Showing posts with label CRM Software. Show all posts
Showing posts with label CRM Software. Show all posts

Friday, January 9, 2009

Advances in Database Marketing-1

Because of the complexities of B2B marketing and the intricacies of corporate operations, the demands placed on any marketing organization to formulate the business process by which such a sophisticated series of procedures may be brought into existence are significant. It is often for this reason that large marketing organizations engage the use of an expert in marketing process strategy and information technology (IT), or a marketing IT process strategist. We can take example of Term Life Insurance Rates providing business and vertical blinds, roller shades and natural wood blinds Company who are doing businesses B2C. For them database marketing is much important and cost effective too. Although more technical in nature than often marketers require, a system integrator (SI) can also play an equivalent role to the marketing IT process strategist, particularly at the time that new technology tools need to be configured and rolled out.
New advances in cloud computing and marketing's penchant for both outsourcing services to third-party agencies and avoiding involvement in the creation of complex technological tools has provided a fertile soil for Software as a Service (SaaS) providers to centralize the marketing database under a hosting service model that incorporates functions from CRM Software, content management and business intelligence under one offering to automate the marketing process.

Tuesday, December 30, 2008

Database Marketing – 3

Business data
For many business-to-business (B2B) company marketers, the number of customers and prospects will be smaller than that of comparable business-to-consumer (B2C) companies. Also, their relationships with customers will often rely on intermediaries, such as salespeople, agents, and dealers and the number of transactions per customer may be small. In B2c, business is having direct relation with customer. For example, an online blinds store who are selling roller shades and woven wood shades products.

They don’t have any intermediaries. Business is selling directly to customer. As a result, business-to-business marketers may not have as much data at their disposal. One other complication is that they may have many contacts for a single organization, and determining which contact to communicate with through direct marketing may be difficult. On the other hand the database of business-to-business marketers often include data on the business activity of the respective client that can be used to segment markets, e.g. special software packages for transport companies, for lawyers etc. Customers in Business-to-business environments often tend to be loyal since they need after-sales-service for their products and appreciate information on product upgrades and service offerings.

Sources of customer data often come from the sales force employed by the company and from the service engineers. Increasingly, online interactions with customers are providing b-to-b marketers with a lower cost source of customer information.

For prospect data, businesses can purchase data from compilers of business data, as well as gather information from their direct sales efforts, on-line sites, and specialty publications.

Monday, December 29, 2008

Database Marketing - 2

Database marketing has flourished in sectors, such as financial services, telecommunications, and retail, all of which have the ability to generate significant amounts transaction data for millions of customers. Database marketing applications can be divided logically between those marketing programs that reach existing customers and those that are aimed at prospective customers.

Consumer data
In general, database marketers seek to have as much data available about customers and prospects as possible. For marketing to existing customers, more sophisticated marketers often build elaborate databases of customer information. These may include a variety of data, including name and address, history of shopping and purchases, demographics, and the history of past communications to and from customers. For larger companies with millions of customers, such data warehouses can often be multiple terabytes in size.

Marketing to prospects relies extensively on third-party sources of data. In most developed countries, there are a number of providers of such data. Such data is usually restricted to name, address, and telephone, along with demographics, some supplied by consumers, and others inferred by the data compiler. Companies may also acquire prospect data directly through the use of sweepstakes, contests, on-line registrations, and other lead generation activities.

Thursday, December 25, 2008

Database Marketing - 1

Direct and database marketing organizations, on the other hand, argue that a targeted letter or e-mail to a customer, who wants to be contacted about offerings that may interest the customer, benefits both the customer and the marketer. As a part of our talk on database marketing now we will talk on some important factors of the database marketing like source of data, customer data, business data etc….. Any business needs to have customer database and it always helps to use these customer databases for marketing. A blinds company with special products like roller shades and woven wood blinds require keeping customer database and using such database again and again to get more and more business from those customers.

Sources of data
Although organizations of any size can employ database marketing, it is particularly well-suited to companies with large numbers of customers. This is because a large population provides greater opportunity to find segments of customers or prospects that can be communicated with in a customized manner. In smaller (and more homogeneous) databases, it will be difficult to justify on economic terms the investment required to differentiate messages. CRM software with sales force automation helps manages marketing and maintain database too.

As a result, database marketing has flourished in sectors, such as financial services, telecommunications, and retail, all of which have the ability to generate significant amounts transaction data for millions of customers. Database marketing applications can be divided logically between those marketing programs that reach existing customers and those that are aimed at prospective customers.

Sunday, December 21, 2008

Database marketing

Database marketing is a form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.

