Intermediate Accounting, Volume 2, 13th Canadian Edition by Donald E. Kieso t...
CRM and Social CRM
1. CRM & Social CRM
Angsuman Chakraborty
Relaso (Taragana Inc)
2. 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
3. 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
4. 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
5. Customer Relationship Management
In Peter F Drucker’s words, the purpose of business is to c rea te
and keep a c us to m er.
Today, when businesses are scrambling to get customers, the
importance of Customer Relationship Management (CRM) cannot
be ignored
6. 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
7. 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
8. On Demand CRM is Gaining Ground in
Company
India
Business Model in India
On
Hosted
Premise
• Most of the companies are
On exploring the best possible
Hosted marketing mediums including Mass
Premise
media, new media, marketing
On channels such as seminars, online
Hosted
Premise demos drive the volume of sales
and enquiry
Hosted • Tier I cities has the significant
share . Tier II cities are also
emerging as the destination for
Hosted CRM providers
• The demand for CRM solutions in
Hosted India is likely to be driven by large
organisations and SME
Hosted
9. 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
10. 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
11. 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
12. Sales Force Automation
● Tracking, recording & streamlining sales
process
● Sales forecast
● Business insight into opportunities, territories
● Workflow automation
13. Marketing
● Tracking & Measuring Multi-Channel
Campaigns
● Email, SMS, Search, Social Media, Telephone,
Direct Mail, Television, Newspaper etc.
● ROI Analysis
● Lead qualification & Lead Targeting
15. 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)
16. Business Analytics & Reporting
● Market Segmentation & targeted marketing
● Revenue projections
● ROI analysis of Campaigns
● Sales force performance monitoring
● Relative growth across segments
● ...
17. Communication & Collaboration
● Communication, communication & communication
● Customer
● Internal
● Leads to:
● Collaboration
● Cross selling
● Learning from others mistakes
● Motivation
● ...
18. CRM Failures 2001-2009
● 2001 Gartner Group – 50%
● 2002 Butler Group – 70%
● 2002 Selling Power, CSO Forum – 69.3%
● ...
● 2007 Economist Intelligence Unit - 56%
19. CRM Challenges
● Management
● Support
● Change Agent
● Vision & Strategy
● End User Adoption
● Total Cost of Ownership
● Time of implementation
● Customer Adoption
● New Challenge: Social Media
20. 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
21. 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
22. 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
23. 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
24. 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
25. 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
26. 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
27. Relationship Discovery
Significantly improves Lead
Conversion by
automatically discovering
(and informing about) real-
life relationships within your
existing contacts, customers
and leads.
CONFIDENTIAL
28. 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
29. 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