A Customer Value Proposition (CVP) consists of the sum total of benefits that a vendor promises a customer will receive in return for the customer’s associated payment or other value transfer.

 

 

Customer Value Management was started by Ray Kordupleski in the 1980s and discussed in his book Mastering Customer Value Management.

 

This is is a business or marketing statement that describes why a customer should buy a product or use a service.

 

 

 

It is specifically targeted toward potential customers rather than other constituent group such as employees, partners and suppliers.

 

Similar to the unique selling proposition, it is a clearly defined statement that is designed to convince customers that one particular product or service will add more value or better solve a problem than others in his competitive set.

Why Customer Value Proposition is Important

A good Customer Value Proposition will provide convincing reasons why a customer should buy a product and also differentiate your product from competitors.

 

Gaining a customer’s attention and approval will help build sales faster and more profitably, as well as work to increase master share.

 

 

Understanding customer needs is more important because it helps promote the product.

 

A brand is the perception of a product or service that is designed to stay in the minds of targeted customers.

 

 

Creating a Strong CVP
A strong CVP is a clear, concise and compelling articulation of how the factors that are important to the customers are satisfied by the company.

 

Deep knowledge of the potential/current customer base is invaluable in coming up with a strong CVP which reflects the tangible results that customers can reasonably expect from using the firm’s products or services.

 

Strong Value Propositions are also expressed from the customer’s perspective and talk about the experiences and benefits that they xviii have when using the product.

 

 

Competitive Advantage

A product with a successful CVP is directly linked to the product’s actual and sustained performance versus the competition.

 

The two main attributes that allow customers to differentiate among products are price and quality Finding the coned balance between those two attributes usually leads to a successful product.

 

 

If a company is able to produce the same quality product at its direct competition but sell it for less, this provides a price value to the consumers.

 

Similarly, if a company is able to produce a superior quality product for the same or a slightly higher but acceptable price, the value to the consumer is added through the quality of the product.

 

 

Note: A product must offer value through price and /or quality in order for it to be successful
 

Target Audiences

1. End Users: The initial and ongoing satisfaction of the end-users is the goal of every business. Customer satisfaction is achieved when superior customer value is delivered. Establishing a lasting business relationship will lead to future sales. Price and quality are the most important factors in a consumer’s purchase.

 

2. Manufacturer/Distributor: When the sales target is not the end-user, but a manufacturer or distributor of a product, the most important factor is conveying superiority of one product over another There may be other factors besides price and quality that would affect a customer’s decision and communicating those as well is essential.

 

Types of CVP

#1 All Benefits

Most Managers when asked to construct a Customer Value Proposition, simply list all the benefits they believe that their offering might deliver to their target customers.

 

‘The more they can think of; the better This approach requires the least knowledge about the customers and the competitors, and thus results in a weaker marketplace effort.

 

 

#2 Favourable Point of Reference

The second type of value proposition explicitly recognizes that the customer has alternatives and focuses on how to differentiate one product or service from another, knowing that an element of an offering is a point of difference relative to the next best alternative.

 

It does not however covey the value of this difference to target customers. A product or service may have special points of difference, complicating the customers’ requirements and preferences, arid what it is worth to fulfil them; suppliers may stress points of difference that deliver relatively little value to the target customers.

 

 

#3 Resonating Focus
The favourable points of a different value proposition is preferable to an all-benefits proposition for companies crafting a customer value proposition. The resonating focus value proposition should be the gold standard.

 

 

This approach acknowledges that managers who make purchase decisions have major, ever-increasing levels of responsibility and often are pressed for time.

 

They want to do business with suppliers that fully grasp critical issues in their business and deliver a CVI’ that’s simple yet powerfully captivating.

 

 

Suppliers can provide a customer value proposition on the few attributes that are most important and target customers by demonstrating and documenting the value of this superior performance, and communicating it in a way that conveys a sophisticated understanding of the customer’s business priorities.

 

 

Brainstorming Session

1. What is Customer Value Proposition?
2. Discuss the different types of CVP that we have.
3. Why do you think CXV is important in an organization?

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Action Point
PS: If you would like to have an online course on any of the courses that you found on this blog, I will be glad to do that on individual and corporate levels, I will be very glad to do that I have trained several individuals and groups. They are doing well in their various fields of endeavour. Some of those that I have trained include staff of Dangote Refinery, FCMB, Zenith Bank, and New Horizons Nigeria among others. Please come on Whatsapp and let’s talk about your training. You can reach me on Whatsapp HERE. Please note that I will be using Microsoft Team to facilitate the training.