The distinction between direct and database marketing stems primarily from the attention paid to the analysis of data. Database marketing emphasizes the use of statistical techniques to develop models of customer behavior, which are then used to select customers for communications. As a consequence, database marketers also tend to be heavy users of data warehouses, because having a greater amount of data about customers increases the likelihood that a more accurate model can be built. The "database" is usually name, address, and transaction history details from internal sales or delivery systems, or a bought-in compiled "list" from another organization, which has captured that information from its customers. Typical sources of compiled lists are charity donation forms, application forms for any free product or contest, product warranty cards, subscription forms, and credit application forms. The communications generated by database marketing may be described as junk mail or spam, if it is unwanted by the addressee.

Friday, December 12, 2008

Privacy concerns-2

The danger occurs when the summarized data paints an untrue picture of things. This can lead to a company taking improper actions which could be detrimental to the prosperity of the company. The threat to an individual’s privacy comes into play when the data, once compiled, causes the data miner to be able to identify specific individuals, especially when originally the data was anonymous. Aggregating data from multiple sources allows profiles of individuals to be created . In order for the information derived from the data that is mined to be meaningful one must assume that the data which is in the repository is accurate and complete. In addition, one must assume that the analysis was done in a way that would produce a reliable result. A common saying is “garbage in garbage out” meaning if the data that is input into your repository is of poor quality, your analysis, or output, will also be of poor quality .

The steps that may be taken in order to protect your customers, from whom you are collecting data, and your company are to specify the purpose of the data collection and any data mining projects, how the data will be used, who will be able to mine the data and use it, the security surrounding access to the data, and in addition, to provide a way for individuals to update data which was collected from them. This also assists in ensuring the data is accurate. One may additionally modify the data so that it is anonymous so that individuals may not be readily identified.

blinds, roller shades, woven wood shades

Thursday, December 11, 2008

Privacy concerns-1

There are also privacy and human rights concerns associated with data mining, specifically regarding the source of the data analyzed. Data mining provides information that may be difficult to obtain otherwise. When the data collected involves individual people, there are many questions concerning privacy, legality, and ethics. In particular, data mining government or commercial data sets for national security or law enforcement purposes, such as in the Total Information Awareness Program, has raised privacy concerns.

The following facts have increased the urgency and difficulty regarding data mining and protecting the privacy of the individuals about whom the data was collected: the decreased cost of data mining tools and the prevalence of those tools, an increase in the amount of data being collected and stored, an increase in the use of data aggregation, and the use of data warehouses as the stores for the data from several sources.

“Data mining by itself is ethically neutral”. There are several ethical issues which are raised by the topic of data mining: “the suitability and validity of the methods used in any given data mining application, the degree to which confidentiality and privacy obligations are respected, and the overall aims of a given data mining application”.

One must take into consideration the reliability of the source of the data which is being mined, the reason that the data was collected originally, and any aggregation that has taken place A danger which is inherent to data mining projects is the possibility of erroneous information resulting from data aggregation. Data aggregation is when the data which has been mined, possibly from various sources, has been put together so that it can be analyzed.

Monday, December 8, 2008

Algorithms

There are various data mining algorithms which can be used to build the mining model. But choosing the right algorithm for the right business task is critical. Different algorithms can be used to do the same business tasks but each algorithm produces different results.
The various types of algorithms are as follows:
1. Classification algorithm predicts one or more discrete variables, based on the other attributes in the dataset. eg: Microsoft Decision Trees Algorithm.

2. Regression algorithm predicts one or more continuous variables, such as profit or loss, based on other attributes in the dataset. eg: Microsoft Time Series Algorithm.

3. Segmentation algorithm divides data into groups, or clusters, of items that have similar properties. eg: Microsoft Clustering Algorithm.

4. Association algorithm finds correlations between different attributes in a dataset. The most common application of this kind of algorithm is for creating association rules, which can be used in a market basket analysis. eg: Microsoft Association Algorithm.

5. Sequence analysis algorithm summarizes frequent sequences or episodes in data, such as a Web path flow. eg: Microsoft Sequence Clustering Algorithm.

A data mining application can adopt different algorithms for different functions, for example we can use segmentation algorithms for exploring data and regression algorithms for prediction functionalities.

roman shades, vertical blinds, window blinds

Tuesday, February 19, 2008

Role of Technology in Customer Service

Customer Service we are talking here. Customer relationship management software is very much important for any business useing insurance software or agency management software to run their business. Today, we are going to talk about Role of Technology in customer service.

Technology has made available a wide range of customer service tools. They include support websites, the ability to have live chats with technical staff, databases tracking individual customer preferences, pattern of buying, payment methods etc., and tailoring products and service responses based on these advanced data. Specialist software that is designed for the tracking of service levels and for helping recognize areas for improvement are often integrated into other enterprise operational software tools such as ERP software.

