Thursday, December 18, 2014

How to Make Your Sales Team Love Mobile CRM?

Know what your salespeople love the most?

Generous appraisals and bonuses aside, they value time saving sales applications that make their work life easier and fun.


Small, compact with hi-tech computing power, mobiles have redefined instant digital communication. The end result? the path now is directed towards multiplying sales through mobile CRM applications.


 





A salesperson uses his mobile to:
  • Schedule his work day
  • Sales meet preparation
  • Meeting reports
  • Staying up-to-date with push notifications
  • Performance comparison against targets
You can make them love your mobile CRM app by working around these three critical factors:
1. Slow and tedious data input


You can solve by...


Sales people do not enter data in CRM due to lack of time and tedious data entering platforms. Important information which could have improved the quality of information for future interactions is lost. Hence, it is important to design and implement mobile CRM applications that focus on specific actions. Accessing and entering information in an ideal CRM solution should not take more than 60 seconds.


Susan is in the midst of sales meet with the CIO of a large international bank. For presenting collateral, she whips out her mobile and logs in to her CRM app to demonstrate content rich materials.  At the end of the meet, she quickly prepares a summary of the meeting using the mobile CRM app that lands at her supervisor’s (and client’s) mailbox immediately.


Organizations have attested to the fact that a user friendly CRM app deployed in mobiles has enhanced the image of their salespeople and portrayed them as forward thinkers and problem solvers.


How to Make Your Sales Team Love Mobile CRM?

2. Lack of navigation freedom on small screen sizes

You can solve by...


Typical SFA apps are designed with system features in mind rather than the usability by a salesperson. The small screens of mobiles do not have the real estate to allow salespeople full use of all functionality. You can solve this by introducing quick access list specifically designed for mobile platforms. This list will be created based on the frequently assessed functions and tabs. Users can also have the option of creating tab shortcuts on their home screen. Move aside FlappyBird!


Robin’s organization uses an SFA app that is content rich and has numerous tabs. But the small screen size makes it hard for him to access his top sales opportunities and update them, which he needs regularly. Lucky for him, based on usage methods, an update now allows him to create a shortcut for that functionality for prompt access and usage.


Hence, it is very important to keep the daily needs of a salespeople at the center to design UI and UX for mobile applications. Mobile sales CRM apps that are task driven improve sales productivity and improve sales cycle. Ideal applications ultimately integrate with an organization’s core Sales force automation (SFA) platform for quick access and synchronization.


3. Checking performance against targets and peers


You can solve by...


Healthy battle of numbers between your salespeople is good for team morale and productivity. One great way is to make them aware where they stand against their targets and in peer competition anywhere and anytime. A good mobile CRM app will have easy to access performance analytics. You can even add milestones and  push-notifications. Sales reps can become aware how much more they have to push themselves to come out a winner!


Roger and Steve are members of the sales team in a leading bank. They have a wager as to who will best the quarter numbers. Roger is in the lead and Steve has to close 10 more leads to catch. Detailed information is available instantly to Steve when he logs in to performance reports. As soon as he completes his 9th lead, a push notification edges him on to complete his 10th and surpass the leader-board.


Equipping sales people with suitable smartphones will portray your company as a future equipped organization. With mobile sales CRM software, you will witness faster sales cycle with all the required information readily accessible.


Related Articles:
1. How Mobile CRM Can Boost Your Field Sales Personnel Performance
2. Get the Power of Mobile CRM for SMB
3. Key Points To Consider When Investing in Mobile CRM

Thursday, December 11, 2014

5 CRM Innovation Areas to Help Grow Your Business

'Innovation distinguishes between a leader and a follower' – Steve Jobs

In order to be a leader you have to constantly identify new avenues where you can apply the power of CRM for the benefit of the customers to create a growth differentiator.

5 CRM Innovation Areas to Help Grow Your Business
Future areas for CRM innovation:
1. Emotion detection in customer care
Current customer service process is often bland and robotic. But what if you could add the power of emotive responses based on emotion detection?