I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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Definition
When we talk about lead which is sometimes referred to as prospects, they are people that are likely to be interested in your products or services.

 

They are the set of people that will finally become your customers.

 

 
Definition
When we talk about lead which is sometimes referred to as prospects, they are people that are likely to be interested in your products or services.

 

They are the set of people that will finally become your customers.

 

 

Because of the relevance of lead to the development of your organization, you need to properly manage them so that, you don’t lose them to your competitors.

 

There are some basic things that you need to know about your leads because it is when you understand some of these details that you can meet them at the right place with the right products and services.

 

At the end of this article, the reader should be able to appreciate: What Lead Management is What you need to know about your leads What Account Management is

 

 

Capture of Lead Information
As a salesperson or sales manager, you need to have the contact details of your lead: you must also know their area of interest.

 

It is when you know this that you can package products and services that will satisfy their interest. You also need to know the source of lead: that is how the person or person(s) heard about your organization.

 

Also, you must be able to have metrics to measure the success of your organization as far as lead conversion is concerned.

 

 

Details Capturing
You must have a record of details of your interaction with your leads, so as to monitor them and know how far you are working towards their conversation.

 

The organization is to monitor all phone calls, emails and meetings that lead to the conversion of the leads to a customer.

 

 

Leads Qualifications
When we talk about leads qualification, we are saying that as an organization, you don’t have to entertain every dick and harry.

 

You must have some predetermined rules that specify what conditions a prospect must satisfy before they can qualify to become your customer. For example, not everybody n Nigeria can afford to buy a car.

 

Therefore a car dealer that is busy pursuing a man that could hardly afford three-square meals is chasing a goose.

 

Lead Allocation
Under SFA, we have said the organization needs to have an application that automatically distributes leads to sales agents or resellers who monitor things and make sure that their needs are met.

 

 

You should know that leads management in any organization are organized based on the needs of the organization.

 

 #1 Account Management

Account management is an application and process that helps salespersons and sales managers to handle individual corporate accounts with the organization. It allows the organization to monitor how each consumer with the organization are faring and follow – up on them appropriately.

 

This is mostly used in business to business (b2b) relationship in any organization.

 

 

This accounts that are being managed, apart from having financial transaction information also have other information that is needed by the organization such as the corporate name, an address which is grouped according to some basic requirement or other similarities that the corporate customers share together.

 

This will allow the sales team and sales manager that needs information about their corporate customer to have them.

 

 

When sale and account department of a CCE are integrated in such a way that have uniform database about the organization, it will allow them to monitor some basic information such as the customer purchasing patterns and use that information to predict what customers are likely to buy in the future.

 

 

SUMMARY
At the end of this chapter, we have been able to discover that:

• Leads are people that are likely to be interested in your products or services.
• Some of the basic things that you need to know about your leads include the capture of lead information, details of things to capture, what qualifies a lead, lead allocation
• We also discover that Account Management are applications that are needed to handle individual corporate accounts and manage how corporate customers in the organization are faring.

 

Brainstorming Session

1. What is lead Management?
2. What is the function of Lead management?
3. Discuss Account Management.

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Action Point
PS: If you would like to have an online course on any of the courses that you found on this blog, I will be glad to do that on individual and corporate levels, I will be very glad to do that I have trained several individuals and groups. They are doing well in their various fields of endeavour. Some of those that I have trained include staff of Dangote Refinery, FCMB, Zenith Bank, and New Horizons Nigeria among others. Please come on Whatsapp and let’s talk about your training. You can reach me on Whatsapp HERE. Please note that I will be using Microsoft Team to facilitate the training.

I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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Opportunity Management In CRM: How To Manage Customers Who Are Willing

 

 

Some Interesting Topics For you

Facts About Customer Life Cycle
Facts about Customer Value Proposition

Facts About Wallet Share In CRM.

 

At the end of this article, readers should be able to: ·                     Define Opportunity management ·                     Know things that are associated with opportunity management ·                     Talk about sales forecast management

 
 
Introduction
From our earlier discussion, we must have known that there is no way we can divulge Lead Management and Opportunity management from SFA Lead management occurs when you generate lead us various channels available to you in order to introduce specific products to a particular market segment.

