Tag Archives: CRM

Customer Experience Should Be Part of Your Business – HBR

More great takeaways from HBR this morning.   The obvious changes to customer facing portals is important but until you can know and address the basic underlying values that need to be improved just a face fix won’t work.  CRM

Excerpt:  What’s the best way to optimize your customer experience? Why not fix it where it happens? Improve the experience on your website. Improve the experience in your retail locations or call centers. This strategy makes perfect sense, and it aligns nicely with the way your company is probably organized — with the website, retail locations, and contact centers each in their neat little silo.

But based on our research, this natural strategy doesn’t work because it lacks any understanding of the larger, cross-channel journeys that your customers take

Read full article via Customer Experience Should Be Part of Your Business – Harley Manning – Harvard Business Review.

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What Data Can’t Tell You About Customers – HBR

Data mining is a beginning, a tool and/or a supplemen,t but in order to know the ‘what’ and ‘why’ takes more sourcing.   If you have been to this site before, you know my opinion that all leadership and management needs to learn the “why we do what we do” and “why we are who we are”.  🙂   That intelligence of yourself and others will also aide you in tasks such as CRM.

Excerpt:  Across industries, companies are using the vast amounts of user-generated data to guide innovation of new products and services. But data mining does not equate to developing “customer intelligence.” Human behavior is nuanced and complex, and no matter how robust it is, data can provide only part of the story. Desire and motivation are influenced by psychological, social, and cultural factors that require context and conversation in order to decode.

Data can reveal new patterns that point a firm in the right direction, but it can’t indicate what to do once there. It reveals what people do, but not why they do it. And understanding the why is critical to innovation.

Read full article via What Data Can’t Tell You About Customers – Lara Lee and Daniel Sobol – Harvard Business Review.

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Tracking the Customer’s Journey to Purchase – HBR

Great points in this article and within the points are takeaways for small business owners.  If customer is king then we need to know how that customer thinks, proceeds, processes and ultimately purchasesCRM

Excerpt:  Unfortunately, few companies have an overall picture of their customers’ journey towards a purchase, because the information is all too often stuck in a channel silo. An intercept survey that a customer might fill in upon leaving a website can tell you a lot about that customer’s experience with the website, but it usually does not provide any information on where the customer will next experience the company. Surveying customers directly after their purchases to explain how they arrived at them means that you have to put a lot of faith in their remembering exactly what they did.

A CRM system might let you know how customers moved between the website and the store, but it tells you nothing about how they responded to advertising or word-of-mouth reports.

Read full article via Tracking the Customer’s Journey to Purchase – Emma Macdonald, Hugh Wilson, and Umut Konus – Harvard Business Review.

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Pin Down Your Customer Intelligence Objectives – HBR

Small business  — great takeaways in this article for insights and strategies  — CRM

Excerpt:  A few weeks ago I was asked to prepare a workshop for a telecom company that wants to invest more in customer intelligence. My first question was, “Can we take a week to go through all the possibilities?” The problem with customer intelligence is that while everyone wants more of it — and better versions of it — there are many different avenues to take in pursuing it. No organization can pursue all of them at once (and this company didn’t want its workshop to last a week), so the challenge is to narrow down the options fast. You need to reflect on your business situation and goals and consider only the initiatives that will offer the highest impact

Read full article   via Pin Down Your Customer Intelligence Objectives – Tom Davenport – Harvard Business Review.

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How Much Should You Spend on CRM Software?

A good question and some answers for everyone …  article also includes some how-to measure needs to expected results.

Excerpt:  Making the business case for an accounting or HR system is clear-cut: Avoid unnecessary costs, manage cash better, reduce risk and you’re done. If you were to invest twice as much in one of those systems, you might increase business payoff by 20 percent, so you can find the optimization point for ROI in a single spreadsheet.

With a manufacturing systems, the extra payoff from investing in all the fanciest supply-chain add-ons, such as constraint-based production scheduling and inventory optimization, just isn’t there for most businesses. For both the CIO and the CFO, these systems are easy to think about–the data is hard to debate, and the outcomes are pretty much black and white.

