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Unit I introduction to CRM .pptx

  1. AMA definition of Marketing  Marketing consists of performance of Business activities that directs the flow of goods and services from Producer to Consumer.  Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.  Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers by managing customer relationships in ways that benefit the organization and its stakeholders 2
  2. Reasons for Increasing Importance and Growth of CRM  Emergence of service Economy  Emergence of Market Economy  Globalisation of Business  Ageing Population  Growing Consumer Diversity  Time Scarcity, Technology Aptitude  Value Consciousness and Decreasing Loyalty  Intolerance for Low Services (Low patience of young)  Availability of Information 3
  3. Customer Relationship Management : A Genesis  Customer Relationship management is the strongest and the most efficient approach in maintaining and creating relationships with customers.  Customer relationship management is not only pure business but also ideate strong personal bonding within people.  Development of this type of bonding drives the business to new levels of success.  Most of the organizations have dedicated world class tools for maintaining CRM systems into their workplace.  Some of the efficient tools used in most of the renowned organization are Batch Book, Sales force, Buzz stream, Sugar CRM etc. 4
  4. CUSTOMER RELATIONSHIP MANAGEMENT  A Strategy  A Process  A Philosophy  A System or concept  A Software  A Buzzword  A Programming  A Call Centre Support  A continuous Activity 5
  5. What is CRM  Customer Relationship Management is all the tools, technologies and procedures to manage, improve, or facilitate sales, support and related interactions with customers, prospects, and business partners throughout the enterprise.  Customer Relationship Management is focussing on the goal of the system is to track, record, store databases, and then determine the information in a way that increases customer relations. 6
  6. In this unit we will Discuss about:  Terms of customer value  Database marketing  Customer relationship management 7
  7. Link between CRM & Database Marketing & Customer Value  CRM takes the practice of database marketing principles to increasingly ultimately focusing relationship with individual customers.  Customer value is defined as economic value of the customer relationship to the firms output on the basis of contribution margin or net profit .  An important part of CRM is identifying the different types of customers and then developing specific strategies for interacting with each customer 8
  8. CRM Definition “CRM is a philosophy and a business strategy supported by a system and a technology designed to improve human interactions in a business environment”. Paul Greenberg, CRM Magazine, October 2003  “CRM an enterprise wide business strategy designed to optimize profitability, revenue and customer satisfaction by organizing the enterprise around customer segments, fostering customer-satisfying behaviours and linking processes from customers through suppliers.” Gartner Group  “CRM is the business strategy that aims to understand, anticipate, manage and personalize the needs of an organization’s current and potential customers” PWC Consulting 9
  9. CRM Definition CRM is the practice of analyzing and utilizing marketing database and leveraging communication technologies to determine corporate practices and methods that will maximize the lifetime value of each customer to the firm. CRM is a strategic process of selecting the customers a firm can most profitably serve and shaping the interactions between a company and these customers 10
  10. A customer value-based approach to CRM  When does it pay to go after a customer loyalty?  How do you link loyalty to customer profitability?  How do you compute the future profitability of a customer?  How do you measure customer lifetime value?  How do you optimally allocate marketing resources to maximize customer value?  How do you maximize the return on marketing investments? 11
  11. A customer value-based approach to benefits of CRM  Decrease costs  Maximization of revenue  Improvement in profits and ROI  Acquisition and retention of profitable customers  Reactivation of dormant customers  Customer get best price and services for money  Customer problems will be solved with no time  Customer satisfaction increases  Customer loyalty towards products and companies. 12
  12. Defining scope of CRM CRM aims to look at all aspects that will enable an organization capability to manage and nurture its 1:1 relationship with its consumers. Customer Relationship Management, or CRM, is broadly defined as the business process of understanding, collecting and managing all of the information in a business environment relating to a customer. The goal of CRM is to more effectively communicate with customers and improve customer relationships over time. James Wong, President, Avidian Technologies. True customer intimacy – the backbone of a successful rewarding relationship- requires a deep understanding of consumers in which products and services are used in the course of customers day to day lives . 13
