At the end of this lesson, readers should be able to
Discuss the challenges in quantifying CRM benefits
Discuss the various categories of CRM benefits
Discuss customer’s perspective of CRM benefits
One of the challenges in quantifying CRM benefits is that in CRM, there is no single application that can provide all that organization need to satisfy their customers. Therefore, many organizations need to combine two or more applications in order to deliver customer experience to their customers. This might loss a challenge when the organization is trying to quantify the benefits of CRM to their organization.
CRM benefits all includes tangible and intangible gain which might be difficult to quantity at times. How will you explain the benefits that a customer derives when his needs are met. You should also know that a product that satisfies one’s customer needs might fall short of another customer’s expectation.
Similar to that, a sizeable portion of CRM benefits are intangible and you might not be able to quantify the gains therein. Like the example, I gave if a particular product or service is able to meet exceed customer’s expectation, you might not be able to attach a mark to it. You cannot even convert it to financial.
Above all, it is very difficult to compare organization functioning in pre and post CRM implementation phase there is no parameter to weigh them, which makes quantifying of CRM benefits difficult.
Here, I want to talk about things that can make customers conclude that a particular organization is a customer- centred. One of such is the enhancement in the perceived value of the products/services. I remember when I have advertised a school as the head teacher. A woman once told when I explained to here all the facilities that we have that if your school fee is not expensive, I will bring my children that show that many want quality things but they seem not to be ready to pay. So also, the customer will want to get derive maximum value for their money. Same will want to get more than what have bargained for.
The organization, in order to boost their perception in the eye of their customer, must also provide a self-service capability whereby the customer can do almost everything unaided through the various channels been provided by the organization for the delight of their customers
The customer should also be able to access their order status they must be able to know how far the organization has gone in attending to their issues. This will help in boosting customers’ confidence in the organization.
The organization must also provide a wide range of options for their customer. They must not be restricted to the brick and clay alone. They must serve through the various channel that they choose to integrate with the organization.
Another way is the provision of responsive support service. This support services. This support service helps an organization to resolve customer issues completely if will also help the organization to gather adequate knowledge on ways that they can meet the customer at the right place with the right product and services.
Finally, if an organization wants the customer to perceive them as been efficient they must be able to provide products and service that continually meet customers needs. This comes as a result of deliberate research which seeks to find out exactly what customers want.
CATEGORIZATION OF CRM BENEFITS
When a customer is able to derive maximum value, they will be able to meet the needs of their existing customers which will allow the customer to bring new prospects into the organization. This will bring about increased sales for the organization. It will also bring about increased in revenue as CRM initiate equips the enterprise to proactively attend to the customers’ needs when CRM yield benefits also, it will bring about opportunities for cross selling and up selling as exiting satisfied customers can introduce new business and new customers to the organization.
CRM benefits will also help the organization to raise the exit barrier for their customer as it will bring about customer loyalty. Customer will remain once their needs are and this will also make the introduction of new customers a seamless effort.
CRM benefits will also an organization to introduce tools that will generate proposals and other collaterals on the fly, thereby increasing more contact time which reflects as more sales.
CRM benefits and the satisfied customer will reduce the cast if doing business in any organization. It will allow the organization to introduce tools that will make the organization process to be faster and close deals faster.
It will also help the organization to embrace automation in their sales process.
This will help them on work on actions such as Automation of proposals, configuration and quotations, rearing notes and files before calls, preparation of sales forecast and call reports and provision of better quality leads in a usable format among others.
In terms of marketing, it will help the organization to target leads in a more calculated way. They will be able to get adequate international about leads and use the information to meet them at the right place with the right product and services. It will reduce campaign costs and bring about lower revenue ratio.
In terms of service and support, satisfy customers will help in institutionalizing a process that will bring about quicker issue resolution, it will also help the organization to reduce wage bill in the customer service section and help in switching to lower cost operatives.
At the end of this lesson, we have discovered that:
- Some of the challenges in quantifying CRM benefits is that there is no single application that can provide all that an organization wants, and CRM involves tangible and intangible benefits.
- Customer perceived an organization to be customer-centred when it increases the value of its products and services, provides customers self-service provides immediate access to order status, produces a greater breadth of solution options, provides more response support service, and produces products/service that meets customer needs.
- We categories CRM benefits under revenue enhancement and cost saving such as closing deals faster and improving customer satisfaction.
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