Customer Listening and Responsive Marketing

Monday.com

June 25, 2023Leave a comment

A finger on the pulse

So you have a brilliant product. You want to price it a certain way. Your customers like your product, but don’t like your pricing ideas. They stop buying your product, and you’re looking into space with a sad, puppy dog face. Not good, not good. Here’s all that you should know when you’re dealing with a situation like this!

The first thing you should know about your end user is that he has an attention span that is much longer than that of the average cocker-spaniel. Which means, therefore, your customer is a receptive body to information, and is always discerning of ways to help him access the best of products without making a black hole out of his pocket.

As an organisation with something to sell, how do you capitalise on that attentiveness and pivot it to your advantage? Simple. Customer listening and Responsive marketing is all you need. The name says it all: it just involves keeping an eye out for what’s happening out there, and gauging your customer’s needs. The moment your customer frowns, you’ll know what to do.

Puzzled? Stick with me. I’m going to tell you a story. Heard of these guys called Uber? They go by the tagline “Everyone’s private taxi”. They got up to some interesting stuff, running this really lucrative business of having taxis to ferry people from their doorstep to the airport.

This was a very comfortable scheme of things for those that used the service: imagine, great service, fancy cars and a ride to the airport, all at normal rates! (I might have said that that’s the Indian dream, but that’s changed after these elections, and we’ll talk about that later over some chai and pakoras. See what I did there?). Chennai adopted this awesome scheme of things, and for a while, there were many happy people in the city.

Uber got famous, had more clients hopping on and off their vehicles while staying put on their bandwagon in the hope of getting the best out of fancy cars at reasonable rates. Then came the deal breaker: Uber’s success made it feel that a change was in order, one that resulted in the fixing of an arbitrary rate. The average ride to the airport now became Rs. 1200. Not a cool rate, no matter how fancy a car! Consequently, people were not happy about it at all. A bunch of angry users does to a business what a bunch of ants do to a tiny square of sugar: they destroy it.

Uber then decided to undo its mistake, and swooped in to fix it.

Let’s take a moment and reflect on this. What Uber did is not just a band-aid solution, but a clear cut example of customer listening and responsive marketing. All that Uber did was to look at the impact its decisions had on its customers, to listen to what its customers had to say and watch what they had to do in response to its policies, and then, to pivot those policies accordingly to ensure maximum usership.

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How do businesses leverage their Analytical CRM?

Monday.com

May 8, 2023Leave a comment

Different from operational CRM, Analytical CRM refers to customer centric analysis that takes place in organizational back-offices. Companies must be able to understand customer behaviour, reason for a particular action, the intention etc. and ACRM is what helps them with this procedure. In today’s market, ACRM aids in decision making by understanding specific patterns in consumer behaviour and information that have been gathered by different operational CRM systems.

Although there are many benefits attached to ACRM, it is necessary to keep in mind, a few areas that may help leverage it.

1. Convergance and integration: A company wide analytics solution which integrates ACRM and traditional BI solutions should be the ultimate destination in the marketplace. Usually the entire customer experience is broken down into components and assigned to different departments or lines of businesses which leads to challenges in integration. Systems and processes must be in place so as to collect and converge customer data from various channels into a centralized database.

2. Speech-Text analytical solution: Vendors across the globe are providing companies with platforms for speech analytics solutions by joining forces with text analytics solutions so as to deliver more robust and rich platforms that can integrate with a unified repository.

3. Predictive analysis: Predictive analysis is one of the keys to a successful ACRM program. Integrating this helps companies make long term decisions based on actual customer behaviour and trending data. Although it is an expensive affair ( around 10% or lesser number of companies use predictive analysis today), forecasting capabilites enable organizations align future direction based on actual data which proves to be very helpful.

4. Reporting: In today’s world, new visual applications such as dashboards, 2-D and 3-D visualtisations have replaced traditional methods such as raw data, statistics etc. Rather than having text and number heavy information, these modern tools enable users to grasp information and the context behind it, a lot better and quicker. Establishing a heirarchy of needs for loyalty programs and presenting data such that it is relevant to stakeholders is what companies should aim at.

Though these areas provide a business with a rough outline on how ACRM could be leveraged, it depends on the company and the kind of relationship they share with their customer base to get data which could help enhance their analytics.

References:

http://www.managementstudyguide.com/analytical-crm.htm

http://www.tgc.com/dsstar/01/1127/103729.html#top

http://searchcrm.techtarget.com/definition/CRM-analytics

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Perks of Social Customer Relationship Management

May 7, 2023Leave a comment

Today almost anybody you want to do business with is present on social networking sites and owns an iOS or Android device. Both mobiles and networking sites provide ample access to data, which is not available otherwise and critical feedback on your product or service. Businesses sensed a serious marketing opportunity here and decided to take their customer relationship management initiative social, with an objective to deepen, improve and strengthen relationships with customers by being where they are and naturally interacting with them.

