Developing a CRM Strategy

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Developing a CRM Strategy

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This is common question, and it does not help when answers differ. There is a lot of confusion between a CRM business strategy and a CRM implementation strategy or plan. A CRM strategy is the blueprint for how you are going to achieve the ideal customer base. To do this means revisiting the marketing strategy. What products/services are you going to sell, to whom, at what price and through what channels. In a CRM strategy, this is extended to how is the enterprise going to build customer loyalty once it has got its target customer. How is it going to......

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  1. Developing a CRM Strategy Jennifer Kirby
  2. Key Issues • What is a customer relationship management (CRM) strategy? • How does a CRM strategy fit in with other business strategies? • Only 10 percent to 15 percent of companies know the value of their customer base — yet, this is an important intangible asset and drives the detailed tactics of the CRM strategy. • The benefits of CRM come through increased service and communication; to build real loyalty, how is this managed effectively? These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  3. What Is a CRM Strategy?  • “It boldly states the ideal customer base and how an organization intends to get and keep it. I’ve never yet seen one that does this to any depth.” — CRM Consultant • “…It’s the decision about which customers are to be managed, via which channels for which products and services: It means revisiting the marketing strategy.” — CRM Guru • “A CRM strategy is not an infrastructure road map.” — CRM Program Manager • “We need to understand what customers we have, and who we want, then we can put in place a strategy for developing the value of each segment” — CEO These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  4. A CRM Strategy: Developing the  Customer Asset Base How do we create awareness of what we offer to potential customers of value? Target Win Back Enquire How do we How can we Customer acquire retain or win Retain Life Cycle valuable back Acquire customers Sales Service Marketing customers who will of value? Manage Welcome value us? Problems Develop How do we do this How do we develop the efficiently? customers’ loyalty and value to us by developing our value to the customer? These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  5. CRM Strategy: Top Ranking Objectives  B2B Percent of Companies Ranking as Top Priority B2C Retention 47 47 Development 37 26 Acquisition 16 27 Annual loss in a typical company Customer loss: 10% to 30% Employee loss: 15% to 20% Investor loss: 50% Reduces annual profit by 20-50% These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  6. CRM Strategy: Case Study No. 1 • Segment the customer base in deciles of value. • Develop customer profitability. The most-valuable segment by 3 percent, the next three segments by 20 percent, and decrease the losses on the rest — develop services used, lower distribution cost, increase prices and discount according to potential value. • Acquire new customers of the most-valuable type with targeted selling. • Implement retention programs for the most-profitable customers. $15,000 $10,000 $5,000 0 ($2,500) ($1,000) 2 1 3 4 5 6 7 8 9 10 Household Deciles Ranked by Profit These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  7. CRM Strategy: Case Study No. 2 • Understand and segment the customer base . • Retain the most-valuable customers after finding out why they defect. • Win back valuable ex-customers. • Develop the loyalty of current customer segments — use differentiated service according to need. • Improve the profitability of unprofitable customers. Communication Value-added Value-tailoring Brand Value These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  8. CRM Strategy Is an Element of  Business Strategy BUSINESS BUSINESS STRATEGY MODEL BRAND PROPOSITION: The Company DNA OPERATIONAL STRATEGY HR STRATEGY MARKETING FINANCE STRATEGY STRATEGY IT STRATEGY R&D STRATEGY CUSTOMER PRODUCTION STRATEGY STRATEGY These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  9. The Brand Is the Company DNA Step No. 1: Define the Vision Step No. 2: State the Culture: What and who are you? What What internal capabilities are value will you deliver? needed to deliver the value? Promised BRAND Unifies Internal Customer PROPOSITION Delivery Experience Step No. 3: Express the Image How will the the value of the brand be communicated? These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  10. Corporate DNA Example:  Mickey’s Signature These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  11. Mickey’s Signature No. 2 These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  12. One Mouse, Different Signatures These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  13. Corporate DNA Consistency