CRM Project Implementation
The concepts of data warehousing can be effectively employed to achieve goals. The Oracle Business Systems Paper on Analytical Relationship Management for Business and Insurance has identified four simple steps of analytical CRM to include information, analysis, campaign execution and enhancement as follows:- Information.
The process of information involves populating a dedicated marketing repository of customer information from the transactional business systems, applying business rules to derive add on business intelligence, append external business intelligence and demographics and establish simple and repeatable process for populating the marketing repository as well as setting up a regular automatic refresh for real time intelligence. Analysis.
The analysis includes analysis and segmentation of information by value points, using predictive modeling to identify repeated trends and patterns, identification and integration of account relationships and consolidation of balance information by customer household and making allocations. Campaign Education. This aspect will involve creating and launching marketing campaigns, refining these seamlessly based on tracking and feedback, measuring response success of individual campaigns and the overall success of the campaigns including the return on investments.
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This should also enable seamless integration with the concepts of operational relationship. Enhancement. The enhancement step involves capturing response and outcomes, enhancing customer intelligence in marketing repository, improving overall customer intelligence and communicating the cross sell opportunities. Collaborative CRM enables interactions with the customers employing a large number of channels available such as letter, fax, phone, web, e-mail and personal contacts.
It establishes close touch of the customer with the company and thus attains effective customer interactions across all functions, enables web collaboration and provides multi channel conversations with the customer. The final stage of collaborative CRM is an outcome of the analysis carried out in the first two phases. To what extent, Chinese companies are able to conduct this facet needs detailed evaluation. CRM Project Implementation. A number of techniques have been suggested for implementation of the CRM project.
Implementation of a successful client relationship project has six elements to include client relationship, relationship/ project initiation, planning, implementation, close out and application/ service plan. (Po-Chedley, 2001). The solution has to be delivered based on a study of all issues related to a client. Thus initially a client’s history is analyzed to enable full scale understanding. There after a plan is designed to secure ownership from the stake holders.
Promotion of a strong communication link is of significance particularly in the modern communication heavy era where selection of a particular link as the best source of media with a client is critical. This is so as a client is best known to respond through the medium with which he is most comfortable. The close out of a project and acknowledging individual and team performance is the final stage envisaged. There are a number of practical tools which are available for moving the effort forward. These include the following:- Decision Matrix.
A decision matrix enables establishment of good relationship with the key stakeholders at the right time. It also ensures that these have the information at the right time. Stakeholder Analysis. The aim of this tool is to ensure that the right people are involved at the right time so that proper relationships are developed for their support to the project. Guide of Customer Habits. Guide on customer habits and the communication preferences are provided to appropriately target the community. Communication Matrix. The communication matrix provides the information on what is required by the customer and how does he want to receive the same.
Relationship Extension Plan. The relationship extension plan enables identification of opportunities to continue serving the client even after there are indications that he is satisfied, this enables building and sustaining a long term relationship. CRM project implementation by Chinese companies can be carried out using this model and the various tools suggested. The various means of implementation of a CRM solution which can be employed by Chinese companies to foster growth and development of a client base thus need examination. Ecommerce as a Tool for CRM.
Employment of e commerce as a tool for expanding the CRM network has been highlighted by various specialists in the field. One such exposition is by Karen Thuemer. (2002). The examples quoted by the author are essentially from the field of manufacturing which is traditionally considered as a non knowledge intensive area. However marketing of manufacturing is particularly suitable for CRM through the e commerce mode. This has enabled such businesses to transform from a static bricks and mortar structure to a powerful e commerce based dominant player in the industry.
Thus enabling them to overcome market pressures, defeat competition and achieve growth. Amongst the factors which are enabling manufacturers to achieve this is the tool of CRM. This is said to provide the companies the opportunity to serve the customers better through collection of information at a variety of points and then effectively integrating it to understand the needs of the customers. The full spectrum dash boarding of information through out the company adds particular value to use of CRM in manufacturing. This will enable better contact with the customer by each and every employee who gets an opportunity to interact with him.