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.
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.
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.
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.
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
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.
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.
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.