How Important is Client Relationship Management to Your Business? |
Client Relationship Management commonly known as CRM is not just a technology but rather a comprehensive, customer-centric approach to an organization's philosophy of dealing with its clients. CRM is a combination of policies, processes, and strategies implemented by an organization to enhance its customer interactions and provide a means to track customer information. It involves the use of technology in attracting prospective clients, while strengthening bonds with existing ones.
CRM is a combination of a qualitative approach - (human interaction) and a quantitative approach - (software application), and plays an intricate role in marketing plan development.
A look at the qualitative approach:
• 80:20 rule - The top 20% of an organization's clients should have a customized CRM approach.
• Relationship strategy - Determine what client opportunities you should pursue.
• Client leadership - Become a trusted advisor to the client and a recognized thought leader within the client organization.
• Ambassadorship - Represent the entire firm's capabilities, not just your area of expertise.
• Quality Assurance - Ensure high quality work at all times! Managing: pricing, contracting, negotiating and ensuring firm profit standards are being met.
• Relationship strategy - Determine what client opportunities you should pursue.
• Client leadership - Become a trusted advisor to the client and a recognized thought leader within the client organization.
• Ambassadorship - Represent the entire firm's capabilities, not just your area of expertise.
• Quality Assurance - Ensure high quality work at all times! Managing: pricing, contracting, negotiating and ensuring firm profit standards are being met.
A look at the quantitative approach - (the use of CRM software applications):
• Operational CRM: Operational CRM processes customer data for a variety of purposes - (eg. managing campaigns, enterprise marketing automation, sales force automation, sales management system).
• Analytical CRM: Analytical CRM analyzes customer data for a variety of purposes - (eg. designing and executing campaigns, analyzing customer behavior and creating a management information system).
• Sales Intelligence CRM: Sales Intelligence CRM is a direct sales tool - (eg. cross-selling / up-selling, sales performance, customer trends and customer margins).
• Social CRM: The integration of social media platforms - (eg. LinkedIn, Twitter, Facebook, Blogs, etc.) into the CRM system application. *Note: OPC recommends "Social CRM" should be monitored for real-time marketplace feedback and trends.
The objectives of a CRM strategy must consider a company's mission, vision and its values. Information gained through CRM initiatives can support the development of the marketing plan strategy and ultimately increase the organization's knowledge in areas such as: (customer segmenting, customer retention and improve product/service offerings).
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