Many companies have started to use new channels to capture customer feedback. With record number of people now communicating through mobile phone and sending texts, many argue that the next wave of customer feedback will primarily be captured through channels familiar to most consumers, such as mobile email and SMS. This will enable companies to track the opinions of their customers much more easily and gain valuable insight into how to improve service quality and enhance the customer experience.

ref: Insurnace Software, Insurance CRM, wikipedia

Saturday, February 2, 2008

Competitive advantage

A company may attempt to differentiate itself from its competition through the provision of better customer service. The consistent delivery of superior service requires the careful design and execution of a whole system of activities that includes people, technology, and processes; although, the rewards will include improved revenue from customers that are impressed with the service provided. Companies in insurance industry need to have insurance crm, insurancefa software with agency management system to deliver better service to customers.

Some companies do better than expected. In the 1980's, a customer called LL Bean and was surprised that he was greeted by name. The representative explained that AT&T provided Caller-ID service to all companies with toll-free lines (ten years before any phone company offered Caller ID to retail customers), and that Bean's computer had brought up the customer's record on her computer screen. She knew where he lived and what he had recently bought. If he wanted something new, she even knew the size and color to suggest. They also remembered the credit card number that had been used, although they could not be certain it was still valid.

In some cases, a company will have two interfaces: during "normal business hours" in the vendor's time zone, the caller will reach the Customer-Service Department, which can take new orders, trace recent orders, and solve problems; a person calling outside those hours will instead reach a fulfillment house, often in another state or country, and able only to take new orders. In most cases, fulfillment centers don't even have catalogs for the many companies they represent. If a problem arises, the answer is "Call between 8 a.m. and 5 p.m. Monday through Friday, Eastern Standard Time."




ref: agency management system, crm-sfa software, wikipedia

Tuesday, December 18, 2007

SFA - Sales Manager Advantages

Sales Force Automation we are talking here and Advantages to different people/department attach with it. In our last post we talk about Advantages to Sales People and Advantages to the Sales Manager.


Today we continue our talk on Advantages to the Sales manager. Advantages to the

sales manager. Sales force automation systems can also affect sales management. Here are some examples;


The sales manager can configure the system so as to automatically analyze the information using sophisticated statistical techniques, and present the results in a user-friendly way. This gives the sales manager information that is more useful in :

  • Providing current and useful sales support materials to their sales staff

  • Providing marketing research data: demographic, psychographic, behavioural, product acceptance, product problems, detecting trends

  • Providing market research data: industry dynamics, new competitors, new products from competitors, new promotional campaigns from competitors, macro-environmental scanning, detecting trends

  • Co-ordinate with other parts of the firm, particularly marketing, production, and finance

  • Identifying your most profitable customers, and your problem customers

  • Tracking the productivity of their sales force by combining a number of performance measures such as: revenue per sales person, revenue per territory, margin by customer segment, margin by customer, number of calls per day, time spent per contact, revenue per call, cost per call, entertainment cost per call, ratio of orders to calls, revenue as a percentage of sales quota, number of new customers per period, number of lost customers per period, cost of customer acquisition as a percentage of expected lifetime value of customer, percentage of goods returned, number of customer complaints, and number of overdue accounts.

ref: sfa & Sales Management Software, wikipedia

Wednesday, December 12, 2007

Sales Force Automation - Advantages to Sales People

An integral part of any SFA system is company wide integration among different departments. If SFA systems aren’t adopted and properly integrated to all departments, there might be a lack of communication which could result in different departments contacting the same customer for the same purpose. In order to mitigate this risk, SFA must be fully integrated in all departments that deal with customer service management.

We talk different advantages to different department/ person who are integrated with SFA procress.
1) Advantages to Sales People
2) Advantages to Sales Manager
3) Advantages to Marketing Manager
4) Strategic Advantages

We talk each of the above here. First we talk Advantage to Sales people.

sales force automation systems can improve the productivity of sales personnel. Here are some examples:
  • Rather than write-out sales orders, reports, activity reports, and/or call sheets, sales people can fill-in prepared e-forms. This saves time.
  • Rather than printing out reports and taking them to the sales manager, sales people can use the company intranet to transmit the information. This saves time.
  • Rather than waiting for paper based product inventory data, sales prospect lists, and sales support information, they will have access to the information when they need it. This could be useful in the field when answering prospects’ questions and objections.
  • The additional tools could help improve sales staff morale if they reduce the amount of record keeping and/or increase the rate of closing. This could contribute to a virtuous spiral of beneficial and cumulative effects.


ref: sales force automation - CRM Software, wikipedia


Thursday, December 6, 2007

Sales Force Automation - SFA - CRM Software Functions

Sales Force Automation Systems (SFA), typically a part of a company’s customer relationship management system, is a system that automatically records all the stages in a sales process. SFA includes a contact management system which tracks all contact that has been made with a given customer, the purpose of the contact, and any follow up that might be required. This ensures that sales efforts won’t be duplicated eliminating the risk of irritating customers. SFA also includes a sales lead tracking system, which lists potential customers through paid phone lists, or customers of related products. Other elements of a SFA system can include sales forecasting, order management and product knowledge. More developed SFA systems have features where customers can actually model the product to meet their required needs through online product building systems. This is becoming more and more popular in the automobile industry, where patrons can customize various features such as color and interior features such as leather vs. upholstered seats.

