In today’s world of Customer Relationship Management (CRM), the “in” thing is eCRM (Electronic Customer Relationship Management). It is almost impossible now for organizations to grow and enhance business without taking to the web and relying only on traditional techniques. It is vital for them to evolve with the trending technologies and adapt to eCRM, be it B2B or B2C organizations.
eCRM system basically possess distinctive features which maintain customer – business interactions associated with internal processes spanning various domains for different operational and analytical reasons. It focuses on execution with a single set of data and business rules as defined in the organization and manages customer interaction with any kind of channel i.e. any media on the internet. Electronic CRM now has become a significant survival requirement rather than a medium to spice up competition. It makes use of technology with varied ways and attempts to imbibe CRM in the manner enterprises conduct their own workings. The bottom line of eCRM is to enhance customer relationships and not just substitute for important relationships.
When we talk of successful relationships with customer, it basically lies in giving a little more than expected. This is very much important for the success of a business since the cost factor for developing a new relationship is any day expensive than maintaining existing relationships.
As per traditional methods, no longer are telephones and contact centres the only ways to increase customer relationships. The business runs now by virtual marketing like blogs, Twitter, emails, IMs and many more.
Key Objectives of eCRM:
- Enhanced Customer Reliability
The major goal for an efficient eCRM system is to facilitate easy communication between the organization and its customers on a standard note, regardless of the means of communication. With a standardized transaction history and customer database, it eases out working out on the total cost of maintaining relationship with an individual customer. It also lays forward the point that all customers are not on a single level and should be treated as per their individual characteristics and requirements. This is sure to increase the customer loyalty and satisfaction.
- Efficient Marketing Strategies
Because it becomes an easy and effective mechanism to predict customer needs and requirements, organizations can create better, organized and planned marketing strategies for desired products to attract the relevant customer range based on the product likings. Set with targets and campaigns, these eCRM strategies can work wonders with proper analysis of customer data and a detailed impact analysis on the sales and profitability. Based on the similarities and needs, customers can be grouped and marketing strategies could be applied to them, as per targets.
- Superior Quality Customer Service and Support
Because an eCRM system creates a unified customer database, it lets the organization serve customer requirements at its best and with a lot of ease and efficiency. It eliminates the large time gaps that can be created owing to lack of customer information. Technologies like live help, search engines, news feeds, content management are a few of the many to facilitate customer relationship management.
- Increased Efficiency with controlled Total Cost of Ownership
One the major techniques by which data can be culminated into a single source is Data Mining, which brings forward varied teams like marketing, sales etc. to share information and march ahead to fulfil common organizational objectives. No wonder, this would lead to a reduction in the total cost factor also.
Different CRM Categories
Operational CRM: It links with the most generally used front end and customer service. It handles the entire online user experience and also presents different contact channels available.
Analytical CRM: It is based on analysis of data done by the available customer information based on sales and marketing decisions. Inclusive of Data Mining, web analysis and data optimization, there are many techniques in order to predict customer behavior and work accordingly.
Sales Force Automation: One of the key areas where CRM plays an important role is Sales Force Automation (SFA). When it comes to managing sales cycles for sales staff and collect customer base data, eCRM software would certainly ascertain lead management, analytical and detailed reporting and many other features.
Collaborative CRM: This type of CRM talks about an amalgamation of customer data from different sections of an organization instead of letting departments collects their own data. With a customer centric experience, this type of solution promotes centralized decision making.