads the way in the evolution of how companies engage their customers, positively motivate them and earn their long-term loyalty. Our extensive client work is testimony to our depth of knowledge and ability to apply strategic insight and solutions to a wide variety of business objectives. Our team’s client experience includes: NHFA, Thomasville Furniture, The Maxim Group Carpet Franchise, Ashro, A&P, The Bon Ton, Crate & Barrel, Dick’s Sporting Goods, Edwin Watts Golf, GE Consumer Finance, Monroe and Main, Swiss Colony, Midnight Velvet, MySwingle.com, The Great Indoors, G.H. Bass, Golf Galaxy, Helzberg Diamonds, HSBC, Kohl’s, La-z-boy Furniture Franchise, MCI, Payless ShoeSource, Pier 1 Imports, Petco, Proflowers.com, Regis University, Ruby Tuesday, S&K Menswear, Sierra Trading Post, Stein Mart, Tommy Hilfiger, Ulta, as well as various other leading companies.

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Transcript of "Improving Your Odds of CRM Success"

  1. 1. Improving Your Odds of CRM Success Compare your Crm approaCh to our five best praCtiCes and unCover opportunities to improve the odds of your suCCess.According to a 2010 report learning’s across the enterprise. content of a message is custom-from industry research firm In developing the plan, recognize ized to the customer’s needsCSO Insights, over 75 percent internal department goals, objec- increases the customer’s rela-of U.S. firms have implemented tives and the decision-making tionship strength by 37 percent.CRM strategies to accelerate process, and provide customertop-line growth, improve thecustomer experience and boost theproductivity of frontline workers. data to improve business deci- sions. In addition, keep manage- ment knowledgeable about Crm #3 Keep It Fresh. Continuously refresh and refine your strategy to stayBut success with Crm initiatives programs and their contribution in tune with the market and yourremains elusive for many. A 2010 to company goals — especially customers. In business, change isstudy conducted by Asuret discov- financial — this will help you the only constant; there is changeered a 47% failure rate of Crm buttress future budget needs. in market conditions, demo-systems. Compare your Crm graphics and psychographics,approach with this list of five bestpractices to uncover weak pointsand opportunities to improve the #2 Be relevant. Build a customer relevant relationship by using customer requirements, employee needs, company ownership, geographic span, store formats,odds of your Crm success. customer insight to tailor your competition, channels of commu- message to address individual#1 nication and more. the same goes Be Customer customer’s needs, preferences for change in consumers’ expecta- Focused. and interests. the result of tions, shifting away from a desireDon’t let the data get trapped in treating different customers differ- for possessions to a desire formarketing. Create a customer- ently is an increase in the amount experiences. overall, consumersinspired culture by having a of customer trust and affinity with are looking for the meaningfulsystematic approach to sharing the company over the long term. (which includes value and rele-customer insight. Develop an In fact, a recent study conducted vance). monitor the change andinternal communication strategy by pepper and rogers group the rising tide of your customer’sand plan to articulate customer found that the extent to which the expectations and recognize when|| ©2010 Customer InsIght group, InC. ph: 303.422.9758 www.CustomerInsIghtgroup.Com
  2. 2. it’s time to re-engineer your loyalty technique has its strengths and metrics need to be enhanced toprogram’s value proposition and weaknesses in helping you build include not only traditional finan-communication strategy to be the total picture of the spoken cial measures (e.g., year over yearmore relevant to your customers. and non-spoken messages from sales comparison, conversion your customer. every arm of the rates, market share, margin, etc.)#4 Create a Dialogue.starting a conversation with company, from your management team to merchandising and plan- ning to allocation, operations but also metrics that facilitate management from a customer- centric perspective (customeryour customers gives you the staff, and marketing will have a acquisition and retention rates,opportunity to understand their clear advantage over the compe- customer satisfaction, brandlifestyle, life stage, needs, wants, tition when they are armed with a health, lifetime customer value,aspirations and expectations. holistic view of your customer. customer segment performance,there are a myriad of ways to customer response, performancegather customer feedback: focusgroups, in-store intercepts, web-based surveys, customer panels, #5 measure success. measure the company’s success of your loyalty program, etc.). Communicate customer metrics as foundation of the company’sand telephone surveys, as well from the customer’s point of view. growth and as a point of differen-as internal customer-oriented Balance your internal measures tiation. use Crm metrics in corpo-indicators (e.g., repeat purchase of success with how your rate communications, includingrates, customer acquisition rates, customer perceives your perfor- the Annual report and presssales and profitability by target mance. For most companies, releases to promote the health ofcustomer segment, etc.). each existing internal performance the business. saLLie burnett C u s t o m e r i n s i g h t g r o u p, i n C . strategist. Leader. innovator. Customer Insight Group is a strategic With over 20 years’ experience in marketing company that uses customer strategic marketing, sales management information to help its clients engage in and customer relationship management, successful and profitable long-term rela- Customer Insight Group founder Sallie tionships with each and every customer. Burnett has built her vanguard reputation It provides marketing strategy, customer by crafting solid customer-centric strate- research, data analysis, program devel- gies that drive bottom-line success for opment, implementation and refinement her clients. Renowned for her out-of-the- of customer-centric programs including:Sallie Burnett box thinking and wealth of experience, loyalty, social media, customer engage-president, Ceo she’s been sought out by many of the ment, retention, win-back and newCustomer Insight group nation’s top companies to engage, keep customer acquisition.twitter.com/sallieburnett and grow their customer relationships at every point along their customer relation- ship journey. Her insight results in better aligned sales, service and marketing, while generating the greatest return on investment based on the voice and value 671 Secrest Circle 1 of the customer. Arvada, CO 80007 ph: 303.422.9758 www.customerinsightgroup.com info@customerinsightgroup.comCustomer relationships — engage.Keep.grow. twitter.com/internethowto|| ©2010 Customer InsIght group, InC. ph: 303.422.9758 www.CustomerInsIghtgroup.Com

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