 

One thing about lead management which can be a form of challenge to any organisation is the ability to introduce the right product at the right time for the right consumers.

 

 

 

 

Once you have identified your consumer and you have been able to raise the financial commitment that is needed, then you can move to the level of opportunity management.

 

That is when lead management can become opportunity management. It is then that it will enter the sales funnel.

 

 

There are some things that point that is associated with opportunity management.

 

These are:

• Financial Details
• Decision dates
• Proposal
• Possibility of closure
• Financial Details: Before you can say that opportunity has come as far as turning prospects to customers is concerned, you must have carried out a feasibility study and known that the lead is really worth it. You have to know the financial implication that is involved and that are you going to realize at the end of the day.
• Decision Dates: One other thing that you need to take note of is the decision dates of your customers. You must be able to pinpoint the date that they actually become your customers. You might need this when you are to determine their lifetime value.

 

• Proposal: you also have to the proposal. This at times has much to do with the type of people that are involved. But in an ideal environment, there has to be a proposal and there must be an agreement to back it up.

 

• Probability of Closure: A business person or better still a CRM manager you must be able to predict based on certain pre-conditions if a particular prospect will finally become a customer. Like the example given earlier concerning a car dealer. if he now sees a casual worker with ten thousand naira basic salary as a lead, that means something is wrong somewhere.

 

You should also know that pipeline management entails

 

1. Pipeline management to track the opportunity life
2. Proposal management
3. The capture of multi-channel interactions with the prospect
4. Milestone management for sales processes
5. Managing the sales forecast depending on the decision date

 

#1 Pipeline management

One thing that you need to have is pipeline management. Look at it this way, your wonderful pet entered into a pipeline you will want to monitor it in order to see to it that your wonderful pet comes safely out of the pipe, so also is a lead that you desperately want to become your customer.

 

You have to put pipeline management in place in order for it to be successful.

 

 

#2 Proposal Management

According to the Longman Dictionary of Contemporary English, a proposal is a plan or suggestion which is finally made to an official person or group, or the act of making it.

 

If an organization for example is introducing a new product, you have to put pipeline management in place in order for it to be successful.

 

 

#3 Multi-Channel Capturing

Like was said earlier, you have to monitor the various channels that you are using to interact with your customers.

 

As a CRM or sales manager, you have to monitor the way your salespeople interact with the organisation so that you are not misrepresented.

 

 

#4 Milestone Management

At times, as an organization, you set a target for yourself. You might decide at times that, if you are able to convert one thousand prospects to customers, you have reached a milestone.

 

At times, this must be managed in order to ensure that these milestones are achieved in your organization.

 

 

#5 Sales Forecast Management
Sales forecasts also must be managed in order to achieve results. Take for example that you have projected that you will sell one million tonnes of cement before December and by August, you have not been able to sell 300,000 tonnes.

 

That means your sales forecast is not realistic. You have to make sure that you are managing your sales forecasting order to achieve the result.

 

 

The main benefit of opportunity management is to help organizations to deal as far as possible.

 

It will allow organizations to identify potential customers, gather as much information about them and use that information to meet them at the right place with the right products and services.

 

The opportunity management application should be able to identify qualified leads and provides important information that the organization can use in order to attain success.

 

 

Opportunity management span the entire organization.it has to do with the front office staff working closely with the back-office staff in order to utilize the information that they have about the customers.

 

They can also go into the data warehouse in order to have much information about pasty transactions of the customers.

 

 

A good and well-established organization must have rules that guild them this rule must stipulate what a prospect is when will it become a qualified lead and how to incorporate it into the organization’s database.

 

 

Another thing that an organization has to know is that they must be able to identify who their competitors are, and the leverage that their competitor has as far as the leading question is concerned.

 

They must have adequate information about their lead, their competitor and other things that have to do with their leads.

 

 

There are some applications that have to do with SFA being able to provide information about the product that your competitors have that compete with your product.

 

You will also know what your customers want in terms of product functionality, support services, and pricing among others.
 
 
SUMMARY
At the end of this lesson, we discovered that:

• You cannot separate lead management from opportunity management.
• Lead management occurs when you get leads to form various channels in order to introduce specific products to them.
• There are four basic things associated with lead management: Financial details, Decision dates, proposal and possibility of closure.
• Proposal management has to do with managing how you go about introducing your business to potential customers or those that might be interested in it.
• We also have sale forecast management which will help you to predict what you are likely to sell in the next year that you are entering into – based in your sales in the previous year and the lifetime value of your customers.

