CRM and Social CRM

CRM & Social CRM

Angsuman ChakrabortyRelaso (Taragana Inc)

Contents

● About us● What is CRM?● Why do you need CRM?● How can you leverage CRM?● What is Social CRM?● Pros and Cons of Social CRM● Summary● More information

About Angsuman Chakraborty

● Over 16 years of industry experience in architecting, leading & developing Software products for Fortune 500 to startup companies in USA & India

● B.Tech (Honours) IIT Kharagpur

● Co-Founder Taragana Inc

● Chief Software Architect at DoubleTwist Inc.

● Consultant Architect Millipore Inc.

● Product & Technical Lead for Extensity Expense Report (flagship product) and Travel Plan products, Tech. lead for Timesheet product – three products which lead to very successful IPO of Extensity in 2000

● Sun Certified Java Architect

● Senior Management Course from AMA

Taragana Inc

● Develop Software products & services

● Few notable clients: ● Invitrogen Inc.● Millipore Inc.● Scripps Research Laboratories● 720.com● Jotmate Inc.● SciMagix Inc.

● Worldwide customers base (over 2000) for Machine Translation Software

Customer Relationship Management

In Peter F Drucker’s words, the purpose of business is to c reate and keep a c us tomer.

Today, when businesses are scrambling to get customers, the importance of Customer Relationship Management (CRM) cannot be ignored

What is CRM?

● Customer

● Increase customer satisfaction

● Add new customers

● Increase sales from existing customer

● Relationship with

● Existing Customers

● New prospects

● Management

● Tracking

● Analytics

● Reporting

● Automation

Why CRM: As Growth Drivers• Today, getting new customers is a problem. Retaining them is even more

hard, which is in direct proportion to the growth factor of CRM

• The need for the companies to optimize marketing spend and deliver offerings in a more defined manner

• Customer delight gaining more and more importance

• CRM application provides an effective way to enable cross-selling

• With increasing competition in all sectors of industry companies with more customer awareness will gain

• Growing SME segment which has lower propensity to spend on marketing would rely on CRM software

• Growing service industry which banks on customer knowledge for growth

On Demand CRM is Gaining Ground in India

Company Business Model in India

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On Premise

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On Premise

• Most of the companies are exploring the best possible marketing mediums including Mass media, new media, marketing channels such as seminars, online demos drive the volume of sales and enquiry

• Tier I cities has the significant share . Tier II cities are also emerging as the destination for CRM providers

• The demand for CRM solutions in India is likely to be driven by large organisations and SME

Why CRM

● Increase customer satisfaction● Loyal customers● More repeat business● More cross selling opportunities● Word-of-mouth advertising

● Cost reduction● Self-service● Eliminate manual data entry & notifications● Automate workflow

Why CRM

● Shared information● Leverage new prospects● Cross selling● Analytics

● Record of all interactions● Maintain commitments● Legal (SOX, J-SOX, Bill 198 etc.)

● Business Analytics & Reporting

Legal Requirements

● Key financial processes● Marketing discretionary spending● Sales revenue recognition● Service credits and product returns

● Audit Trail● Monitoring business activities● Tracking cost and revenues

Sales Force Automation

● Tracking, recording & streamlining sales process

● Sales forecast● Business insight into opportunities, territories● Workflow automation

Marketing

● Tracking & Measuring Multi-Channel Campaigns● Email, SMS, Search, Social Media, Telephone,

Direct Mail, Television, Newspaper etc.● ROI Analysis

● Lead qualification & Lead Targeting

Relationship Marketing

● Stage based● Awareness → Comparison → Transaction →

Reinforcement → Advocacy

● Trigger based● Automation

RFM

● RFM is used to analyze customer behavior and define market segments. It is particularly popular in retail.● Recency – How recently the customer purchased● Frequency – How often he purchases● Monetary value – How much does he spend?● Categorize attributes (CHAID)

Business Analytics & Reporting

● Market Segmentation & targeted marketing● Revenue projections● ROI analysis of Campaigns● Sales force performance monitoring● Relative growth across segments● ...

