Newsletter, October 2009 - IDRBT

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Fast Forward October 2009 Customer Relationship Management The CRM processes should fully support the basic customer lifecycle steps, viz., (i) Attracting present and new customers (ii) Acquiring new customers (iii) Serving the extant customers (iv) and finally, retaining the customers. Selection of right CRM Technology is critical to the success of any CRM initiative. Most CRM packages provide excellent sales force automation, but they are not equally good at integration with computer/web telephony. According to Gartner's magic quadrant for CRM, Customer Service Contact Centers in 2008, Oracle (Siebel Systems) is the market leader with other players lagging way behind. USTOMER Relationship Management (CRM) is a new buzzword in marketing, Cthanks to the advent and proliferation of 'customer-centric' philosophy that replaced the age- old 'product-centric' philosophy. This paradigmatic shift dramatically changed the way business is conducted across all services industries, viz., banks, retail, insurance, telecom, etc. In 1980s, a concept called Customer Information System (CIS) was introduced. The initial applications had limited functionality and they were designed to support a specific set of employees. Later, it changed into contact management, sales force automation, call center and customer contact center. CRM methodology enables an organisation to understand the customers' needs and behaviour in a better way by introducing reliable processes and procedures for interacting with customers and developing stronger relationships with them. It provides the whole information about customer, which yields insight into behaviour of customers and value of retaining those customers. The following benefits normally accrue from a CRM initiative: A mix of different software to link the databases, data warehousing software, contact management software, and a CRM package will go a long way in helping to upgrade the small companies Develop better communication channels Collect customer related data Create detailed profiles of individual customers by resorting to analytics. Increased customer satisfaction and enhanced customer loyalty Access to customer account history, order information, and customer information at all touch points Identify new selling opportunities Increased market share and profit margin Increased revenues More effective reach and marketing Improved customer service and support Improved response time to customer requests for information Improved ability to meet customer requirements Improved quality communication and networking 12
Fast Forward October 2009 Reduced costs of buying and using product The purpose of contact management tools is to : and services aim to reduce costs by improved process Better stand against global competition efficiency and use of media-based communication channels Types of CRM Customer Relationship Management is of three to provide customers with a consistent types: interface across all communication (i) Operational CRM channels (ii) Analytical CRM and (iii) Collaborative CRM Operational CRM It enables effective interaction with customers and gathers data about customers at various touch points. Increasingly, organisations are accumulating comprehensive data about their customers such as: Personal details including age, gender, marital status, income band Account details including type of account, tenure, payment plan Behaviour including spending and service usage, rewards usage Preferences including lifestyle, hobbies, buying preferences Credit status including from credit monitoring agencies Demographics including from census, market research agencies, etc. Various types of tools are used for this purpose such as: Contact management tools Channel management tools and Content management tools c o l l e c t i n f o r m a t i o n l i k e t o p i c s discussed, customer requirements, soft customer d a t a l i k e h o b b i e s , preferences, interests, details about children and other minor stuffs. Thus, demographic and psycho-graphic data of customers will be collected. On the other hand, channel management tools : aim to understand how customer interacts with the company aim to deliver products and services across multiple channels in an effective, efficient and consistent manner. Finally, content management tools : help the company manage what is visible to the customers, i.e., what the customers are able to see when they interact with the company help the chiefs of business units to find out whether the customers are satisfied with the company or not. We can perform the following analysis with this data using Analytical CRM: Segment customers by business value Model new customer characteristics 13
Page 1 and 2: ISSN 0973-2527 Volume 12 No. 1 Fast
Page 3 and 4: Fast Forward October 2009 A CASE FO
Page 5 and 6: Fast Forward October 2009 IT Perfor
Page 7 and 8: WINNERS ALL : Dr. D. Subbarao, Gove
Page 9 and 10: Fast Forward October 2009 Best Use
Page 11 and 12: BANKING FOR MASSES : Smt. Usha Thor
Page 13: Fast Forward October 2009 Other SFM
Page 17 and 18: Fast Forward October 2009 Even thou
Page 19 and 20: FORTHCOMING PROGRAMMES DURATION PRO

Newsletter, October 2009 - IDRBT

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