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BUSINESS B4. Customer Relationship Management (CRM). Learning Outcomes. Describe the three CRM technologies used by marketing departments Describe and differentiate the CRM technologies used by sales departments and customer service departments

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Customer Relationship Management (CRM)

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Learning Outcomes

  • Describe the three CRM technologies used by marketing departments

  • Describe and differentiate the CRM technologies used by sales departments and customer service departments

  • Compare CRM, supplier relationship management, partner relationship management, and employee relationship management

  • Summarize the future of customer relationship management

  • Summarize the future of supply chain management

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  • Customer relationship management– involves managing all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization’s profitability

    • Operational CRM – supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers

    • Analytical CRM – supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers

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Introduction: RFM

  • Organizations can find their most valuable customers through “RFM”:

    • How recently a customer purchased items (Recency)

    • How frequently a customer purchased items (Frequency)

    • How much a customer spends on each purchase (Monetary Value)

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Marketing and Operational CRM

  • List generators – compile customer information from a variety of sources and segment the information for different marketing campaigns

  • Campaign management systems – guide users through marketing campaigns

  • Cross-selling and up-selling

    • Cross-selling – selling additional products or services

    • Up-selling– increasing the value of the sale

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Sales and Operational CRM

  • Sales force automation– a system that automatically tracks all of the steps in the sales process

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Sales operational CRM technologies

  • Sales management systems – automate each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts

  • Contact management systems – maintains customer contact information and identifies prospective customers for future sales

  • Opportunity management systems – target sales opportunities by finding new customers or companies for future sales

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Customer Service & Operational CRM

  • Contact center (call center) – where CSRs answer customer inquiries and respond to problems through different touchpoints

  • Web-based self-service– allow customers to use the Web to find answers to their questions or solutions to their problems

    • Click-to-talk –customers click on a button and talk with a CSR via the Internet

  • Call scripting – access organizational databases that track similar issues or questions and automatically generate the details to the CSR who can then relay them to the customer

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Customer Service & Operational CRM

  • Contact centers can include:

    • Automatic call distribution– a phone switch routes inbound calls to available agents

    • Interactive voice response (IVR) – directs customers to use touch-tone phones or keywords to navigate or provide information

    • Predictive dialing– automatically dials outbound calls and when someone answers, the call is forwarded to an available agent

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Analytical CRM

  • Analytical CRM relies heavily on data warehousing technologies and business intelligence to glean insights into customer behavior

  • These systems quickly aggregate, analyze, and disseminate customer information throughout an organization

  • Analytical CRM has the ability to provide an organization with information about their customers that was previously impossible to locate, and the resulting payback can be tremendous.

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Current Trends: SRM, PRM, & ERM

  • Supplier relationship management (SRM)– focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects, which optimizes supplier selection

  • Partner relationship management (PRM)– focuses on keeping vendors satisfied by managing alliance partner and reseller relationship that provide customers with the optimal sales channel

  • Employee relationship management (ERM)– provides employees with a subset of CRM applications available through a Web browser

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CRM Future Trends

  • CRM applications will change from employee-only tools to tools used by suppliers, partners, and even customers

  • CRM will continue to be a major strategic focus for companies

  • CRM applications will continue to adapt wireless capabilities supporting mobile sales and mobile customers

  • CRM suites will incorporate PRM and SRM modules

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Closing Case Two: Calling All Canadians

  • Canada has become one of the primary targets for outsourcing customer service centers by U.S. companies

  • Not only are accent and time-zone issues nonexistent, but companies also receive a favorable exchange rate

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Closing Case Two Questions

  • What are the two different types of CRM and how can they be used to help an organization gain a competitive advantage?

  • Explain how a contact center (or call center) can help an organization achieve its CRM goals

  • Describe three ways an organization can perform CRM functions over the Internet

  • How will outsourcing contact centers (call centers) to Canada change as future CRM technologies replace current CRM technologies?