 

BRAINSTORMING SESSION

1. Define Opportunity Management.
2. Discuss the components that are associated with opportunity management
3. Discuss Sales Forecast Management.

Do you enjoy this article, add Our Posts to your Reading List.

Action Point
PS: If you would like to have an online course on any of the courses that you found on this blog, I will be glad to do that on individual and corporate levels, I will be very glad to do that I have trained several individuals and groups. They are doing well in their various fields of endeavour. Some of those that I have trained include staff of Dangote Refinery, FCMB, Zenith Bank, and New Horizons Nigeria among others. Please come on Whatsapp and let’s talk about your training. You can reach me on Whatsapp HERE. Please note that I will be using Microsoft Team to facilitate the training.

I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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The internet has changed people’s lives in numerous ways. From the way we look for information to the way we buy things. Nothing can stop the fast development of this immersion into the new technologies that we have now reached the point where we can no longer even imagine our lives without the internet.

 

In such a reality, people are trying to adapt their lives and to get the best out of it.

 

They want to improve their lives and become more efficient. Why would they go to the restaurant for dinner if they can order food in? Why would they spend time shopping when they can order everything they need in less than ten minutes?

 

There is a constant trend to use the internet, not only to find out information but to get things done.

Buyers and sellers

On the one hand, we have buyers, people who try to make their lives easier and better by buying online.

 

Regardless if we talk about making a grocery shopping quick and easy, or ordering an item from abroad.

 

The internet enables fulfilling those needs and the ability to obtain something you could not even imagine two decades ago.

 

Besides convenience, online shopping also provides a great selection of products and services, as well as competitive prices. This is something that provides an incredible advantage over any local retail.

 

Due to the growing expansion of the internet and the fact that new generations are growing up with the internet experience being part of their lives from the early days, the number of digital buyers is constantly on the rise.

 

From 1.32 billion digital buyers in 2014, this number is expected to grow to more than 2 billion by 2020.

 

On the other hand, we have people who create or simply resell the products through the usage of the internet. These sellers are turning to the internet as a tool to run their business and ultimately earn their living. Some are choosing the existing platforms specialized in the sale of goods, such as eBay, while others decide to create their online stores.

 

 

Either way, the goal is to reach consumers and encourage them to buy. As a seller, your goal is first to reach the digital buyers, and then persuade them to buy from you, using a series of promotional activities, online interaction, etc.

 

E-commerce

Buyers and sellers together make up e-commerce, short for electronic commerce. E-commerce is the transaction between a buyer and a seller, which is done through online technologies.

 

It is the process of using the internet to buy or sell online Despite the fact that e-commerce is something available to anyone and in spite of how easy it might be to start selling products and services online, there are many struggles to make this business viable and actually capitalize your efforts in the digital world.

 

As the market gets saturated, day by day, it becomes even more difficult to place your products on that market.

 

A modern consumer is overwhelmed with numerous advertising messages each day. He is also mobile, which means easy access to the information and ability to buy on the go.

 

A modern consumer is also doubtful and equivocal. Faced with plenty of choices and alternatives, a modern consumer needs to make decisions on a daily basis.

 

All of this shapes the approach of modern businesses whose goal is to reach that modern consumer and persuade him that theirs is the product they should buy.

 

It is not an easy task, but with the right strategy and tools, you should be able to introduce and position your company on the e-commerce market.

 

 

Action Point
PS: If you would like to have an online course on any of the courses that you found on this blog, I will be glad to do that on an individual and corporate level, I will be very glad to do that because I have trained several individuals and groups and they are doing well in their various fields of endeavour. Some of those that I have trained include staff of Dangote Refinery, FCMB, Zenith Bank, and New Horizons Nigeria among others. Please come on Whatsapp and let’s talk about your training. You can reach me on Whatsapp HERE. Please note that I will be using Microsoft Team to facilitate the training.

 

I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.

CRMNUGGETS is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

 

 

 

In my previous article, I have talked about some of the basics that you need to know about the IT Infrastructure Library. In this article, I want to look at some of the differences between ITIL V3 and ITIL 4. Follow me as we are going to look at that together in this article.