Ken calls a bank executive to complain about credit card charges. Based on his tone, the banking CRM platform, which gives a 360° view of Ken’s profile, pops up a sticker stating ‘Insistent, stubborn and possibly  egoistic’. Accordingly, the executive can tailor his conversation that can draw a successful resolution and even notch up a sale.


Humans process emotions first and then logic. Through Emotion Detection System (EDS) integration in CRM solution, a great potential exists for higher cross selling and First Time Resolution (FTR) rate.


2. Interactive selling through mobile

With mobile internet penetration rising at 60% annually, it’s no wonder that businesses are concentrating on making digital purchases efficient. Self service sales modules implemented on a mobile platform can boost sales and cross selling. Incorporating CRM Gamification principles can increase customer engagement. Companies focusing on in-house mobile platforms can focus on both native application and cross platform development.


3. Price optimization
Your price determines your profits. But, companies often neglect to undertake detailed study on their pricing mechanism. CRM software can integrate detailed pricing insights in different dynamic market conditions, thus helping companies determine the optimum price. There can be inbuilt programs that forecast how demand will change at different prices. Management can then make an informed choice rather than shooting darts at the most efficient price.


4. Profitability analysis
Based on different data inputs from sales, distribution, inventory management, value based customer segmentation etc... CRM solutions can give out an in-depth profitability analysis. Through the results, management can figure out:

  • If the profit margins were stable over a time frame? If there are deviations, why?
  • What are the important ratios to consider? 
  • How are the industries peers faring? Etc.
The top management can get a comprehensible overview of the financial viability of their business. New improvements can be made in data input capabilities which enhance modelling accuracy. Profitability analysis helps organizations to derive efficient ways to consistently propel their profit growth.

5. Social data leverage for event based marketing campaigns

Globally, about 56% of adults spend their browsing time on social media. Social CRM solutions helps to collate their online data and frame behavioral inputs that help to perform event based marketing campaigns. New metrics can be designed which captures online characteristics in real time. Auto-pilot campaigns can also be set up based on users previous activities, complete with specified date and time. The CRM system can also involve marketing automation to create instant hot lead lists based on user click activity.


The above five areas can organizations develop better marketing communication channels; create descriptive customer profiles, thus establishing new selling opportunities to increase market share and profit margin.


About the Author:
Related Articles:
  1. Why you should gamify your CRM system today? 
  2. Social CRM Makes Marketing Strategies More Successful 
  3. Use Social CRM to Retain Positive Customer Perceptions 

Tuesday, December 9, 2014

How to Create a Perfect CRM Service Request Management System in Banking?

  
Secrets to improve CRM Service Request Management System for Banking:
 

1. System of records
These are software packages that banks use to keep records that experience low business changes. Typically, any changes to such systems require huge impact analysis as the whole data ecosystem is affected. 

Examples:

  1. Case management system
  2. Unified communication and collaboration
  3. Business rule engine
You can improve by...
  • Organizations should strive to standardize and automate best process practices to save cost and time.
  • There should be a highly categorized service request fulfillment process.
  • There should be an extensive knowledge base available so that executives can get information about any process aspect, incidents, solutions and workarounds quickly.
  • The whole system should be configured to deliver higher First Time Resolution (FTR) rate 

How to Create a Perfect CRM Service Request Management System in Banking?


2. System of differentiation
They are technologically more advanced than system of records and experience frequent changes business strategies modify.
 

Examples:

  1. Knowledge management
  2. Social media management
  3. Customer self service

You can improve by... 
  • Banking institutions should have an efficient priority system for escalation matrix.
  • The system should effectively capture time taken from failure to resolution.
  • Banks should have highly skilled executives who can take full advantage of extensive knowledgebase to resolve critical issues in the first instance.
 
3. System of innovation
They are usually systems that focus on speedy development, stability being secondary concern. They are created as a response to dynamic business changes. 


