The Inside Story: Acing your CRM Strategy

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Congratulations! If you’re reading this, you either already have a CRM strategy in place or are serious about getting one. That shows you really understand the value of establishing and improving a nourishing relationship with your customers.

Being in the CRM business for over 10 years now and having a team of excellent CRM Scientists (as I like to call them) with tons of experience in the field, we have seen a very common pattern in brands.  The start of any CRM program sees a spike of everything – effort, budgets, resources, responses and ROI. But overtime, it reaches a plateau. A lot of brands fail to see the promise of CRM overtime. And these could be due to small misses that can be fixed, if identified early.

At Capillary, we have devised a framework to identify just this. Our CRM Scientists have identified five areas that are critical to analyze the health of your CRM strategy. Here they are:

1.      Organization Readiness

You already know this, but I can’t stress on it enough. A successful, stellar CRM strategy is not something that only your team needs to be working towards. It needs to be an overall organizational objective. Many a times the CRM program does not meet its objectives or bring the results it actually has the potential of, simply due to lack of budget allocation, resources and lack of seriousness from the top.

We have highlighted how you can get your organization CRM ready and ensure the objectives set by all departments are aligned to achieve the CRM objectives. Yes, your CRM program needs to be center of the universe at your organization. And we are going to show you how.

2.      Know Your Customer

One of the most important aspect of any CRM program, is knowing who your customers are. And a crucial part of this, is to know which pieces of information you absolutely need to have on your customer.

And that’s what this CRM model highlights for you. We have broken this down into 3 sub sets that will help you analyze your data collection and collation techniques much more closely. You will then be able to analyze whether or not your database caters to your business’s immediate goals or long term objectives.

3.      Analytics Maturity

Analytics is hard. You need to have the right resources, the right tools and the eye to know what the behavior of your customers is now, and what they are most likely to do in the future. This entails having certain checks in your analytics and data mining strategies.

Through this model, we have highlighted these areas and have even designed a scoring mechanism that tell you precisely how you can fine tune your analytics strategies to understand your customers much more closely and place lasting predictive models in place – constantly feeding you with the right insights and the suggesting the right course of action.

4.      Real-time Customer Engagement

Sending customers a communication immediately when they register or make a purchase does cover the “real-time” aspect, but that does not mean “customer engagement” in the true sense.  Customer engagement means reaching out to them with a communication that is relevant to them, at a time that is apt for them and through a channel that they prefer. Are you doing this effectively?

The CRM assessment model tells you the various areas you need to be looking at to ensure you are on the right track when it comes to real-time customer engagement. Marketer Jennifer Burnham says that “while a CRM system may not elicit as much enthusiasm these days as social networking platforms like Facebook or Twitter, any CRM system is similarly built around people and relationships.” Is yours?

5.      Integrated Technology

Omnichannel CRM doesn’t simply mean having connected channels in the front end to interact with the customer. It also means having connected systems in the backend to ensure the data is flowing smoothly across all channels and functions. For example, how do you collect your data? Do you have to move your data from one tool to another for campaign executions? What is the lag time is the transfer of the data?

Having a regular check on all these factors ensures you know for clear where your brand stands today in terms of integrated systems and where you should be getting at. Clear targets with clear measuring techniques can go a long way.

Our Think Again Series does a deep dive into each of these five dimensions to clearly spell out to you, how you need to measure each of them and how you can use the results to plan better and ahead. Read part 1 to learn how to run a CRM driven organisation.

If you want to get your assessment done now, reach out to us and we will get in touch with the Capillary 5D Framework tool kit and lots of insights!

By

Azmeen Ansar, Marketing Manager, Capillary Technologies


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