Sunday | 23 November, 2008
Know What They Want
“For technology executives to become business executives, they need to understand customer expectations”
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Sidebar | A Philosophical Difference
When it comes to CRM strategy, a focus on customer value is essential, says Cutter Consortium senior consultant Stephen J Andriole. Different customers have to be treated differently, using variables like customer ranking, actual value and potential value as strategy drivers.
"Several commercial software packages are available which vary in their approach to [what is generally known as] CRM," Andriole notes. "However, CRM is not just a technology, but rather a holistic approach to an organization's philosophy in dealing with its customers. This includes policies and processes, front-of-house customer service, employee training, marketing, systems and information management. CRM therefore also needs to consider broader organizational requirements."
Andriole recommends all such investments in master data management (MDM), business intelligence (BI), and customer analytics /customer relationship management (CA/CRM) should be purposeful, with investments in MDM and BI made after the CA/CRM strategy is developed.
He says CA/CRM strategic and operational objectives should include the ability to:
- Identify and integrate customer data across applications and lines of business
- Securely store master and redundant copies of all customer data
- Profile customer behaviour over time with patterns and trends
- Cross-sell across business units and products and services
- Up-sell existing customers with additional and more profitable products and services
- Develop customer acquisition and retention campaigns
- "Touch" customers physically and digitally based on analysis and receipt of preferences
- Build whole customer management and customer lifecycles that can be monetized over time
- Customize and personalize products and services
- Develop financial models of individual and classes of customers that yield specific cash-flow forecasts, cost management strategies, and overall revenue/profitability pictures for each customer and class of customer
S Bushell
Click here for Part 8 of CXO Priorities | COMPETITION
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