For sustained success, Customer Relationship Management strategy must be aligned with the organization's mission, purpose and business strategies. CRM strategies are iterative processes; as the organization advances so to will the CRM strategy. If developing successful CRM strategies and objectives were either easy or routine, the implementation failure rate would not be deplorably high (over 50% according to research firm Gartner). This CRMsearch.com channel aggregates research, syndicated content, curated content and original content focused on designing, implementing and sustaining successful CRM strategies.
CRM objectives and benefits stem from thoughtful and well articulated CRM strategies. Unfortunately, too many CRM software adopters proceed with CRM software prior to developing their strategy. While CRM software will not achieve the promise of CRM by itself, combining CRM strategy with supporting CRM software delivers a powerful combination in achieving sustained success.
In this podcast discussion, Laurence Buchanan hones in on the critical success factors of effective CRM strategies. He shares how CRM strategies have evolved, why organizations fail in achieving their CRM endeavors, how newer disruptive technologies can actually exacerbate CRM failures and advises a 6 step approach to successfully implement a CRM strategy.
Jeff Tanner, Associate Dean at Baylor University's School of Business and a founding partner of BPT Partners, advises that to develop a successful CRM strategy begin with conceptual objectives, prove and refine your theory in an operational mode, permit the results to hone the objectives in a way that strategy evolves from real-world actions, and then carry on a journey of continuous process improvement.
Customer Lifetime Value (CLV) is a forward looking strategic metric that identifies customer value and upside potential, and can be leveraged to increase customer share, customer retention, margin improvement and top line revenues. But too few business leaders harness this metric. Here's how to calculate CLV and put this measure to strategic use.
Getting an accurate and complete Voice of the Customer (VoC) is a pre-requisite to designing any successful customer strategy. However, most organizations struggle with creating an automated VoC program that crosses departments and bridges data siloes. Here is a 10 step framework to implement a VoC program for improvements to customer loyalty, customer spend, customer share and retention.
A clear CRM strategy is the top contributing factor to CRM software success and sustainability. Unfortunately, CRM failure statistics continue to loom large suggesting that many adopters continue to put technology in front of strategy. This post shares why CRM strategy is required to achieve CRM software success, and delivers a proven four step approach to creating a winning CRM strategy.
The CRM implementation success statistics underline a key fact. Success is critically tied to execution at all stages of the project. Anecdotally, the companies that executed well from design to roll-out had much better success rates. The ones that jumped their start or lacked systemic execution ended up with anything from a disappointing CRM system to roadkill.
The Rolling Stones are celebrating their 50th anniversary. But how does a band stay on top -- or even together -- for so long? By giving customers what Mick Jagger lamented not being able to get himself -- satisfaction. In truth, the Stones are a case study in good, solid CRM best practices, and have the customer loyalty to show for it.
Determining the effectiveness of a CRM software investment goes far beyond a rudimentary ROI estimate during a business case pitch. Nailing results to tangible impact is crucial in demonstrating real value from CRM initiatives. To maximize CRM software investment payback, Pam speaks with the experts and identifies six top tactics to make your CRM investment meet or exceed expectations.
CRM solutions require a high degree of self-awareness on the part of businesses. The mismatch between what businesses think they do well and what they really do well dooms some CRM projects. If you don't understand how your business handles customer data and customer relationships now, you can't make effective decisions to improve data and relationships for the future.
If you're having a hard time putting your finger on what Social CRM means for your business, you belong to a very large club. Discussions with social CRM thought leaders and practitioners point out two things. First, social CRM isn't a product to be purchased. Second, developing social CRM strategies requires a new approach and creative thinking process.
Mapping CRM software to CRM strategy is easier said than done. While CRM software features and capabilities should not be used to create CRM strategy, knowing what to look for and what’s available can help identify opportunities and craft workable strategies that can be implemented within the constructs of application software.
Even a semi-successful CRM implementation can show a positive return on investment. But are you getting as much ROI out of your system as you can? That's a different question and the answer, all too often, is 'probably not'. The fact is that most CRM implementations tend to leave money on the table because the business doesn't focus enough attention on getting the best possible ROI.
CRM Explained: A Life Cycle Review of CRM Success Factors
Former Executive Editor for CRM magazine's DestinationCRM.com, Marianne Cotter delivers a comprehensive look at CRM's promises, capabilities and cautions. This CRM special report delivers practical advice for:
Building a successful business case for CRM adoption
Selecting the best CRM software product for your business
Creating the conditions for a successful implementation, and
A look at new developments changing the CRM landscape. More ...
CRM Strategy News & Thought Leadership Views
Top 2011 Customer Management Trends
When Your Best Customers Really Aren't
From recognizing the consequences of poor customer experiences to increased recognition of social customer engagement—here are the top customer trends. More ...
Customer collaboration to fuel product innovation is powerful. But what do you do when your best customers seek better pricing, and not collaboration? More ...
Calculating Customer Lifetime Value
Business Success with CRM
We all want to grow our customers' lifetime value, but how many businesses actually measure this otherwise nebulous customer management objective?. Go To ...
Dick Wooden shares the discovery of intersections that allow for giant leaps in business growth, business clarity, and business innovation. Go To ...
CRMforecast.com includes an excellent hub on CRM strategy with solid best practices and helpful insight.
CRMsolution.com offers concrete advice regarding CRM strategy and objectives, several best practices and a comprehensive Blueprint which includes the business case for CRM as well as number of key success and failure factors.