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ARTICLE BY B C THIMMAIAH
1.
8 Page 8-11
© MAT Journals 2021. All Rights Reserved e-ISSN: 2582-7804 Volume-2, Issue-2 (July-December, 2021) Journal of Sales, Service and Marketing Research www.matjournals.com Shifting Paradigms on Strategic Customer Relationship Management Thimmaiah Bayavanda Chinnappa1 , N. Karunakaran2* 1 Assistant Professor, 2 Principal and Research Guide in Economics, People Institute of Management Studies (PIMS), Munnad-Post, Chengala, Kasaragod, Kerala, India *Corresponding Author: narankarun@gmail.com ABSTRACT Customer Relationship Management systems must do more than just help organizations, track their customer interactions, they must also help them effectively analyze this information, spot trends and opportunities, and drive actions to profitable outcomes. They then need to be able to effectively enable their sales force with information in order to keep them focused on the hottest opportunities, the best customers and key accounts. Keywords: Customer, relationship, management, strategic INTRODUCTION Nothing can impact the health of a business more quickly than the effectiveness of its sales force and its relations with its customers. While most organizations today recognize the value of customer relationship management, many of the so called customer relationship management systems in place are nothing more than glorified contact management applications. But if companies hope to obtain maximum value from their investment in CRM systems they need to focus on the strategic role CRM can play in better enabling companies to identify, select, acquire, develop, and retain customers [1]. In addition, this information needs to be integrated throughout the organization. Tailored Strategic CRM solutions provide a host of benefits, including: Improved communication between corporate and field sales. Support for identifying accounts for sales campaigns. Drive greater opportunities by keeping focused on major accounts. Identify profitability and cost of servicing of key accounts. Turn information into knowledge through a tested, structured process for assessing account. Help successfully qualify and manage opportunities. Use automated gap analysis tool to quickly identify strengths and weaknesses. Improved field sales force access to key corporate and account data supports team-based servicing of major accounts. MATERIALS AND METHODS Implications of strategic customer relationship management are analyzed with various reports and articles as reference. RESULTS, ANALYSIS AND DISCUSSION Strategic Customer Relationship Management: Meaning: It is a complex set of activities that together form a basis for a sustainable and hard to imitate competitive advantage; and shapes interaction between the company and customers to allow maximization of lifetime value of customers. This also recognizes the difference between customers with respect to economic value to firm as well as their expectations from the firm [2]. Importance of SCRM: A strategic CRM approach involves collaboration between company departments to facilitate an ongoing real time customer information flow. Sales management, technical support, and the marketing department must share the information they gather during the various opportunities they engage customers. Strategic Customer Relationship Management (CRM) anticipates rapid growth (or even steady growth) scenarios effective and responsive
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© MAT Journals 2021. All Rights Reserved e-ISSN: 2582-7804 Volume-2, Issue-2 (July-December, 2021) Journal of Sales, Service and Marketing Research www.matjournals.com customer support gets lost [9]. CRM is designed to coordinate multiple channels of support for the customer in ensuring problems, questions, and feedback are continuously administered, when a customer needs help quickly. Knowing customer profiles, history, and preferences is a best business practice that confirms for both the loyal and new customer that their supplier cares about them [3]. And, of course, the idea of customer care is at the very heart of the concept of relationship management. SCRM Design: Strategic CRM must begin at the sales force level, and sales force automation within a sophisticated enterprise resource planning software (ERP). A good ERP CRM module will be designed around the idea that communication is paramount, and the connectivity necessary to ensure this must be strong. The flow of CRM work, storage of information, tools of communication, and ROI of CRM are all features that must be considered when looking to employ sales force automation in a strategic CRM application. Ultimately, both loyal and prospective customer is essence of doing business in the Information Age [4]. CRM has evolved from a simple contact management sales tool to a core element of virtually any business. In simple terms, CRM is the combination of people, process, and technology used together to effectively service, sell, and market to a company’s most profitable customers. But with the adoption of business strategies built around customer-centric values, traditional customer-facing only CRM may be shorting business of the complete picture of their customers. CEOs and executives that fail to take Next Generation Strategic CRM seriously as a core business strategy for their company may suffer consequences a lot worse than many may think. Customer Value Creation: Today’s business approach to innovation, value-creation, and strategy, are being driven by a new paradigm of “co-creation” and “customer intimacy”. Customers are becoming much more involved with companies in helping design and improve products, services, and business performance. The consensus is that this is all good and has a number of upsides (loyalty, better products, more revenue, and so on). As a result, people traditionally outside the “customer-facing” organizations are becoming more involved in the value-creation process and creating a more intimate relationship with the customer. Current SMS-based CRM solutions fall short of managing the critical relationships and interactions. Surprisingly, very few research and analysis groups have locked in on this paradigm shift, continuing