Attract and retain customers through business insight Drive a 360-degree view of the customer Understand purchasing behaviour Predict what products & services customers want Develop stronger customer offers Improve products and services Increase the return on customer Drive increased profitability and reduced churn
Business ManagementMarketing Account Origination Customer Sales Customer Service
Impact on Profits Revenues ▪ Loss of Up-sell/Cross-sell ▪ Lost Share of Wallet ▪ Losing Customers to Competition ▪ Unsatisfactory Service ▪ Lost Corporate Knowledge Expenses ▪ Decreased Productivity ▪ Decreased Collaboration ▪ Rapidly Changing Business Processes
Finding and retaining customers Customer value optimisation Increased up-sell and cross-sell Increase/strengthen customer loyalty Targeted customer offerings Competitive advantage Drive increased profitability Reduced customer churn Do the right thing by the customer… Increase return on customer Increased customer satisfaction Increased stakeholder value… Increased share price…
• Improving customer relationships requires the development of a customer focused business strategy, designed to optimise revenue, costs and customer satisfaction• Business strategy combined with application technology improves customer acquisition and retention Improved customer relationships More then just sale!
Improved Customer Acquisition & Retention• Improving customer relationships requires the development of a Application Business Value customer focused business strategy, Technology designed to optimise revenue, costs and customer satisfaction• Business strategy combined with Business application technology improves Strategy customer acquisition and retention Application Technology “CRM is a customer-focused business strategy designed to optimize profitability, revenue and customer satisfaction.” - Gartner
Challenges: Improved customer relationship• The three key challenges that determine the success or failure of improved customer relationships initiatives – User adoption – Business fit – Total cost of ownership• Additional challenges that should be conceded – Purposes and expectations are not clear – Time frame is unfeasible – The aim is too ambitious – Employees are not prepared – Responsibility is not well defined … research reveals that lack of usability planning is a leading causal – Poor data quality factor in Sales Automation projects failing to meet business objectives . …” Key Considerations for Maximizing Sales Automation Value, Meta 2010
Business Insight…• Why do businesses constantly strive for new customers when keeping existing profitable ones is so much more key to business success…• Because they don’t have business insight, they don’t know enough about their customers “… It is 6-7 times more expensive to gain a new customer than retain an existing customer. …” Harvard Business Review
Increased customer insight• Predicting purchasing behaviour, • Products like Qubee, Banglalink, tracking return on customer, Robi, Grameen CRM work natively win/loss analysis, ROI on with reports in areas like sales, marketing spend all have there marketing and customer service part to play in successful business growth• Yet today most companies continue to manage by estimation rather then hard facts
Customer retention and loyalty• Customers are not in infinite • ARM provides tools and service supply; keeping and retaining to enable customers to meet them is therefore key to business requirements for preference success services.• However it’s far too easy to “turn off” the customer with over marketing!• The requirements of data protection, freedom of information and the preferences services lead to other issues that need to be addressed.
Multi-channel management• Call centres have become a common feature of many business today helping to deliver sales and customer service objectives.• However today we live in a more complex environment letters, faxs, e-mail, voice mail, web site, SMS, instant messages, phone calls all play a part in a modern contact centre.• live the contact centre.
The Journey… Not a destination• Short-Term Aims • Medium- to Long-Term Aims – Improve customer responsiveness – Foster convergence of self- – Provide customers with up-to- service channels date information every day – Redesign the financial institution – Identify profitable customers offering – Gain a single customer view – Create new models for (knowledge of customer data understanding customer risk from each point of contact) profiles – Face rising customer expectations – Cost-cutting through a more profitable use of resources – Become proactive and anticipate business issues
Summary• Improving Customer Relationships is NOT dependent on selecting the “best software”, it’s about getting the right strategy.• ARM solutions look and feel familiar with a natural user experience its just simple excel! that reduce training costs and increase acceptance & adoption.• Improving Customer Relationships is a journey - take small steps and keep looking to the future.• Understand that our needs will change and IC technology must adapt rapidly and cost effectively to meet these changes.
Key Learning• Review your processes – Automating bad processes will just make the bad process faster!• Develop requirements – What does the system need to do? – What needs to be changed or added? – What processes do you need to change?• Have a vision – Success metrics – Engage with multiple team members• Don’t bite off more then you can chew! – Phased roll out