  13. Customer Values through CRM  Economic Value  Functional Value  Psychological Value  Information Value  Association Value  Relationship Value  Customer Unique Value  Experience Value  Access or Convenience Value 14
  14. CRM MODEL 15
  15. Three Group Levels of CRM  Functional level  Customer front-end level  Strategic level 16
  16. 1. Functional level CRM process can be practiced along with a strong technology orientation evolving out of the need for vendors to position their particular product. For some of the vendors/buyers functional CRM is synonymous to technology. 17
  17. 2. Customer facing front-end level  This focuses on the total customer experience  The goal is to build a single view of the customer across all contact channels and to distribute customer intelligence to all customer facing functions  Marketing to customers throughout their purchasing lifecycle 18
  18. 3. Strategic level  Its objective is to free the term CRM from any technology underpinnings and from specific Strategic customer management techniques  These definitions describe CRM as a process to implement customer centricity in the market and build shareholder value through strategies 19
  19. What motivates companies to adopt CRM strategies?  Competition :- Differentiation difficult  Consumer expectations :- Demanding consumers  Technology: - Cost of CRM technology has dropped  Diminishing impact of advertising :- With CRM you can target your message more precisely, hold peoples attention better and retain customers longer 20
  20. Evolution of CRM 21
  21. Key components of CRM  Strategic process  Selection of Technology  Interactions  Customers  Current and future value of customers 22
  22. Customer Life Time Value- CLTV 23
  23. ImportanceofCustomerLifetimeValue(CLTV/LTV)  With the raising cost of acquisition of new customer ,Customer Life time Value (CLTV) is emerged as powerful metric. This shows the Importance or value and keeping present customers compared to acquiring new customers in a highly competitive market.  “Acquiring users with CLTVs greater than the cost per Retaining(CPR) is not only a strong indicator of effective marketing, it is essential to the long-term success of an company and a brand.”  The reason to know the CLTV of your existing players is to predict the net profit one can expect from the entire future relationship with a new player.” 24
  24. Customer retention  Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. The goal of customer retention programs is to help companies retain as many customers as possible, often through customer loyalty and brand loyalty initiatives. 25
  25. Reasons for Customer Defections or Loss of Customer or Customer Left out  Decline in Brand Value  Poor Customer Relationship  Poor Customer Service  Changing Trends and Fashions  New Product Development by Competitor  Lack of Fairness in Business Deals  New Technology or Approach of Competitor  Price, Quality and Reputation of Competitor  Customer perception about Risk to continue with firm 26
  26.  The customer retention definition in marketing is the process of engaging existing customers to continue buying products or services from the business. It’s different from customer acquisition or lead generation because you’ve already converted the customer at least once.  The best customer retention tactics enable you to form lasting relationships with consumers who will become loyal to your brand. They might even spread the word within their own circles of influence, which can turn them into brand ambassadors. 27
  27. Determinants of Customer Retention  According to the market evidences following are the main determinants of customer retention: 1.Delivered quality of products and services vs customer expectation 2.The Value or worthiness of a particular product or service.: The worthiness of a particular product or service does not only depend on its own merits. It is only worth and useful if it meets all customers’ expectation 3. Uniqueness and suitability of products: Most customers prefer unique and different product. Identical or same type products normally decrease the probability of selling. 28
  28. Determinants of Customer Retention 4. Loyalty: It is necessarily required for an organization to interact and communicate with customers on a regular basis to increase customer loyalty. 5. Easy availability: Some of the products in market are not easily available. This may be because of poor marketing strategy or less retail stores. 6. Customer service: Customer service could be considered as the most important aspect of customer retention. 7.Exit barrier: Organizations which are successful in creating an exit barrier can obviously retain customers. For example, by providing rewards and concessions to continuously buying . Example: Insurance products 5yrs lock in period by IRDA 29