Examples: 
  1. Real-time decision support
  2. Location-based support
  3. Self learning systems

You can improve by... 
  • Designing different escalation matrix with the help of root cause analysis.
  • Updating knowledge base resolutions so that bugs and errors are sorted out quickly and platform is more stable and robust.     

There should be core principles that guide you towards making your service request management perfect, such as:
  1. The process changes should be under strict experimentation and change controls.
  2. The focus should be to migrate from traditional system architecture to alternate ones.
  3. The platform development practices should be incremental and agile.
  4. Business engagement practices involving system updates should be proactive and well documented.
 
Apart from the above list best practises, the overall main focus should always be on greater standardization and automation.  A layered model for technology development can help banks develop an effective, flexible and innovative business strategy. Using this model, you can deconstruct the body of applications in your infrastructure and to develop a long-term, dynamic technology plan that fully leverages IT investments. Banking leaders can use this approach to create a service request management strategy that prioritizes initiatives, guides investments and accommodates the flexibility required by dynamic markets. 

CRM solutions, with their customer centric platforms, can help solve issues faster, thus enhancing customer engagement and loyalty. Always implement Banking CRM software that has integrated service management capabilities in their platforms.

Reference:
1. Gartner Pace Layer Model

Related Articles:

1. How CRM Solutions Empower Customer Service Representatives to Match Customer Expectations 
2. 5 Ways to Empower Customer Service Teams with a CRM Solution 
3. 4 Ways Social CRM can Impact the Performance of Customer Services Teams

Tuesday, November 25, 2014

5 Powerful Features of Social Media Tools for Telecom Companies

‘Mobile penetration around the globe is expected to touch 94% in 2015’ – Global Digital Statistics 2014

‘Non-traditional services are expected to generate revenue amounting to 8.1% of worldwide traditional telecom services revenue in 2015.’ – Gartner

The above statements highlight the need for more close integration between telecom companies and social media. Here’s how they can utilize the power of social media.


5 Powerful Features of Social Media Tools for Telecom Companies

How can telecom companies harness social media tools?
1. Plan digital marketing campaigns
Social media tools help telecom companies to design campaigns that attract more subscribers and become the market leader. This is done with quick communication through an enterprise social network that allows different telecom marketing members like creative team, media buyer, field sales reps and senior executives to collaborate on vital decisions. As it is done in real time, telecom providers save money and time by reducing the time needed for reviews and approvals.

2. Data to design new offers
Telecom companies can harness social media to get vital consumer information like service suggestions, questions etc. This will help them design new products and schemes that customers would find attractive. They are already aware of the customer’s needs by monitoring their page traffic, digital campaign’s responses etc.

3. Set up web based reputation management
Today, a robust social media presence is not an option, but a must have. Gone are the days when you could depend on traditional mediums of television and print media for public relation (PR) management. With mobile internet browsing increasing at 61% annually, it is imperative for telecom companies to have strong interactive online social media presence. With social media tools, PR teams can filter out news feeds mentioning their telecom company and respond rapidly to any critical situation.

4. Complaints and feedback management
The capabilities provided by social media tools negate the need for setting up dedicated resources for complaint and feedback mechanism. They allow you to capture complaints real-time and respond quickly and effectively.  Feedback on new services rolled out are maintained and acted upon in future releases. This in turn increases customer engagement. With new features like peer to peer customer support, telecom can reduce complaint calls, thus freeing vital resources. One of our leading telecom clients was able to enjoy a call deflection rate of 44%.

5. Real-time analytic
Telecom companies can enable users to make and receive real-time updates on orders, tickets, alerts, contacts and billing information. With the help of analytic reports, they can determine spending ratios to support new digital services. Executives can access detailed alerts through social notifications to stay on top of network performance. Subscribers can thus avoid unwanted performance and billing surprises. 


Telecom companies can reap the benefits of social CRM to boost their subscriber base. A well designed CRM for telecom will have powerful social tools inbuilt that provides all the above listed features.


About the Author:

Related Articles:
1. 5 Quick Ways to Enjoy Faster Lead Conversion for Telecom Companies
2. Optimizing CRM in Telecom with Data Mining