These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  14. Interweaving the Marketing and  Customer Strategy Marketing Strategy Customer Strategy How do we take advantage of How do we get closer to the market opportunities and customer to deliver value to mitigate competitive threats? them and create value for us? • Vision: Market Position • Vision: CVP • Market Definition and Audit • Customer Definition and Audit • SWOT Analysis • Capability Analysis • Target market segments • Target customer segments by value • Objective for each market • Objective for each customer segment: Penetration, segment: Acquisition, Development Development, Maintenance and Retention and Efficiency Productivity • Measures: Satisfaction, loyalty, cost • Measures: Market share, brand to serve and employee satisfaction equity and market penetration Based on the customer life cycle Based on product life cycle These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  15. Relationship Investment Guide High Hygiene Motivators Invest Maintain Factors Efficiently Claimed Importance 4 Well above average 2 5 22 Above average 3 Average 12 19 Below average 9 Poor Hidden Low Overspending Opportunities Low Real Relevance Hig h Study/Invest Trim These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  16. Customer Asset Audit Customer Potential Protect Invest to Invest to Win Damage (Value to Key Position Limitation Protect Over Company) Large share Counter Invest to Win the Careful of wallet Competition Build Opportunity Management Manage for Build Manage for Manage for Some potential Revenue Profitability Selectively Revenue Manage for Manage for Manage for Consider Transactional Profitability Profitability Revenue Divesting Highly Secure Vulnerable Fragile Secure Strength of Relationship (Value to Customer) These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  17. Real Examples of CRM Objectives • Return retention to the industry average and then improve to 3% • Measure the propensity to churn, expected lifetime value, and propensity to accept discounts and special marketing offers • Empower CSRs to decide who to keep according to specified criteria • Establish who end users are to build broker loyalty • Build a customer information culture to increase customer advocacy • Improve communication with customers/partners • Reduce staff turnover in call center • Introduce an effective global sales process • Find CRM initiative with highest payback and use to fund others • Retain our most valuable customers for revenue in the short term • Establish our customers’ optimum potential for selective development • Acquire strategically important customers in the new market • Expand cross-selling opportunities with supporters These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  18. CRM Metrics  Corporate Market Share Profit Growth Cost Ratios Example Revenue Growth Margin Growth Customer Loyalty Key measures to support corporate financial and market goals Customer Lifetime Value Acquisition Risk Profile Strategic Customer Profitability Development Staff Satisfaction Example Cost to Serve Retention Key measures for monitoring the customer strategy Operational Response Levels Complaints Cross-Sell Ratio RFM Measures NPD Times Recommendation Levels Example Conversion Ratios Staff Turnover Channel-Specific Measures Key measures for monitoring the customer processes Infrastructure Call Answering Times Response Times Staff Qualifications Example Customer Data Accuracy“Do Not Mail” Markers Staff Sickness Key measures for monitoring efficiency and inputs These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  19. CRM Strategy — Tactics  Marketing Strategy Customer Strategy • CVP • CVP by segment • Product • How customized for each segment • Price • How differentiated for each segment • Service/customer care by • Communication: customer segment/life cycle public relations, advertising, • Contact by life cycle/segment sales, promotion, • How media and content is merchandising and direct personalized in communication marketing/messaging for each segment • Which channel is used by which • Channel segments for what (touchpoints) • Management by segment: who, where, how These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
  20. Tactics for Retention and  Building Loyalty  Loyalty Scheme CRM Strategy Behavior Attitude and Behavior • Rational value • Rational and emotional value • Creates stickiness • Creates loyalty • Makes sales • Creates relationships • Retention, attraction, • Retention, attraction, customer increased sales share, recommendations, • Real loyalty? lower costs and wider margin RReward schemes h Brand values RIncentives h Contact RCross-selling h Customer care RProduct bundling h Contracts RProduct & price h Products & price These slides are for internal use only. External use of Gartner copyrighted material must be approved in writing by Gartner Vendor Relations. Please e-mail your usage request to quote.requests@gartner.com for approval.
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