  29. CUSTOMER LOYALTY  Customer loyalty is the result of consistently positive emotional experience, physical attribute-based satisfaction and perceived value of an experience, which includes the product or services. Consider who you yourself are loyal to.  Customer loyalty indicates the extent to which customers are devoted to a company’s products or services and how strong is their tendency to select one brand over the competition. 30
  30. CUSTOMER LOYALTY…  Customer loyalty is positively related to customer satisfaction as happy customers consistently favour the brands that meet their needs. Loyal customers are purchasing a firm’s products or services exclusively, and they are not willing to switch their preferences over a competitive firm.  Brand loyalty stems out of a firm’s consistent effort to deliver the same product, every time, at the same rate of success. Organizations give special attention to customer service, seeking to retain their existing current base by increasing customer loyalty. Often, they offer loyalty programs and customer rewards to the most loyal customers as an expression of appreciation for doing repeat business with them.  31
  31.  Customer loyalty is a measure of how likely your customers are to do repeat business with you.  Different industries have various ways of measuring loyalty, but the most basic way is to look at the number of purchases over a customer’s lifetime in your database.  Repeat buyers are your most valuable customers. Though they may not be big purchasers, it is likely that over time, the revenue from them will top revenue from big one-time buyers. 32
  32. Attitudinal vs Behavioural Loyalty  Attitudinal loyalty is loyalty due to the customer's attitude towards the brand. Behavioural loyalty refers to customers who are loyal out of habit.  When customers trust and depend on the brand, and there is no substitute for that brand they are happy to continue in their relationship with the company. 33
  33.  Behavioural loyalty refers to customers who are loyal out of habit. Sometimes switching from one brand to another causes more of a problem for the customer so they struggle with leaving a brand for another and/or are too lazy to transfer so they stay with a brand despite how unsatisfied they are with the customer experience.  Attitudinal loyalty is loyalty due to the customer’s attitude towards the brand. When customers trust and depend on the brand, and there is no substitute for that brand they are happy to continue in their relationship with the company. 34
  34. How to use customer loyalty to grow your brand  Customer loyalty is tricky because customers are not bound by anything to stick with you. A loyal customer can jump to another brand for a ton of different reasons. Another brand may be more accessible, or they may just want to change and try out a new brand. Or perhaps there is a better promotion around the corner.  But there are customer loyalty marketing strategies you can use to make sure your customers are sticking around for as long as possible. There are five Loyalty strategies generally used by companies. 35
  35. Five Loyalty strategies generally used by companies  1. Solicit customer feedback  2.Target customers with special offers  3. Reward your most profitable (VIP) customers your most profitable customers, which, if you consider the 80/20 rule, this investment is bound to pay off.  4. Personalize your follow-ups  5. Keep your follow-up promises 36
  36. TYPES OF LOYALTY Transactional Loyalty vs Emotional Loyalty  Emotional loyalty is the ultimate, where consumers will look to one particular brand regardless of price, convenience or other outside factors because they have a personal connection to the brand.  Transactional loyalty is slightly different. That's the retailer closest to home, or the one that consistently has the lowest prices. When certain conditions change - say a retailer opens even closer to home, or they have to raise prices - then the customer's dollars are at risk of being spent elsewhere. 37
  37. Customer Loyalty Ladder  Customer Loyalty Ladder is a systematic way of classifying customers of an organization into five different categories depending upon the business level engagement of customers with the organization.  Customer loyalty ladder helps businessmen to identify potential customers who can remain engaged with their business for a long time and also become loyal to their brand. 38
  38. Customer Loyalty Ladder Categories- Customer Loyalty Ladder classifies the people related to the product based on their engagement. People are classified as suspects, prospects, customers, clients and advocates. The below mentioned diagram shows 39
