Here is the latest news update, we have been trawling the CRM news channels and blogs once again to get some of the latest stories and articles and include one of our own press release this week
MyCRM launch eMap 1.2 for Microsoft Dynamics CRM
“eMap 1.2 is the first release with the integrated data service giving access to over 60 million business records, and completes a milestone that has been in the plan for some time” stated Sales and Marketing Director, Alistair Dickinson
Why every business needs a CRM champion
In the industry, the person who takes responsibility for a company’s CRM strategy is known as the "CRM champion." This person doesn’t mess around; he or she knows that the main factor in the business’ profit chain is the customer.
The CRM champion must know all the ins and outs of the CRM system and should always be working on honing the company’s CRM strategy; otherwise, sales will suffer.
Here are some reasons every business needs a dedicated CRM champion:
- To keep CRM relevant at the executive level. The CRM champion works to bring the big picture of the CRM strategy to the executive level. He or she will work with every department to ensure that the strategy is effective and cost-efficient.
- To implement cost strategy. Implementing a CRM system and strategy can get expensive, and the CRM champion should focus on making sure that the process is successful in every way from conception to launch. As long as timelines, balanced budgets, and quality assurance are accomplished, there is success.
- To act as a liaison between tech and staff. Coordinating all operations for the CRM system implementation can be a challenge, especially when it involves so many different departments: sales, tech, management. The CRM champion should be able to speak tech just as easily as sales.
- To handle CRM-related questions. There has to be a go-to person when questions related to the CRM implementation come up, and that’s the CRM champion. He or she should be the ultimate authority on the project and be able to provide a realistic resolution.
The basics: analytical CRM
One of the newer terms in customer relationship management (CRM) is "analytical CRM," but what does this really mean?
In its purest form, analytical CRM is the process of supporting decision-making practises that increase the customer experience and improve customer interactions. Analytical CRM spans the gamut from data mining and simple reporting to predictive analytics.
What does analytical CRM entail?
The truth is, most companies already engage in analytical CRM and don’t even realise it; the simple act of reporting on activities fits the bill. Sales activity reports, conversion reports, or any other similar report is part of typical sales management and is considered to be analytical CRM, although just barely.
Analytical CRM isn’t just simple reporting. It does get a lot more complex. Massive, computing-intensive efforts that run automatically, email blasts based on pre-set customer criteria, and other actions, which are typically derived from predictive analytics, are also within the range of analytical CRM.
Reporting does a company good
In general, most companies would benefit from more robust reporting. While it is true that too much data can be a problem, using only the standard reporting tools from the CRM system is just the starting point. Every CRM system allows users to customise the reporting features to a certain extent, so managers should do so with more focus.
Having a solid summary and interpretation of information on every level is important to truly understanding the customer experience and improving the impact of CRM strategies overall. The key is to use customised reporting in small, incremental steps to truly garner the benefits of analytical CRM.
Learning from your customers
Companies spend vast amounts of money on customer relationship management (CRM), market research, and analytics to figure out what customers want. What many of these companies are not doing is simply asking their customers what they want. This is something that can go a surprisingly long way.
Remember, giving the client base a voice is an important way to enhance the overall customer experience. So, what are some good ways to source information from customers?
- Ask the customers directly. Taking the time to just ask customers what they want is well worth it. Managers may find that customers want to learn more about a particular product or service or they may want to see a new variant of customer service. Talking to customers and finding out what they want is a great way to learn from them and also a great way to build loyalty.
- Find out what your customers are reading. Integrating some marketing automation software into the CRM system can help correlate content downloads with sales and make connections as to what might be a trigger. Often, a buyer’s online journey begins with some piece of content and ends with a visit to a site, resulting in a sale. If businesses know what their clients are reading, they may be able to reach even more potential customers.
- Talk to the sales team. There is no other department that deals with customers more frequently, so talk to the sales team. The sales staff typically knows what customers are thinking about during the sales process. It may also be a good idea to use the sales team to find out more from the customers, which goes back to the first point. Have the sales people ask if there is anything that could have helped make the process easier.
Businesses have an obligation to keep their customers as informed and appreciated as possible while providing the best in services or products. The customer experience is based on the interaction between client and company, so take advantage of it and learn from it.
Common CRM mistakes and how to avoid them
Sometimes, the customer relationship management (CRM) strategies a business implements just don’t seem to be working, even with all the tools, analytics, and technology available. Every manager knows that when the customer experience leaves a bad taste, business suffers.
Here is a look at some of the most common CRM mistakes and what managers can do to rectify them.
- Conducting business piecemeal. It’s obvious when companies are doing things half-heartedly. Simply installing a CRM system doesn’t solve the issue; implementing best practises and focusing on customer service goes a long way.
- Not taking a holistic approach. All too often, marketers think about individual campaigns, not the big picture. A strategy with a proactive approach to customer service actually enhances the customer experience. This means maintaining customer service beyond the sale.
- Using poor data. Many customers are savvier than business owners think. It is time to improve the quality of data and shift from a transaction-based data set to an opt-in preference-based data set to drive personalised communications and offers.
- Using the wrong metrics to measure success. Today’s customer typically judges a company based on the overall experience, not just the product. So, businesses should stop looking at short-term sales and ROI from single campaigns and start looking at performance over time.
Boosting the bottom line isn’t just about numbers, it’s about experience. That is precisely why a strong CRM strategy is required. Businesses should try to understand the customer journey from the customer’s perspective to truly satisfy their needs.
MyCRM limited are a managed service CRM provider of Microsoft Dynamics CRM, currently in our 5th year of trading with customers in 26 countries. We can provide either a full managed service platform based on Microsoft technology or have a range of software extensions though our App Store which enables end organization’s to adapt and extend their CRM systems. We have a full in house product design and development team, along with support and service team to help organization get the best from their Microsoft Dynamics CRM implementation.
App Store http://downloads.mycrmgroup.com/