Then there’s the CRM system. To misquote Tom Lehrer, “Life is like a CRM system: What you get out of it depends on what you put into it.”

Read full article      via How Much Should You Spend on CRM Software? | CFOworld.

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Five Things to Remember When Implementing a Cloud CRM Solution

This is an article on a vendor site, but the advice is good —  with tips and how-to begin your CRM cloud experience.

Excerpt:  More companies are turning to cloud based CRM for benefits such as rapid deployment, easy upgrades, reduced costs and security safeguards. To experience these benefits, make sure you start off on the right foot with taking precautions such as these at the implementation stage.

Read more: Five Things to Remember When Implementing a Cloud CRM Solution.   From Soffront

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10Minutes on Customer Impact: PwC

How-to use the collection of data to ensure your competitiveness in today’s market.  Recommended read.  Data management, CRM and strategy.

Excerpt: Today’s empowered customers expect distinctive, high-touch experiences that keep pace with their wants and needs. Exceptional customer experience is one of the key drivers of organic business growth, and organizations can gain a clear advantage if they learn to transform customer data into insights and meaningful interactions.

That said, the majority of companies don’t have sufficiently mature processes and skills to uncover these insights from customer information flows. Information from corporate sources is often in a format employees cannot use, and two-thirds of workers distrust information from other functions in the organization outside of their own.

Customer expectations are rising fast, changing the way firms do business. This 10Minutes explores what companies should consider doing to keep up

Download paper here via 10Minutes on customer impact: PwC.

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5 Small Business SEO Campaign ROI Secrets

This is a good article and timely.  SEO management, though critical —  for the small business owner, it can be daunting.  Good advice to use.

Excerpt:  SEO is a competitive place. With such a strong emphasis on specific SEO mechanics and tactics, it’s easy for small business owners to lose the forest for the trees.

A disciplined approach that surrounds sound SEO with best-in-class measurement and evaluation techniques is critical. Furthermore, tight integration between SEO and other marketing processes such as email nurturing and sales CRM might just make the difference in achieving a positive ROI for SEO

Read full article via 5 Small Business SEO Campaign ROI Secrets ~ Sociable360.com | Useful Social Media, Blogging, SEO & Marketing Resources..

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Conversation Agent: The Four Types of Customer Connection and Respective Engagement Levels

Great food for thought and use.  Tips and advice.  Customer relations management, CRM

Excerpt: You should treat content as an asset and organize your resources to:

start thinking like a media company
understand your customer content needs
integrate across paid, earned, and owned media

Remember that digital media is the room in which you hold the conversation. It still comes down to saying, doing, or producing something valuable for your customer.

Read article and access 29 slides via Conversation Agent: The Four Types of Customer Connection and Respective Engagement Levels.

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There Is No Single Best Measure of Your Customers – HBR

A good read and a topic that is certainly on every small businesses’ mind today.  Which metrics to use?  Customer relations management, CRM.

Excerpt: Single-question customer metrics have become very popular. Companies all have their favorites. Some go for the traditional Customer Satisfaction measure, others the now famous Net Promoter Score. The most recent addition to this panoply is the increasingly popular Customer Effort Score, which tracks the amount of time and effort that customers have to put into solving after-sales problems.

Each claims to be the one metric that managers need to measure, monitor, and act on, because it promises a better correlation with business performance than any other existing measure.

So which of these is actually the best?

Read full article via There Is No Single Best Measure of Your Customers – Thorsten Wiesel, Peter C. Verhoef, and Evert de Haan – Harvard Business Review.

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The Attribute Map, Part Two — Wharton@Work July 2012

Good tool, try it.  CRM and marketing.

Excerpt:
Nano Tool:
An Attribute Map is a highly effective tool for assessing your customers’ real needs and desires. It simplifies the complexity of your customers’ reactions to your product or service and your position with respect to competitors. Attribute maps let you clearly see where additional resources could have the greatest impact and give you objective information about the likely consequences of a move.