  39.  1. Suspects: They are the potential(low)customers for an organization. They may be aware of the promotional campaigns of the organization but are currently doing no business with that organization later.  2. Prospects: They are the ones who have been impressed with the organization’s promotions and are in serious consideration of buying products of the organization. The organization must treat them cordially and solve all of their doubts.  3.Customer: They have bought products of the organization for the first time and are currently using them. The organization must extend them all possible after-sales assistance in order to pacify their concerns. These customers can be engaged with a loyalty program or a loyalty discount.  40
  40.  4. Clients: They are doing business repetitively with the organization and are willing to foster the engagement in future. Clients if well engaged can help boost business with their brand loyalty.  5. Advocates: They are not only doing repetitive business with an organization but are also recommending the organization to their own acquaintances. They are the most valuable players and the organization must treat them royally with the highest priority. 41
  41. Customer Loyalty Ladder  The concept of Customer Loyalty Ladder comes under relationship marketing and brand management which deals with establishing long term relations with customers. It is said that the cost of attracting new customers is 4-6 times more than that of doing business with existing customers.  Hence it is worth for any organization to keep its existing customers happy and satisfied in order to do a more profitable business. Customer Loyalty Ladder thus helps an organization plan engagement strategy wisely so that the customers would be tempted to move up the ladder 42
  42. Loyalty Program  A customer loyalty program is a rewards program offered by a company to customers who frequently make purchases. A loyalty program may give a customer free merchandise, rewards, coupons, or even advance released products.  Loyalty programs are structured marketing strategies designed by merchants to encourage customers to continue to shop at or use the services of businesses associated with each program. These programs exist covering most types of commerce, each one having varying features and rewards-schemes. 43
  43. Importance of Customer Loyalty Programs  Companies face intense competition in the sector in which they operate and there is a limited scope of differentiation in terms of products or services. Customers have several options to choose form when it comes to buying products or using services. In order to stop customers from switching to a competition brand, companies adopt various methods to retain customers.  One such strategy of customer retention is through a customer loyalty program. A brand loyalty program empowers the customer with more benefits & incentives which he or she gets along with the products or services that they use. With such a loyalty discount & rewards, a customer becomes happy and satisfied and it adds to the customer loyalty. 44
  44. Types of Loyalty Programs 45
  45. Different types of loyalty programs for customer retention and increasing business are as mentioned below:  1.Discount-This type of a loyalty program gives discounts to regular customers on the price which is being offered. This works well for retail companies and ecommerce platforms.  2.Points System- This loyalty program encourages more shopping. The more a customer shops or buys, the more points he or she will get, and which can be redeemed in the next purchases.  3.Cashback- Cashback loyalty program is mostly for credit card or online shopping customers, who are given cashback based on their purchases. This is popular in ecommerce companies. 46
  46. Different Loyalty Programs…  4.Club Cards or Programs- Based on frequency of usage, companies allot cards to customers. Club card loyalty program gives free services or goodies or better incentives to customers. This works well with service-based companies like airlines who offer frequent flyer cards.  5.Partnerships- Companies partner with other brands and offer loyalty program which benefits both partners. Like a food app can partner with restaurants to give discounts or benefits to repeat customers.  6.Coalition- Multiple-brands and companies combine to offer incentives and benefits to customers based on such a loyalty program. This empowers the customers to choose from a variety of offers. 47
  47. Benefits of a Loyalty Program  Companies use loyalty programs to ensure that their customers are happy and satisfied. Some of the key advantages & benefits of loyalty programs are:  1. A loyalty program helps in retaining good customers.  2. It helps to reduce unwanted customers.  3. A good brand loyalty program helps in creating more brand awareness.  4. A good customer database is collected over a period of time based on customer loyalties & needs.  5. Repeat customers help in driving the repeat business.  6. Loyal & satisfied customers help in bringing new customers based on their good experience.  7. Loyalty programs helps in better brand communication and keeps consumers engaged & connected. 48