Social customer relationship management is not a new concept aimed to replace the traditional CRM. It’s basically an upgrade of how we manage our customer relationships in today’s time, where consumers are smarter, more informed and vocally empowered. In order to fully understand why businesses are adopting social CRM over traditional CRM, you need to be fully aware of the numerous benefits it offers to businesses.

Data :
One of the main objectives of any company to adopt customer relationship management is to ensure repeat sales and customer loyalty to brands, as the cost of generating a repeat sale is much lesser than the cost of generating a fresh sale. Keeping this in mind social CRM provides marketers with ample personalized data about their existing list of customers as well as prospects, making it easier for them to cater to these customers’ demands proactively and to maintain a strong bond with them.

Leads :
Social CRM makes it easier for marketers to generate more leads through referrals of their existing list of customers and capitalize on these, as personalized information about a customer’s interests, preferences, dislikes and behaviour patterns are easily available.

Feedback:
Daily one to one interaction with customers help brands get genuine feedback about their product or service in real-time. Feedback is easier to generate because it comes naturally to customers on social networking sites. Companies save a lot of survey and marketing money due to this.

Trust:
In the past, brands could rely on their reputation and market saturation to educate their customers because if you were the biggest player in the market, customers would rely on you for information. Over time that trust has shifted from institutions to individuals. Social CRM provides brands the opportunity to establish relationships and build trust with not only the customers but also the people they trust.

Communities:
There are many brands that are widely admired and enjoy unswerving loyalty and high levels of engagement from their fans. For instance take Harley Davidson or as a matter of fact the top motorbike companies in the world. These are brands that are appreciated by people world over, even those who know nothing about motorbikes or have no desire to own the product. Social CRM help brands create sustainable and flourishing communities online for their loyal customers and fans to interact with each other and to rub off their enthusiasm towards the brand on others. This promotes brand loyalty and repeat sales and generates referrals and new leads.

Social customer relationship management has been the talk of the town for quite some time now and has generated enough debates and arguments on various blogs and publications. It is only a matter of time before it gets adopted by businesses universally.

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What is Hosted CRM?

December 19, 2013Leave a comment

CRM or Customer Relationship Management software help an organization practice effective customer and prospect management. There are various types of CRM software including Vertical, Customized, BYO, On-Premise, Hosted and Cloud systems. We will be examining Hosted CRM in detail here:

What is Hosted CRM?

Hosted CRM or On-Demand CRM is a type of CRM software installation where the software is hosted by a CRM provider and accessed by the client business online (through the web) via the provider’s secure servers. It could also be installed as a “Cloud”-based offering. The users at the client’s end access this service generally through their browsers.

Hosted CRM is an example of the SaaS (Software as a Service) concept. Traditional software deployment requires servers, server software and/or client software, and the staff resources to install and maintain both the hardware and the software. Hosted CRM requires only a browser-equipped PC with a broadband Internet connection. All the functionality and the benefits of a traditional CRM application are served over the Internet.

Benefits of Hosted CRM

* Hosted CRMs are quicker to implement.

* Hosted CRM helps save on hardware costs, especially in terms of servers and associated systems. Although Hosted CRM requires a reliable bandwidth supply, the cost in terms of getting one is minimal as an organization already would have a dedicated supply from reliable ISP(s).

* Hosted CRM also helps save on software costs especially in terms of software upgrades and adding on more modules to expand functionality when compared with traditional CRM systems.

* Traditional CRM systems requires trained manpower for installation, administration and trouble-shooting. Such manpower costs can be saved when using Hosted CRM.

* The low-cost offering of a Hosted CRM is a great, risk-free way for an organization getting to grips with a CRM software for the first time.

Hosted CRM implementations

Microsoft Dynamics, Salesforce’s Sales Cloud, Oracle On Demand CRM, Zoho CRM, Sage CRM and SugarCRM are some popular examples of Hosted CRM software implementations.

Cloud-based Hosted CRM 

Web- or Cloud-based Hosted CRM solutions are a great option for any organization regardless of size but just like any other technology investment it is important to do the necessary homework and opt for the CRM solution that best fits an organization’s needs in terms of budget, performance, security, training/support and scalability.

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5 Tips for choosing the Right CRM Solution

July 29, 2013Leave a comment

A Customer Relationship Management (CRM) solution helps organizations deepen relationships with existing customers and build relationships with new customers (and prospects) by organizing and synchronizing business functions and processes.