 

#1 Extension to customer experience

One of the major addition to ITIL is that there is now more emphasis on customer experience. The previous ITIL V3 believes that if we follow some rules, the customer will definitely like the products. Bit the new ITIL 4 believes that for customers to be satisfied, they need to be carried along and become part of the stakeholders.

 

 

 

The ITIL 4 expands to customer experience, value stream and digital transformation of the organisation.

 

#2 Holistic approach

Another unique thing about ITIL 4 is its emphasis on a holistic approach by defining dimensions of service management that are collectively essential to the facilitation of service in the organisation.

 

#3 Value Co-Creation

ITIL 4 also introduce the concept of value Co-Creation. This concept assumes that you cannot create value alone
You need to work with customers in order to deliver value to customers. You have to engage your customers by getting feedback from them. This will allow Organisations to improve customers experience.

 

#4 Emerging practices

In ITIL 4, unlike ITIL V3, there are now practices rather than processes. That means ITIL 4 is more of realities on ground rather than what is written on paper. All ITIL 4 practices have been refreshed to reflect the reality on ground so that it can suit modern way of doing things.

 

#5 More advanced

Before, some of the emerging practices that are part of ITIL practitioners are now part of the core IT Service management principles. That means the curriculum has been expanded to cover more advanced topics than what was done with the previous version. I remember my tutor saying then that they are wide apart. It is just that it is not easy to change the name. That is why it is not ITIL V4 but ITIL 4.

 

#6 Borrow borrow

Modern ITIL 4 also borrow from other disciplines in order to reflect new ways of doing things. Some of the new trends ITIL 4 borrowed from include Agile, DevOp, Lean and IT Governance among others.

Do you enjoy this article, add Our Posts to your Reading List.

Action Point

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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Customer Relationship And Technology: How Technology Can Improve Customer Retention

 

 

In my previous article, I have written about customer relationship management. In this article, I want to talk about some of the unknown facts about Customer relationships and technology. Follow me as we will look at that together in this article.

 

OBJECTIVES OF THIS ARTICLE At the end of this lesson, readers should be able to understand the three basic sections that Ø  CRM can be divided into Operational CRM, Ø  Analytical CRM AND Collaborative CRM.

 
 
Introduction
In looking at CRM, we have three broad areas that 0kM can be divided into. These are Operational 0kM, Analytical CRM and Collaborative CRM. We are going to discuss this briefly now but our subsequent discussions will fall into any of these three headings.
The three areas that CRM can be divided into CRM and Collaborative CRM.
into are: Operational CRM, Analytical CRM.

 

 

 

 

#1 Operational CRM

The goal of operational GUM is to achieve the automation of horizontally integrated business processes including customer touchpoints, point of sales, and legacy systems integration. We have said earlier that those front offices are the ones that relate directly with customers while back offices are chosen that do not relate directly with customers. A good example of such s the Audit Department or Personnel Managers who don’t have any business with customers.

 

Operational CRM has to do with CRM strategies and packages that are formulated in order to meet day to day operations of the business.  This includes some of the policies and programs that are formulated in order to meet the day-to-day needs of customers.

 

 

#2  Analytical CRM

Analytical CRM involves capturing, storing, extracting, processing, analysing and interpreting customer data to the corporate user At the onset, the organisation will make a deliberate effort to get as much information as possible about their customers. After this, the organisation must analyse the information and process it.

 

They must be able to remove duplicate information or information that is not necessary. Organisations should know that before any CRM initiative can be successful, it must have adequate information about their purchase decisions. This will help in making well-informed decisions. This will help them to meet the customers at the right place with the right products.

 

 

A good example of analytical CRM is that of a bank that has customers of different age groups. They have young and old who have accounts with them.

 

They must be able to come with different products and packages to meet different customers’ needs. Young adults need a banking service that can meet their needs while retired from service since they then would become fragile and might want to deal with the bank from the convenience of their homes.

 

 

#3     Collaborative CRM

Collaborative CRM is the application of collaborative services to facilitate interactions between the customer and the organisation. Under this, applications are deployed in order to make sure that all stakeholders work together in order to increase customers’ experience.

 

This might include Partner Relationship Management communities, Customer Interactive Centres, and electronic CRM among others. The aim of its introduction is to enrich the information and services available to customers, so as to increase customer loyalty.