  48. How to Design a Successful Loyalty Program  Whether your loyalty program is “official” or informal, complex or super user-friendly, it is critical that it through thoroughly at inception, and pay close attention to its ongoing execution and profitability. Whatever your plan, six factors loom critical in any loyalty effort. 1. Successful loyalty plans are strategic 2. Trade-offs are required to attain financial goals 3. Objectives must drive program strategy 4. Identify how program design delivers value to the business 5. Leverage best practices of industry leaders 6. Best loyalty programs align with customer relationship management goals 49
  49. Designing Successful Loyalty Program  1. Plan and Ideate Strategically : First, set goals around a primary business objective that will drive customer impact – things like increasing the frequency and size of purchases over a defined period. Then evaluate whether potential benefits are sufficiently compelling to drive such behavior and, pivotally, whether your employee training and customer communications yield awareness, curiosity, and action.  2. Trade-offs required: The trade-offs come when you decide which customers are targeted and, by the process of elimination, which you deem less valuable. No business can be all things to all audiences; your loyalty program doesn’t have to excite or engage less-profitable customers, it should be focused on encouraging profitable customers to buy more and more frequently, and recommend your brand to colleagues and friends. 50
  50.  3. Derive Objectives Intelligent ly: Once defined clearly, your objectives must be distilled into a strategic message that is simple and sustainable over time. Now that you’ve defined your most-coveted market segment, decide how specific message elements can be tweaked to broaden or narrow the appeal of your loyalty strategy.  4. Deliver Value to the Business : Collection and evaluation of anecdotal and statistical information will tell you how best to leverage your loyalty program at the point of sale, in PR, advertising, mobile, online marketing, and social media. And, whether your POS is face-to-face or geekishly technological, training, implementation, and evaluation are central to the plan. Loyalty is secured (or not) and augmented (or not) at that critical moment of truth when your customer turns her money over to you. 51
  51.  5. Leverage Loyalty Program Best Practices: Identify the leaders in your industry not only have already defined their loyalty strategies, but the very success of those strategies define what you must do. Yes, it helps if you’re creative, but you needn’t entirely re-invent the wheel. Look at your companies unique value proposition to create a differentiated value proposition that will matter to your customers.  6. Best Loyalty Programs: The sales data collect and the stories shoppers relate – directly to your employees, in focus groups and on social media outlets, for example – constitute the testimony of customers on the efficacy of your efforts. 52
  52.  A loyalty program fails – like any element of your marketing and growth strategy – if it does not deliver positive ROI.  A new loyalty effort may launch with optimism and enthusiasm but often fails to deliver for any of several reasons. For example:  Your target audience and supporting data may not be clearly defined and organized.  Employees who don’t receive adequate training may lose their enthusiasm.  Miscommunication of procedures and rewards may inadvertently sabotage success with key objectives.  You had a plan to launch the program, but not a plan to manage the customer life-cycle from a new member to an active member, to highly engaged to loyal brand advocate. In the end, the loyalty program lapses into auto-drive and, instead of changing customer behaviour, you reinforce the various negative conceptions you were trying to overcome. 53
  53. Factors EFFECTING CRM: 1. Changes W.R.T Marketplace  Competition for customers is becoming intense  Markets are becoming more fragmented  Differentiation is becoming more difficult 54
  54. 2.Changes WRT Data storage technology  Growth in data warehousing applications  Storage service providers  Strong intensive consumer applications 55
  55. 3. Changes WRT marketing function  Media dilution and multiplication of channels  Decreasing marketing efficiency and effectiveness 56
  56. Benefits of data-based customer value approach  Integrate and consolidate customer information  Provide consolidation information across all channels  Manage customer cases  Personalization of product/service  Automatically & manually generate new sales opportunities  Generate and manage campaigns  Yield faster and more accurate sales leads, referrals  Manage all business process  Give top managers detailed and accurate picture  Instantly react to changing market environment 57
