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A relative of mine works for a corporate firm on CRM (Customer Relationship Management) software

Extracts from this document...

Introduction

Date __________________________ This alternate plan paper has been examined and approved. Examining Committee: ________________________________________ ________________________________________ ________________________________________ TABLE OF CONTENTS Chapter I. INTRODUCTION ......................................1 Current market talk. ....................................3 Approach of study ......................................4 Goal of study.............................................4 Key terms................................................5 II. PEOPLE ..................................................6 Importance of people component.....................7 III. PROCESS.................................................8 Importance of Process component....................11 IV. TECHNOLOGY........................................12 V. CRM SOFTWARE VENDOR SELECTION.......14 Functionality requirements...........................14 Technical requirements.................................15 VI. CONCLUSION..........................................19 Glossary...................................................19 CHAPTER I INTRODUCTION A relative of mine works for a corporate firm on CRM (Customer Relationship Management) software. He told me that their company is doing well with their CRM initiative while most of the other companies, using different software, are not achieving their goal of customer satisfaction. That gave me a big click of interest towards my research topic and I came up with a research questions as "How to avoid CRM failure?" and how to choose a best CRM software vendor? Customer Relationship Management is an interactive process for achieving the optimum balance between corporate investments and the satisfaction of customer needs to generate the maximum profit. CRM refers to management of all interactions with customers in which the enterprise indulges. Its main focus is on managing and optimizing entire customer lifecycle. The customer lifecycle revolves around marketing, sales and customer service. According to Jill Dyche (2002), CRM promises to help companies get to know their customers well enough to understand which ones to keep and which ones they should be willing to lose and why -and how not to overspend in the meantime. CRM also means automating many of the business processes and accompanying analysis and saving precious time in the bargain. Today's companies are interacting with consumers at unprecedented levels and across different channels, such as E-mail, text chat, and multi-functional call centers. Marketing, sales and customer service are commonplace for CRM, so it is essential to acquire new customers and retain those who have high value, since customers have real value to the company's success. ...read more.

Middle

This infers that to increase the efficiency of customer-facing processes, organization need to rely first on internally generated processes, properly train the staff on new or modified processes, and only then look into CRM technology as a tool to help make the process successful. Dyche (2002) asserts that most of the websites have some sort of personalization technologies to tailor messages to individual customers when they access their personal data each time they visit the site. For example, when user logs onto a favorite audio website, the site greets them with "Hi, Joe, Welcome back! We have your new favorite CD's available for you!" These kinds of technologies enable the analysis of individual customers over time and on different websites where customers have registered. This is achieved by using customer profile entries, previous purchases and web survey responses. For example which product is the customer most likely to purchase and is the customer at risk and thus deserving of some kind of discount or offer to lure and bring him back, a personalized message reflecting the results of that analysis is then provided when the customer visits the website again. Dyche (2002) observes that, personalization can follow information, if a customer responded for a discount on sports shoes; it is likely that he will be interested in other sports wear. So according to the customer's behavior data the CRM process should send personalized messages when the user is visiting the website next time. This would give better understanding of customers and their preferences to build effective customer relationship with the company. Analyzing the click stream of a customer on the web will lead to several new tactics to understand the behaviors of the customer. For instance, recording and observing the navigation patterns and, discount based purchasing patterns of the customer; web pages can be customized according to the customer's use of site. Hubley (2002) ...read more.

Conclusion

If the purchasing company is satisfied after listening to the answers for the above questions then the decision maker should request for evaluation copy of the software to test and confirm the functionality of product offerings. Prime evaluation goal of decision maker should be to verify that the product will deliver profits that or equal to the cost or more. CHAPTER VI CONCLUSION For success of any CRM initiative proper mix of people, process and technology is essential. This study gives basic understanding of the above components and a na�ve decision maker will get good knowledge to deal with the competent CRM vendors in the market. The goal of this study is to give a brief idea of what are the market facing problems on CRM and what makes good decision maker to implement CRM software successfully. Glossary: * CRM initiative: Choosing and implementing the CRM software is known as CRM initiative. * Decision Maker: Could be any corporate executive or a manger whose responsibility is to choose a CRM software vendor REFERENCE LIST Goldenberg, J. Barton (2002). CRM Automation. Prentice Hall PTR. Jusko, Jill (2001, July). What is CRM? Industry week, 250, I10. Taschek, John (2001, October). How to avoid CRM failure? Retrieved October 10, 2002 from http://www.eweek.com/article2/0,3959,18524,00.asp Dyche, Jill (2002).The CRM Handbook. Addison-Wesley Pearson Education SCN Education B.V. (Eds). (2001). Customer Relationship Management: The ultimate guide to the efficient use of CRM. Hottguide. Sales and Marketing Management-S&MM (2002, January 1). CRM: The failures are your fault. Retrieved November 16, 2002 from the World Wide Web http://www.selltis.com/newssalesandmarketing20020103.htm Sullivan, Tom (2001, February). Software selection process. InfoWorld magazine. Robert, M., Deanne, M., John, A. W. (2001). Emerging Technologies for Enhancing Supplier-Reseller Partnerships. Retrieved December 11, 2002 from World Wide Web http://www.sciencedirect.com/science?_ob=MImg&_imagekey=B6V69-42BTKST-23&_cdi=5809&_orig=browse&_coverDate=02%2F28%2F2001&_sk=999699997&wchp=dGLbVzblSzBS&_acct=C000043018&_version=1&_userid=776986&md5=dc3b050988e40666b4698d136219cf4f&ie=f.pdf Siebel systems (2002).Implementation best practices: Ensuring Customer success Retrieved December 11, 2002 from World Wide Web http://www.siebel.com/bestpractices/implementation.shtm# Perkins, Bob. (2001). The Truth about CRM Software Satisfaction: Leveraging the Economy of Trust. Retrieved November 11, 2002 from http://www.crmguru.com/crminsight/2001c/0927.htm#2 Hubley, Jen. (2002). Personalization tops privacy as key concern for e-mail marketers Retrieved December 12, 2002 from http://searchcrm.techtarget.com/originalContent/0,289142,sid11_gci790282,00.html ?? ?? ?? ?? i ...read more.

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