5 Tips for choosing the Right CRM Solution

Here are a few pointers to try and help you choose the right CRM implementation for your organization:

1. Determine your needs

CRM solutions come in a range of capabilities and costs. There are many competent, reasonably priced ones that are ideal for small organizations while the “big brand” solutions boast of capabilities that stretch across borders, functions and vast amounts of data. Before you choose a CRM solution, it is, therefore important to assess both your current and future needs.

If you are only looking at managing basic customer data and tracking sales activity and generating reports based on the above, an inexpensive solution may do. Some of the more expensive CRM systems may also be available as “stripped-down” versions at a lower cost. Such systems also provide fast-growing organizations with the scalability required to match their needs.

The solution you opt for should, therefore, be based on a proper assessment of your current and future needs.

2. Integration of legacy data

Your organization may have accumulated substantial amounts of data relating to customers and prospects over the years in different formats. The CRM solution that you are planning to implement should be compatible with the format(s) your current data is in. You can then work on historical and current data and perform analyses over the entire period your organization has been in existence.

3. Training and Support

Make sure that the CRM vendor you’re considering provides adequate round-the-clock, technical and troubleshooting support. And, if your CRM vendor also includes adequate training and certification for your staff within the package price, it is a definite plus.

Free CRM solutions mostly do not offer such training and support services; so, if you are considering a free CRM you may have to weigh-up the cost savings against the lack of training and support before deciding on implementation.

4. e-Capabilities

If you are an online retailer or an organization whose Internet or social media dependencies are extensive, you would require a CRM that can work well online and help you track interactions on your social media pages.

5. Compare

Now that you have a fairly detailed idea of the criteria that needs to be fulfilled by your CRM, it’s time to start checking out vendors. In addition to the above criteria, you can also compare vendors based on track record, customer service, price etc.

Your budget will also be the deciding factor in buying a CRM solution. Even if you do not have budgetary constraints it does not mean that you should go for an expensive implementation if it’s features are beyond your needs.

 

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What is CRM?

May 30, 2013Leave a comment

CRM – Introduction

CRM

CRM or Customer Relationship Management today refers to the methodologies, software and system capabilities that together help an organization practice effective customer management.

Theoretically, CRM is a term that encompasses all aspects of a Business-Customer relationship; the term “customer” also includes prospective customers.

Client interactions affect every function of an organization. Hence, an effective CRM system needs to span the entire gamut of organizational functions including sales, marketing, customer service, finance and quality. CRM, thus includes in it’s ambit both functions that are traditionally “associated” with customers (sales, marketing, customer service) and functions that are perceived to be “not associated” with customers, like finance.

CRM – Applications & Benefits

CRM enables an organization to:

  •  Identify and know their customers and their preferences : This involves collecting data (name, age, gender, preferences etc), about customers and prospects, and its meaningful segregation.
  • Adapt to the customer: An organization that understands its customers, can target them with appropriate products/services and even a personalized experience. Technology is the great enabler here. Imagine the reaction of a customer who logs into an online retailer’s and is immediately presented with the current “deals” on his favorite author’s books, or the DVDs of his favorite films, or whatever is his preference.
  • CRM also helps organizations keep track of evolving customer preferences, identify market trends and position appropriate products/services.
  •  Communicate effectively with the customer : Older customers are generally not very comfortable with “new-fangled” methods of communication like email, chat, sms or “smartphone apps”. The younger generation swears by them. A busy executive may prefer to be informed of new deals or product/service offerings via SMS and email rather than by a call. A prospective customer may learn of an interesting new product/service from a billboard advertisement. Every customer therefore needs to understood before the communication process sets into motion. CRM not only helps an organization use the appropriate delivery channel to reach its customers but also to reach them “ASAP”.
  •  Market/cross-sell to the customer:When an organization, via its CRM system, knows its target audience, it can tailor its catalogues accordingly and can effectively communicate with this audience, half, if not more of the battle to market/cross-sell is won.
  • CRM is also great at generating leads. Doubt it? Call JustDial requesting a retailer, of a specific product near you, and check the number of calls you receive within the next few minutes. The CRM integrates with the front-end or the customer interaction points, to throw up leads instantaneously.

CRM – The  Challenges

  • Customer engagement now involves a variety of digital- and tech-enabled modes, including email, chat and sms, besides the traditional modes of communication. The CRM should be able to integrate these delivery modes into its DNA.
  • The explosion of interest and involvement in popular social media sites places a unique set of challenges on organizations and their CRMs to not only engage with their audience via these sites but also derive usable data from such interactions.
  •  Organizations have become proactive in initiating engagement with their existing and prospective customers. Effectively managing the resulting massive flow of information and making meaningful use of it requires powerful software and robust system capabilities.
  •  Customers have become savvy. Retaining the loyalty of these customers requires organizations to display a high level of nimbleness in their response to changing market dynamics. The CRM implementation should enable the development of such capabilities in the organization.

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