  57. Relationship Hierarchy Shared value relationship Emotional connect relationship Satisfaction based relationship Transactional relationship Co-partnering Experiential management Operational Excellence Cost Management BASIC PREMIUM 58
  58. 9 truths of Relationship marketing Truth 1 Customers are no longer loyal Truth 2 Customers do not really want a relationship but companies do Truth 3 customers want information Truth 4 Customers not only want to be thanked for their patronage, they expect it Truth 5 Customer control the selling process Truth 6 the lifetime value of a customer is not relevant Truth 7 Do not overcomplicate the program Truth 8 Keep reporting simple and focused on customer Truth 9 What if? Ask it often and experiment every chance you get 59
  59. Difference between marketing and CRM  Unlike marketing CRM views products as processes  Customers receives value from each exchange between provider & customer  Managing relationship based processes  Second concept in CRM is value creation or co-creation  Competitive advantage is based ability of the provider to help customers create value for themselves  Third relates to providers responsibilities  A company can build stronger relationship with its customers only it takes the responsibility for developing relationships 60
  60. What is not CRM?  Piece of software solution  Sales tactics  Call center services  Relationship building by softer attributes of a contact person  Empowerment to pass goodwill waivers  Another buzzword like ERP/BPM 61
  61. Types of CRM 1. Proactive Versus Reactive CRM 2. Operational, collaborative and analytical CRM 62
  62. Proactive CRM  The practice of the company to anticipate and respond to the customer needs suitable offerings is contrasted with the practice of simply responding to the customer stimulus that comes through suggestions or complaints 63
  63. Operational CRM The customer touchpoints are classified into:  Face to face touchpoints – Events/stores/service  Database driven touchpoints – telephone/email/SMS  Mass media – advertising/PR/website/facebook 64
  64. Collaborative CRM  The mandate of collaborative CRM is to manage various partners of the company be it business partners, agents, brokers, OEMs, intermediaries like distributors, dealers, resellers and retailers 65
  65. Analytical CRM  It involves analyzing large amounts of cross-functional data using data mining and other methods and feeding the result back to operational CRM  It also studies Consumer behavior pattern that helps to know what products position for cross selling/upselling 66
  66. Customer segmentation  Customer segmentation based on loyalty attributes  Another basis of geographic, demographic or psychographic  Behavioral segmentation could be looked in terms of loyalty or frequency  Segmentation based on choice of communication channels 67
  67. Types of customers and their behavior styles  Apostles  Terrorists/defectors  Mercenaries  Hostages 68
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  69. Types of relationships  Price centered relationships – Best deal  Need centered relationships – offer personalization of channels, interfaces and services  Value Centered relationships – depend on intensive and extensive collaboration  Product centered relationships – focus on deliver of customized products, services, and solutions 70
  70. Linking profitability to loyalty  High profitability and short term customers (Butterflies)  Low profitability and short term customer (Strangers)  Low profitability but long term customers (Barnacles)  High profitability and long term customers (True Friends) 71
  71. Customer value: Concept Customer value is the customers perception of what outcome he expects in a specific use situation with the help of a product/service offering in order to accomplish a desired purpose/goal. 72
  72. Few fundamental lessons on customer value 1. Value is customer defined 2. Customers differ in what they seek 3. Value is opaque 4. Value is contextual 5. Value is multidimensional 6. Value is trade-off 7. Value is relative 8. Value is a mindset 73
  73. ACURA model 74
  74. Types of customer value  Economic value  Functional value  Psychological value 75
  75. Types of value based on Barnes 1. Choice based value 2. Employee based value 3. Information value 4. Association value 5. Relationship value 6. Customer unique value 7. Experience value 8. Product for price value 9. Access or convenience value 76
  76. Customer Lifetime Value (CLTV) Dimensions of CLTV:  The duration of customer lifetime  The firms share of wallet among its customers  The firms success in terms of frequency of up & cross selling  The firms cots of acquiring, serving & retaining its customers 77
