CRM (MIDTERM) Flashcards
Business Benefits of CRM (CRM enables an organization to:)
*Provide better customer service.
*Make call centers more efficient.
*Cross sell products more effectively.
*Help sales staff close deals faster.
*Simplify marketing and sales processes.
*Discover new customer.
*Increase customer revenues.
RFM stands for:
Recency
Frequency
Monetary Value
AIDA stands for:
Attention
Interest
Desire
Action
Percent that know you are advertising.
Attention
Percent that want to know more.
Interest
Percent that want the product.
Desire
Percent that will buy the product.
Action
CRM stands for:
Customer
Relationship
Management
The Evolution of CRM
*CRM reporting technology
*CRM analysis technologies
*CRM predicting technologies
it helps organizations identify their customers across other applications.
CRM reporting technology
it helps organization segment their customers into categories such as best and worst customers.
CRM analysis technologies
it helps organizations make predictions regarding customer behavior such as which customers are at risk of leaving.
CRM predicting technologies
3 Phases in the Evolution of CRM
Reporting
Analyzing
Predicting
Operational & Analytical CRM
*Sales Systems
*Marketing Systems
*Customer Service Systems
3 Marketing and Operational CRM Technologies
1.List Generator
2.Campaign Management System
3.Cross-selling and up-selling
Complies customer information from a variety of sources and segment the information for different marketing campaigns.
List Generator
Guides users through marketing campaigns.
Campaign Management System
Selling Additional products or services.
Cross-selling
Increasing the value of the sale.
Up-selling
A system that automatically tracks all of the steps in the sales process.
Sales and Operation CRM
3 Sales and Operation CRM Technologies
1.Sales Management CRM System
2.Contact Management CRM System
3.Opportunity Management CRM System
Automates each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts.
Sales Management CRM System
Maintains customer contact information and identifies prospective customers for future sales.
Contact Management CRM System
Targets sales opportunities by finding new customers or companies for future sales.
Opportunity Management CRM System
3 Customer Service and Operational CRM Technologies
1.Contact center (Call Center)
2.Web-based self-service system (Click-to-talk)
3.Call scripting system
Common Features Included in Contact Centers
1.Automatic call distribution
2.Interactive voice response(IVR)
3.Predictive Dialing
CRM Success Factors
1.Clearly communicate the CRM strategy
2.Define information needs and flows
3.Build an integrated view of the customer
4.Implement in iterations
5.Scalability for organizational growth
Current Trends: SRM, PRM, & ERM
Supplier Relationship Management (SRM)
Partner Relationship Management (PRM)
Employee Relationship Management (ERM)