to address the CRM market from the traditional sales, marketing, and support perspective. Anecdotal reports and studies many times fail to identify the newer emerging next generation CRM solutions and still focus on the prominent SMS-based CRM solutions. Companies would be wise to do their own research and analysis and not be swayed by research recommendations alone [5]. Next Generation Strategic CRM: CRM has evolved from glorified contact management tools used mostly by sales people to manage activity within their accounts, to include Customer Support, Opportunity Management, and Campaign Management, among other things. The adoption of CRM within business can be likened to desktop computers. In the beginning, like computers, the investment for CRM was high but only a select few used it. Now, as the value of using CRM has been recognized and the cost to implement and manage has dropped, virtually everyone in the company is (or needs to be) connected in some capacity [6]. As companies move away from product-centric business models to more customer centric models which operate on the premise that every employee is customer facing and every employee’s role is to generate customer value, the meaning of CRM is also changing. Next Generation Strategic CRM is about broadening the reach of customers into all parts of the business, and broadening the access of every employee into the customer’s business and experiences. Next Generation Strategic CRM encompasses all parts of the business, from traditional sales, marketing, and support, to engineering, manufacturing, operations, to supply and sales channels, to the customer [7]. Under the covers of the Next Generation Strategic CRM is something of an ERP “lite”. Once considered part of an accounting or MRP solution, companies are finding value in having these business processes and the data they manage tied
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© MAT Journals 2021. All Rights Reserved e-ISSN: 2582-7804 Volume-2, Issue-2 (July-December, 2021) Journal of Sales, Service and Marketing Research www.matjournals.com directly back to the customer. Equally, internal support can track support calls down to specific items and transactions, and match serial numbers for entitlement and SLA requirements. Sales and marketing can track sales against specific items, develop trend and behavior analysis on items purchased, launch upgrade/up sell campaigns specific to buyers of certain products or services [8]. Product Management can monitor/support calls against specific products and analyze customer comments for improved product design and quality. All of these out of same solution without the need of re-entering, re-generating and merging data and reports from disparate systems or paying for expensive integration services [9]. ERP, from the historical sense has always been viewed as a massive undertaking left only for the mega-giants who have millions of dollars to throw at license, integration and implementation services. Despite having favorable merits in terms of consolidating and automating certain operations, it is subject to the belief that the inflexibility inherent in its design forces businesses around product-centric processes and tends to alienate customers due to its inability to handle special exceptions or unique situations. And, its rigid structure and complex integration and customization framework prevents companies from quickly responding to changes in business. Next Generation Strategic CRM is not ERP. It has however taken many of the best principals of ERP, such as order management, fulfillment, accounting, and MRP/Inventory management, and converted them to light- weight “good enough” implementations that offer easy customization and flexibility allowing companies to work in a more agile and fluid business environment and quickly respond to changes and unique situations as they grow and expand. The fact is most companies, large or small, do not need a full- blown ERP solution or “best-of-breed” applications in all parts of their business. Next Generation Strategic CRM provides multiple benefits to these companies by providing true business-wide customer management and an integrated business-wide operations platform in a “good enough” model that satisfies most business situations. CONCLUSION Next Generation Strategic CRM is a new paradigm shift from traditional SMS- based (Sales, Marketing, Support) CRM. Next Generation Strategic CRM encompasses all parts of the business, from traditional sales, marketing, and support, to engineering, manufacturing, operations, to supply and sales channels, to the customer. Executives would be wise to fully understand CRM from a core business strategy. Those that view it as a point-solution will never achieve the results and benefits expected. Companies currently reviewing, anticipating or developing a Next Generation Strategic CRM strategy should consider the following: 1. Begin with the CEO. If the CEO is not the driving catalyst for making CRM a core strategy for the company; stop; without the CEO’s support and strategic mandate the effort is destined to fail. 2. Know Your Mission. What is it that you are going to do? By when? For how much? How will you measure success? And, most importantly, by what scale? 3. You need to know the scale of the implementation you are about to drive and must manage expectations from the very start. 4. Start with People First. Focus first on the people, the stakeholders. Communicate continually on the good, the bad, and the ugly of the initiative. Without their input and engagement it will be difficult to gain full adoption. 5. Focus Process Second. Your business processes should drive your CRM solution methodology. Best practices are useful for common processes, but be flexible. 6. Your company’s uniqueness can override or customize a best practice. Use the 80/20 rule and don’t get stuck in the minutia. 7. Choose Technology Last. The last part of the entire CRM implementation should be the technology. Ironically, many executives move right ahead with a “fire, ready, aim” mentality, a backwards approach of choosing the system first then modifying process/people to follow the system.
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