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What Is CRM
Customer Relationship Management Becoming a common and important concept in many industries Beyond mere Contact Management Knowing the customer and the Touch points Single undertaking view of customers Most industries have CRM software to help sales process, on-going service, and even accounting
Customer Definitions
External Customers - Customers we do business with outside our organization. Internal Customers - The people we work with throughout our organization. Customer Attributes - Characteristics that allow customers to be categorized according to demographic, psychographic, or firmographic information.
Demographic Information
age income marital status education stage in the family lifecycle home ownership
sex ZIP code occupation household size mobility patterns ethnic background religion
Psychographic Information
lifestyles modes of living needs motives attitudes reference groups culture social class family influences hobbies political affiliation etc.
Firmographic Information
Characteristics about a company such as:
how many employees they have; the kind of business they are in; whether they are retail, wholesale, or a service provider; their hours of operation
Levels of Expectations
Primary expectations: the customers most basic requirements of an interaction. Secondary expectations: expectations based on our previous experiences that are enhancements to our primary expectations.
Reputation Management
The process of identifying how a company is perceived and establishing an action plan to correct, maintain, or enhance the companys reputation.
Credibility
Made up of the combination of our current knowledge, reputation, and professionalism.
Discussion
What are some examples of customer service? What are some issues about customer service?
Customer Intelligence
The process of gathering information; building a historical database; and developing an understanding of current, potential, and lapsed customers.
Methods of Communication
Listening: The ability to hear and understand what the speaker is saying. Writing: Communicating by using the written word so that others can understand the intended message. Talking: Speaking, using words and terminology that others can comprehend. Reading: The ability to look at and comprehend the written word. Nonverbal communication: Tone and inflection of voice, facial expressions, posture, and eye contact. Nonverbal communication can contradict the message conveyed through another method of communication.
Challenging Customers
Those customers with problems, questions, fears, and personalities that require us to work to achieve true communication.
Discussion Question
What are some characteristics of challenging customers? How do avoid creating challenging customers?
Respect
To give someone special recognition or regard.
Empathy
The ability to understand what someone is experiencing and to take action to assist in resolving the situation.
Responsibility Check
Assessing a situation and determining who should have responsibility and who really does have the responsibility.
Listen Ask questions Show empathy Solve the problem Follow up End on a positive note
Relationship Marketing
Cultivating a lasting and mutually beneficial connection with customers.
Customer Retention
The continuous attempt to satisfy and keep current customers actively involved in conducting business.
Defection Rate
The percentage of customers who leave a business in one year.
Examine who your customers are and what specific needs they have. Identify specific objectives to be realized by the program. Create a manageable program of customer retention. Create a culture that stimulates customer interest. Determine a timetable for evaluation.
A Working Definition
The Plan and Practice of managing the lifetime relationship with your customer. The Plan: Every successful endeavor requires proper planning. Successful CRM rarely happens by chance. Many organizations jump to implementation w/o proper planning. The Practice: Systematic implementation of your plans. Should produce measurable results. Should be evaluated and refined over time.
Each time your company interacts with a customer is a touch point. Can we name a few Guest Touch Points?
Touch Points
Are they planned? Managed? Documented? Are all touchers properly trained? Enroll your complete staff in the vision. Any way to increase the effectiveness of the touch? Any way to increase the number of touches?
General Statistics
The average business never hears from 96% of its unhappy customers, 91% never come back Those people will tell a minimum of 4 other people, Getting a repeat customer from this group is 1 in 11, Dissatisfied customers may tell 9-10 people about their experience, For every positive they tell 4-5 people, For every complaint received the average business in fact has 26 customers with the similar concern,
General Statistics
Of the customers who register a complaint, as many as 70% will do business again with your organization if the complaint is resolved effectively,
This figure goes up to 95% if the complaint has been resolved quickly,
40% of complaints are the result from customer mistakes or incorrect expectations, A complaint that is handled efficiently is actually better than no complaint at all,
Customers who complain and get satisfactory results are 8% more loyal than if no complaint at all,
Why customers quit-how to win customers and keep them for life
1% die 3% move away 5% develop other friendships 9% leave for competitive reasons 14% are dissatisfied 68% quit because of an attitude of indifference
Customer Relationships
To
Customer Differentiation
R = annual revenue received from a loyal customer i = the relevant interest rate or opportunity cost of money per period N = the number of periods in which a customer makes purchases
CRM Misconceptions
CRM is the solution that will solve a companys customer problems CRM is the Internet CRM means scoring and measuring customer value CRM is a sales person productivity tool
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