 

 

Summary
At the end of this lesson, we have been able to understand that operational CR191 has much to do with applications and policies that relate to day-to-day activities in an organisation while Analytical CRM has much to do with those applications that are deployed to work on customers’ information. Collaborative CRM has to do with the involvement of stakeholders in order to increase customers’ experience and exit stake.

Brainstorming Session

1. Using a well-known organisation in Nigeria as a case study, explain the three branches of CRM.

 

2. To you, which branches of CRM are the most important?

 

3. Why do you think Technology is very important to CRM?

 

4. Explain operational and Analytical CRM with examples

Brainstorming Session
 

1. How do you think that the adoption of analytical CRM technologies will help Korak Health Source, a health Insurance organisation located in Maryland USA to serve their customers better?
2. Mr Anderson, an initiator of CRM of Brainingham Investment had just been invited by his state Manager to come and explain the reasons why the organization needs to have a centralized customer database. If you are in his shoes, what will be your arguments.

Action Point

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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OUR MISSION

To create well-reached contents that will increase the intellectual prowess of our readers. 

OUR VISION

To become a reference point in the blogging space by the year 2030. We want to be among the first 30 blogs in Nigeria. 

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Components Of Customer Relationship Management: What Sets CCEs Apart

 

 

In my previous article , I have looked at all that you need to know about the branches of customer relationship management . In this article, I want to look at all that you need to know about CRM Solution Map. Follow me as we are going to look at that together in this article.
In any organisation, we have two sets of departments . These include those that have direct relationship with customers and those that do not relate directly with customers.

 

 

We have seen in my previous articles that customer facing departments include: Marketing , sales and customer service departments.

 

#1 Marketing

If the marketing department ‘s plans to shift to CRM, they need applications that can identify prospective customers. They must be able to identify prospective customers . They must be able to identify the calibre of customers that they want and how they can meet their needs.

 

Also, there is a need for segmentation of customers. Under this, organisations that deals with different age groups must be able to come up with products and services that will meet the needs of the various age groups.

 

 

The organisation also needs accurate targeting. Under this, they must be able to predict correctly who their prospects are and how they can meet them at the right place with the right products and services.

 

The marketing department in a CCE must also be able to come up with correct customer acquisition strategies . They must be able to pin point how various prospect want to be approached. Some like to relate with the customers online while some other want to do business from the convinience of their homes.

 

There is also the need for campaign management. When we talk of campaign management, we are talking about creating awareness about products and services that the organisation has to offer. This includes making sure that the existing campaign is still relevant.

 

Finally, under marketing, we can have a lead distribution, this involves follow-up on information that you have about a particular prospect. Take, for example, a customer that likes to do business from the convenience of his home ; such a customer/prospect will easily jump at products and services that will afford him the opportunity to do so.

 

 

Scenerio

Benson is a 9Mobile customer while his father who happens to be a carpenter also uses the same network. Benson who likes socialising and enjoying free things decided to migrate from easy starter to easy cliq because it gives him the opportunity to enjoy low call rates , get data for browsing and free access to Facebook and 2go among others.

 

His father migrated from easy cliq to easy starter simply because he does not need some of those things that his son wanted in a sim. He was attracted to easy starter because of the ” you and me ” which allows him to talk to his wife free of charge and home zone which allowed him to enjoy low call rates from his workshop.

 

#2 Sales

The sales deparrnent Inna customer-centric enterprise also needs some applications that will allow the staffs of the department to satisfy the needs of customers.

One of such is the application that will allow effective sales process so that closure of deals can be faster. This will allow the department to know those that really need the product and the best way to sell it to them.

 

 

The sales department also need proposal generation tool. This tool automatically notifies prospects and customers about products and services that might be of interest to them. These are programmed based on information at the disposal of the organisation about the prospects or customers.

 

The sales deparrnent might also need knowledge management tool. the organisation could only succeed of they have valuable information that could help in faster closure of deals.

 

We also need contact management tools. Under this , the organisation tries to manage their contacts and database in order to see how it could help in closure of deals.

 

If you suddenly discovered that you have Aliko Dangote ‘s son as one of those that have used your product or you have a link to the Nigerian President ,this might help you to sell your products to them.

 

Like I said earlier ,the problem remains that many Organisations in Nigeria cannot say precisely the total number of customers that they have.

 

Finally, there are applications that can help in forecasting. When you are forecasting, you are predicting things that are not on demand now but customers are likely to request for in the future . These can be done using information that is available in customer’s database.

