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OLPD 4426 CRM STUDY GUIDE-University of Minnesota

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Chapter 1: Introduction to CRM 1. Definitions of CRM? -CRM is an information industry term for methodologies, software, and usually internet capabilities that help an enterprise manage customer relationships in an organized way -CRM is a business strategy that maximizes profitability, revenue and customer satisfaction by organizing around customer segments, fostering behavior that satisfies customers, and implementing customercentric processes. 2. Types of CRM? 1. Strategic - Strategic CRM is a core customer-centric business strategy that aims at winning and keeping profitable customers. 2. Operational - Operational CRM focuses on the automation of customer-facing processes such as selling, marketing, and customer service. Use Marketing automation, salesforce automation, service automation. 3. Analytical - Analytical CRM focuses on the intelligent mining of customer related data for strategic or tactical purposes. 4. Collaborative - Collaborative CRM applies technology across organizational boundaries with a view to optimizing company, partner and customer value 3. What is IDIC?  Model of CRM: Used to build closer 1 to 1 relationships with customers. o Identify who your customers are and build a deep understanding of them o Differentiate your customers to identify which customers have most value now and which offer most for the future. o Interact with customers to ensure that you understand customer expectations and their relationships with other suppliers or brandso Customize the offer and communications to ensure that the expectations of customers are met 4. Gartner’s competency model of CRM? (8 components) 1. CRM Vision: Leadership, Social Worth, Value Proposition 2. CRM Strategy: Objective, Segments, Effective Interaction 3. Valued Customer Experience: Understand requirements, monitor expectations, satisfaction vs competition, collaboration and feedback 4. Organizational Collaboration: Culture and structure, customer understanding, people skills, competencies, incentive and compensation, employee communications, partners and suppliers 5. CRM Processes: Customer Life Cycle, Knowledge Management 6. CRM Information: Data, Analysis, One View Across Channels 7. CRM Technology: Applications, Architecture, Infrastructure 8. CRM Metrics: Cost to Serve, Satisfaction, Loyalty, Social Costs

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