Read full article via The Attribute Map, Part Two — Wharton@Work July 2012.

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The Attribute Map — Wharton@Work June 2012

Tool for small business owners……  help to focus on CRM.

Excerpt…….Armed with this knowledge, you can optimize your innovation investments by focusing on the areas with the highest perceived value for your customers. “Attribute Maps” are a highly effective tool for assessing your customers’ real needs and desires. They simplify the complexity of your customers’ reactions to your product or service and your position with respect to competitors. Attribute maps let you clearly see where additional resources could have the greatest impact and give you objective information about the likely consequences of a move.

In this Nano Tool, Part 1, we’ll explore how to create an attribute map. Next month, in Part 2, we’ll show how to mine your attribute map for a “marketbuster”— an exceptional opportunity for growth.

Read full article…….via The Attribute Map — Wharton@Work June 2012.

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How Companies Like Amazon Use Big Data To Make You Love Them

PLEASE EVERYONE READ THIS!    Customer service CRM — I too feel incredibly grateful on the occasions I run into a business who actually handles CRM well…….damn few unfortunately.

Excerpt………Remember, this was a customer-service call, so I was fully prepared for it to suck. Like most American consumers, my experience with service interactions is largely negative, whether it’s on the phone, in the murky depths of a commerce site, or in the aisles of an electronics store. I’m accustomed to the company being in control, and for our communication to be cold, scripted, and inhumane. Barbara’s congenial but no-nonsense approach was part of what made this experience different, but more important, she had access to exactly the right data about me, and that made the favorable exchange possible. The fact is, Amazon has been collecting my information for years–not just addresses and payment information but the identity of everything I’ve ever bought or even looked at. And while dozens of other companies do that, too, Amazon’s doing something remarkable with theirs. They’re using that data to build our relationship.

The Most Useful Data Set in the World

Big Data has gotten a lot of attention over the past 18 months as retail, manufacturing, and technology companies realize the gold mines they’re sitting on and rush to scour them for competitive advantage. Nearly all of this discussion, though, revolves around consumer trends, marketing

Read full article………via How Companies Like Amazon Use Big Data To Make You Love Them | Co.Design: business + innovation + design.

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The Alchemy of Behavioral Targeting

Customer relations management is now tied to the science of mining and interpreting a vast amount of information….what does your customer  or would-be customer think, eat, like, wear, want, abhor, etc.  This CRM science requires you understand the meaning behind the stats/metrics you gather…..the WHY

Excerpt…….Three Targeting Trends You Need to Understand and ApplyIs today’s customer a genuinely new species or simply the same person with faster Wi-Fi and a better mobile phone? Perhaps it’s the latter. There are a number of clear trends emerging that will shape the foreseeable future, which is another way to say they’re already happening at the cutting edge.

Read full article…….via The Alchemy of Behavioral Targeting – CRM Magazine.

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The Real-World Experiment: New Application Development Paradigm In The Age Of Big Data | Forrester Blogs

Good article….thought provoking… trends and probabilities….  small business takeaways CRM, customer relations management.

Excerpt……This year and beyond, we will see enterprises place greater emphasis on real-world experiments as a fundamental best practice to be cultivated and enforced within their data science centers of excellence. In a next best action program, real-world experiments involve iterative changes to the analytics, rules, orchestrations, and other process and decision logic embedded in operational applications. You should monitor the performance of these iterations to gauge which collections of business logic deliver the intended outcomes, such as improved customer retention or reduced fulfillment time on high-priority orders.

The key use case of next best action infrastructure — aka decision automation — is to allow companies to rapidly engage in real-world experiments in production applications and, if they’re bold, in their operational business model as a whole. In a CRM context, you can implement different predictive propensity models in different channels, at different interaction points, using different call-center scripts and message contents, with different customer segments, and with other variables.

Read full article….via The Real-World Experiment: New Application Development Paradigm In The Age Of Big Data | Forrester Blogs.

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