  77. CLTV calculations CLTV = D( (R-C) + Rf(Ac-Acr))/ 1+r-Ac T= year Rf = No of referrals generated by customer n = Length of customer relationship Ac = Full acquisition cost D = Customer Retention rate Acr = Reduced acquisition cost R = Revenues earned from customer C = Cost of servicing customer in year t r = Discount rate 78
  78. CRM Software applications 79
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  83. Modules in CRM 84
  84. 1. Sales Force Automation: Sales Force Automation (SFA) is a software tool that automates each and every task in the function of Sales. Right from order processing to order tracking, managing information, contact management, inventory management (monitoring and control), customer management, sales forecast analysis and employee performance evaluation. 2. Lead Management: Lead management is the first step of acquiring the customer. Once this step is completed, leads(a list of strong potential buyers with some of their details) is passed on to the Sales department. In this way, lead management process acts as the bridge between two important departments, namely marketing and sales. 3. Opportunity Management: The tool of Opportunity Management gives you the pearls of opportunities in sales. Pure leads are just basic information and that's meaningless unless it is filtered as per your company requirement. This analyzing and filtering job is done by this tool. It judges the leads and puts the qualified ones as an opportunity in the sales pipeline. 85
  85. 4. Contact Management: Over the years, sales management and contact management software have evolved as close-knit tools. It is vital in this age to have your contact information fully synchronized with your sales software 5. Task Management: How do you ensure your sales rep is following the right path "step by step" in his sales process? You can simply spell the steps out, beforehand. Yes, absolutely. And here in this aspect of CRM, Task Management takes care of exactly this 6. Sales Forecasting In your highly comprehensive and integrated CRM software, you can easily predict (to a high degree of accuracy) the future sales of your product. 86
  86. 7. Campaign Management: Campaign Management is now available as part of the CRM solutions and you can launch and track the success of the campaign right from your CRM software. 8. Invoice Management: This tool is going to save you from a future headache. Managing invoices is the most boring and monotonous part of being in business. With your CRM software, you can now raise bills and invoices automatically. 9. Social CRM : With the advent of social media, this is a new feature added to the CRM tool. This tool enables you to manage your social media interaction with your customers. 87
  87. 10. CRM & Sales Reports: You can build numerous reports with CRM and have the perfect overview of your company's performance. 11. Mobile Edition: Here the power of CRM gets manifested with the sheer brilliance of mobility. You can access your CRM on your mobile, with or without connectivity, wherever you go and whenever you want. You can configure your mobility device (Smartphone or tablet) to be able to view the most important information at all times on your customized dashboard. 12. Cloud / On-Demand (SaaS): CRM now uses the cloud- hosted delivery method vis-à-vis the traditional "on-premise installation". SaaS technology allows hosted delivery or cloud computing and lets businesses gain a rented "anytime anywhere" access to their CRM systems. 88
  88. Latest Trends in CRM Software 89
  89.  Advent of Social CRM - Human-beings are social animals, and since consumers are also human-beings, they love interacting with each other. With the popularity and spread of social media, there is perhaps not a single day when people haven’t interacted with someone. According to a recent survey, around 50% consumers use social media for making purchase decisions.  Rapid growth of Cloud CRM - It shouldn't be surprising to know that nowadays more businesses are opting for Cloud CRM solutions. Apart from affordable pricing, these solutions are flexible, updated regularly and easily maintained. 90
  90.  Integration at its peak - A single software package for all departments makes business tasks smoother and seamless. Integrating CRM software with all departments is much time saving and cost efficient.  CRM Predictions using Analytical Statistics - CRM software are being coupled with real-time analytical statistics data for predicting consumer trends and behavioural moves. 91
  91.  Better Customer Experience - Every customer looks for a human touch, and they find it missing in online business. This is exactly where brick and mortar business scores over online business.  Inclusion of Content Marketing Software into CRM - Content marketing is no new word in online business. Building consumer trust and generating online sales is synonymous with content marketing. Personalizing dynamic emails and landing pages through CRM systems is crucial for nurturing leads and landing more sales. 92