We continue our talk on Sales Force Automation as part of CRM Software Function in next post.


ref: Sales Force Automation, CRM Software, wikipedia

Friday, November 30, 2007

Lead Management - CRM Software Fuctions-3

CRM Software Functions and CRM Software Features we are talking here. Till now we talk about Lead Capture and Lead Distribution as features of CRM Software.
We are going to talk about Lead Management as part of customer relationship management software features.


Lead Management is a term used to describe the methodologies and systems to manage customer prospects and inquiries, generally generated by a variety of marketing techniques. Lead management can be considered the connectivity between advertising and customer relationship management. This critical connectivity facilitates the acquisition of customers, and has also been referred to accurately as customer acquisition management.

Lead management creates an orderly architecture for managing large volumes of customer inquiries, or leads. The architecture must be able to organize numerous leads, at various stages of a sales process, across a distributed sales force.


The lead flow process can become enormously complex as customers and sales professionals begin to interact. These various interactions and subsequent actions can create a variety of scenarios, both productive and counter-productive. This exponential number of scenarios can provide for numerous opportunities to mishandle leads in such a way as to reduce their value. Managing these scenarios is the function of lead management.



ref: lead management software, wikipedia

Thursday, November 22, 2007

Lead Capture - CRM Software Functions-1

We talk about CRM Software Functions and CRM Software Features in our previous post. In this post we are going to talk about Lead Capture as Features of CRM Software.

Lead Capturing is attracting the highest quality of targeted prospect for once business. The business can be any related with internet, direct marketing.

Lead Capturing is possible with a lead capture page. A lead capture page has input field or we can say lead capturing capacity which capture basic information like name, address, email, phone, etc. along with unique or general questions designed to qualify leads for each response profile. The form should be tied directly to an auto responder. An auto responder is basically a set of prewritten messages that goes out to anyone that fills out the form on your lead capture page. Your emails should be designed to market a product, service or anything else you desire. A good lead capture page and a good set of follow up emails are the essence to any internet marketing business.


Benefits of Lead Capture page or web base Lead Capture:-
  • Track and manage leads from anywhere at anytime
  • Easy integration with current electronic and traditional marketing initiatives
  • Set rules for lead weighting and lead distribution
  • Manage qualification questions and answers using a simple to use interface

ref: Lead capture & Leadorganizer software

Tuesday, October 30, 2007

CRM Software Functions-1

CRM can provide companies of all types and sizes with significant benefits, but only if sales team adopt it. We are talking about 3 modules. Marketing, Sales and Service. In Marketing, we are talking today Marketing Automation Module features:

Marketing Automation Module including following major features.

• Contact customers with targeted promotions and email communications

• Run sales campaigns

• Run campaigns in conjunction with the sales team

• Send e-mail and track responses

Sales force automation

we talk each of the above one by one.

Wednesday, October 10, 2007

CRM Software Functions

Last time we talked about what is CRM and Why CRM? We left off with 3 different modules in any CRM Software. Today we will continue and talk about these 3 modules and functions of these modules.

1.Marketing

2.Sales

3.Service

Depending on your business process automation needs, you may want a higher focus on one or the other module. These modules can be integrated with one other. Marketing, Sales and Service Modules share the same database about customers, contacts and activities. This allows easy consolidated access to all customer information, and avoids the need to store common data in more than one system.



1) Marketing:-
Make your marketing team more effective by providing CRM. Best CRM should include tools to help identify, execute and replicate effective marketing initiatives across multiple sales channels.
The Marketing Module helps your marketing team to assign, schedule and track marketing campaign activities and measure campaign performance. The combined sales, marketing and customer service tools allow your business to work with one up-to-date set of customer data, therefore appearing professional, organized and informed when speaking to your customers.

Marketing Automation Module features:

Contact customers with targeted promotions and email communications

• Run sales campaigns

• Run campaigns in conjunction with the sales team

• Send e-mail and track responses

• Sales force automation

CRM gives marketing team access to your customer data quickly, easily and in a way that makes it easier to market the right products to the right customers.


Talk on Sales and Service modules of CRM Software Functions will be available in next notes with title CRM Functions