Communication & Collaboration

● Communication, communication & communication● Customer● Internal

● Leads to:● Collaboration● Cross selling● Learning from others mistakes● Motivation● ...

CRM Failures 2001-2009

● 2001 Gartner Group – 50%● 2002 Butler Group – 70%● 2002 Selling Power, CSO Forum – 69.3%● ...● 2007 Economist Intelligence Unit - 56%

CRM Challenges

● Management● Support● Change Agent● Vision & Strategy

● End User Adoption● Total Cost of Ownership● Time of implementation● Customer Adoption● New Challenge: Social Media

CRM Challenges: End User Adoption

● A well cited study by AMR Research found that even among top CRM vendors, 47 percent of companies reported serious challenges with end-user adoption that often put projects in jeopardy.

● Analysis shows that CRM implementations that do not make daily tasks more productive for individuals will not see corporate benefits.

- http://www.crmlandmark.com/survey_crmfailures.htm

CRM Challenges: Social Media

● Most CRM Software designed in pre-Social Media Age● Social Media is sometimes added as an after-thought

which conflicts with existing paradigm● Social Media gives control to common users

● Disrupts command and direction of traditional communication

● Requires rapid response time● Corporates cannot “muscle in” on social arena● Amplifies voice of people in marketplace and

profoundly affects buying patterns

Opportunities in Social Media

● Opportunities● Positive viral effects can be leveraged to market to

a large audience with minimal budget which also gives more power to newer, less-funded competition

● Ability to forge long term relationships with large group of people easily

● Source for high quality leads

● Traditional CRM is ill-equipped to handle Social Media challenges and leverage opportunities

Relaso Social CRM

● Lead, Contact & Business Management

● Task, Event & Todo Management

● Opportunity Management

● Marketing Campaign Management

● Social Media & Blog Management

● Online Brand Monitoring & Management

● Unified Communication & Collaboration

● Customer Service Management

● Document Management

● Defect & Feature Tracking & Management

● Business Rule & Workflow Management

● Extensive Reporting with Custom Report Creation

Why Relaso?

● Significantly improved ease of use

● Intuitive natural user interface● Eliminate repetition● Integrate data from various existing sources + Open API

● Unified solution

● Piecemeal solution to related Enterprise components like CRM, Customer Service, Document Management, Social Media Monitoring & Management, Defect Tracking System etc. increases complexity and cost

● Seamless Social Media Integration

● Traditional CRM wasn't designed for Social Media and doesn't cope well, if at all, with customer-led communication in Social Media

Why Relaso?

● Relationship discovery for prospects● Single communication interface for leads,

customers, team members integrating Email, SMS, Phone, Web, Twitter, Facebook, LinkedIn, Blog

● CRM Accessibility from Web, Mobile (900Rs phone to Smartphones) with or without internet access, Email, iPad like devices

● Multi-lingual

Why Relaso?

● Relationship discovery for prospects● Single communication interface for leads,

customers, team members integrating Email, SMS, Phone, Web, Twitter, Facebook, LinkedIn, Blog

● CRM Accessibility from Web, Mobile (900Rs phone to Smartphones) with or without internet access, Email, iPad like devices

● Multi-lingual

Relationship Discovery

Significantly improves Lead Conversion by automatically discovering (and informing about) real-life relationships within your existing contacts, customers and leads.

CONFIDENTIAL

Multi-Lingual

● Add data in your own language

● Use multiple languages in same account, even by same user

● Search across languages

● Localization of user interface

CONFIDENTIAL

CRM – A Summary

● CRM has addressable challenges● CRM is a process, not just a technology● CRM today is a requirement not a luxury for

most business

Resources

● Review of CRM failures http://pi.vu/GuH● CRM Success Factors http://pi.vu/Gum

● Taragana http://taragana.com● Relaso http://relaso.com