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Posts Tagged ‘CRM News’

Top three learnings from CRM.

December 27, 2009 Leave a comment

I have worked on CRM as a process consultant for over four years and continued my “relationship” with CRM even after I joined MBA. Not just continued the relationship, but also widened and deepened the same with new perspectives that I absorbed on the way. To keep it short and sweet, I have listed the top three takeaways that I feel have not only widened my perspective on CRM as an enterprise solution, but also in day-to-day business life:   

  1. Relationships Rank No. 1. Customers are the lifeblood of a business just as friends and family are the fuel for our soul.  And just that companies are finding that these relationships are key to surviving the recession, the view can be extended from customers to all the stakeholders in the enterprise and the ecosystem surrounding the enterprise. Relationships and information flow across partners, vendors, customers and the enterprise is the key to deliver the best.
  2. Technology Helps: It is often said that CRM isn’t a technology, it’s a strategy, but , it is the technology helps make it happen. Leave aside the enterprise solutions such as SAP, Oracle etc. but, even in day to day life, we need technology to make a long distance call, travle to friends and family, chat with fiends overseas. Managing relationships has been simplified by technology.  CRM consists of two equally important components of the Human Component and the IT component. Both work hand in hand to make the CRM strategy a success.
  3. Garbage in Garbage Out: You can’t expect a quality outcome if you don’t have quality inputs. For long people have been talking of “user friendly” systems, but, I believe, for best results, we need “friendly users” as well. Remember CRM EA is an enabler in the process of managing and executing the CRM Strategy, even after discounting the internal system checks and balances, it can give valuable outputs only if managed properly. Be nice to the system, the system will be more than nice to you!

Best wishes for the new year!

Poor Customer Service Costs Billions

December 8, 2009 Leave a comment

A new study, “The Cost of Poor Customer Service: The Economic Impact of the Customer Experience and Engagement,” may finally put the damage bad service can create into a language executive boards understand : Dollars and Cents. According to the survey of 8,880 consumers across 16 countries, poor customer service cost an aggregate of $338.5 billion per year, the average value of each lost relationship across all countries surveyed costing $243.

According to study findings, companies in the financial services and telecommunications sectors should take special notice. Statistics reveal that financial services firms lost more than $44 billion, while cable and satellite television providers lost upwards of $37 billion. Wireless carriers and Internet service providers each lost $36 billion, with landline carriers posting $33 billion in lost revenues.

Financial services and otherwise, the most significant reasons for poor service according to the study are:

  • being trapped in automated self-service;
  • waiting too long for service;
  • callers having to repeat themselves; and
  • customer service representatives lacking the skills to answer inquiries.

Consequently, what then ended up at the top of many respondents’ wish lists for customer service improvements included better integration between self-service and assisted service, including voice and Web.