Group 6 What is CRM Seriously, what even is CRM? CUSTOMER RELATIONSHIP MANAGEMENT Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business Customers expect CRM to Improve service quality & Retain long-term customers (according to TDWI) 02 What are the components of CRM? Spoilers, there’re 8 of them 02 CRM Components Analytics Business Customer Service Reporting HR & Lead Management Marketing Sales force and Workflow Automation 07 • Unified customer profiles • automating repetitive administrative tasks Streamlined communication and smoother collaboration: • consolidate customer information gathered • always easier to encourage repeat purchases and/or expand contracts than it is to win over new prospects • best customer service • Gaining new customers comes at a cost. • Automating repetitive tasks • know exactly what stage of the purchasing process each prospect is in •Ensure their pipeline is full of highly qualified leads and prospects Aids in streamlining a business's customer relationship management procedures. They offer capabilities to more effectively visualize and manage the entire client experience, even when it has a lot of touchpoints. Starting with their initial contacts with your company's website, continuing through the entire lead management process as they advance through the sales pipeline, and concluding with their actions once they become customers, that is how you may influence them. Marketing Automation Operational CRMs simplify and streamline timeconsuming and manual tasks for marketers with the help of marketing automation. They streamline time-consuming tasks including organizing email campaigns, dispersing content offers, and mass contacting contacts. Some CRMs can also deliver marketing data, monitor the effectiveness of online advertisements, and give businesses comprehensive lead analysis. Some even assist companies with harder, more specialized marketing techniques like SEO and blogging. Sales Automation Sales reps can spend more time talking with prospects and acquiring customers by using sales automation, which is designed to automate a company's sales process. Processes like lead email scheduling, systems that let prospects plan appointments with salespeople, and capabilities to track sales calls are all examples of sales automation. •By allowing workflows that let sales representatives rotate leads, assign contacts, and generate deals and tasks quickly and automatically, many operational CRMs also make life easier for sales people. Additionally, operational CRMs frequently provide capabilities like lead prioritizing that is less complicated and sales record production that is more visible. Service Automation The last element of the operational CRM puzzle is service automation. Its goal is to assist a business in giving clients an amazing experience, maintain their loyalty, and persuade them to spread the word about the business's brand. Service automation almost creates a foundation for direct communication between service representatives and clients. This can entail organizing live chats and putting up chatbots, or it might entail creating inboxes that compile consumer communications. •Through ticketing systems, service automation also offers means to assign service jobs to reps. Other aspects that are frequently related to service automation include a knowledge base and FAQ sites. Handling customer-facing communications as it help businesses manage their daily sales, marketing, and customer service operations Centralizes client information so that marketing, sales, and service personnel can access it. Service representatives will be more equipped to help clients with difficulties if they have access to all of their conversations with them, their purchases, their service requests, notes, and other information. CRMs that work in collaboration can even take automatic action on this data to speed up service. A process called interaction management Interaction Management keeps track of all client contacts, whether they take place over the phone, by email, social media, in-person, or through other means of communication. A business can log this kind of correspondence and make team notes about it using interaction management. Then, other business units can distribute this information throughout the company. Channel Management Interaction management is expanded upon by channel management. It is the process of identifying and ultimately pursuing the communication channels that best suit client preferences utilizing the data obtained and analyzed during interaction management. Connecting multiple teams and improving customer loyalty, as it gives a 360-degree view of the customer journey from prospect to customer support Aggregate consumer data from several sources to reveal patterns that are often hidden to the human eye. This aids companies in seeing, comprehending, and profiting from consumer patterns and behavior. The information acquired can be utilized to improve customer service, create marketing efforts that are more effective, and produce and convert more prospects. Additionally, it can aid with tasks like budgeting, reporting, and pipeline and sales forecasting. Many analytic CRMs include a data Data Warehousing warehouse as a form of database. It offers one of the best systems available for gathering, integrating, and getting customer data ready for analysis. A data warehouse consolidates both recent and old data into one location and streamlines operations like data extraction and analysis compared to more traditional databases. Online Analytical Processing (OLAP) tools. It’s a category of tools used to analyze data stored in databases. These tools are used to evaluate multidimensional data from OLAP Tools multiple perspectives. OLAP technologies allow the business to analyze all of those dimensions simultaneously rather than separately for each one. Businesses can use OLAP solutions to see how visitors to their website behave over specified time periods in particular geographic areas. •In the end, an analytical CRM uses OLAP technologies to verify assumptions that may have been developed from data gathered by its other components. 06 07 2021: 365.82 billion US dollars 2005: 13.93 billion US dollars 3 quarters of 2022: 365.82 billion US dollars