 

#3 E-Commerce

The benefits of e-commerce platform is to ensure that the organisations is able to use the world wide web to increase their sales effortlessly. The organisations have to deploy applications that will ensure that both the online customers and those that walk into the various branch offices enjoy the same benefits.

 

 

#4 Services

This is the medium through which the organisation support customers that have purchased their products and services. This might include deployment of call centre applications , portals or customised interfaces which are meant to meet the need of customers.

 

 

A good example of this is the MTN online service centres which are meant to provide support to customers who might be having challenges with thier MTN Services.

 

Action Point

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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In my previous article, I have looked at some of the differences between ITIL Version 3 and ITIL 4. I. In this article, I want to look at what you need to know about Service Relationships in ITIL 5. Follow me as we will look at that together in this article.

 

 

Service provisioning consists of activities performed by a service provider in order to perform services to their customers.

Service consumption also consists of activities performed by service consumers in order to consume services. Let’s take, for example, you purchased mobile data, it is your duty to have a mobile phone or laptop in order to enjoy services.

 

Service relationship consists of joint activities performed by a service provider and a service consumer to ensure continual value co-creation based on agreed and available service offerings.

 

There are some things that need to be guaranteed in order to guarantee service provisioning …

 

 

There is a need for organisations to manage all the resources needed to deliver the services. In relation to Telco providers.

There need to make sure that their masts and other infrastructure are maintained in order to continue to make those services available to their subscribers.

 

 

They also need to provide access to resources for users. They need to make sure that all medium-term infrastructure needed for the customers to have access to resources are provided.

 

At times, the customers are given resources from the organisation in order to make sure that they are able to enjoy such services.

 

 

In providing services to their customers, the organisation has to ensure that they fulfil their promises to their customers. This is what will guarantee repeat purchases and increase the profitability of the organisation.

 

 

The last part of service provisioning has to do with service management and continual service improvement. The organisation has to ensure that they find ways of getting feedback from customers and using that feedback to improve the overall service performance.

 

Action Point

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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Influencer marketing, or influence marketing, is a part of online marketing focused on using the influence of particular individuals for the purpose of online promotion. Influencers are individuals who enjoy great respect and trust from their followers, and they are in the position to affect their opinion and their buying habits. This influence of theirs becomes their main asset enabling them to achieve their goals.

 

In terms of affiliate marketing, influencers have a better conversion rate than a link shared on a regular website or blog, mainly because:

• Influencers usually have a large number of followers and thus extensive reach
• Their opinion is considered more relevant and more credible
• They set up trends and standards
A large percentage of traffic driven by influencers are new customers (84%). It is estimated that acquisition costs from an influencer are 77% lower than those from other publishers.

 

 

Merchants
When it comes to merchants, their goal would be to explore opportunities for working with influencers. They might recruit influencers directly, or they might identify the influencers among affiliate program participants.

As individuals with great following and respect in the online community, influencers are a huge benefit for an affiliate program because they are most likely to show outstanding performance. For merchants, this means huge exposure to the brand and a lot of conversions. I

 

identifying this opportunity of collaborating with an influencer enables merchants to improve this relationship and potentially use different methods to encourage them to continue advertising your affiliate program. Additionally, a successful collaboration with one influencer might be more profitable for the merchant than having a lot of affiliates that generate modest revenue through affiliate links.

Affiliates

Influencers use various methods to cash in on their influence, and one of those methods is using affiliate marketing. This type of online marketing provides a lot of freedom and flexibility for them. They can choose the affiliate programs they like, and they can choose when and how they are promoting those affiliate links. Unlike working with brands and companies on campaigns, where they can be paid in advance, but the brand might be in charge of designing a campaign, influencer marketing enables influencers to organize the promotion of affiliate links in any way they see fit.

 

They can choose the promotion channels they feel comfortable with. For example, influencer bloggers can advertise affiliate links in their blog posts, without using other strategies for online promotion. If this is something they see as the most effective, then it is the approach they should go for.

Conclusion

Evidently, affiliate marketing has many connections with online marketing. On its own, affiliate marketing is a performance-based marketing model, aimed at generating income through passive income.

 

However, different online marketing methods and strategies can really boost the performance of affiliate marketing and help you expand your reach. There is nothing passive about that because you will actively be promoting your affiliate links using all of the methods that are available to you. You will be using many different tools and strategies that help you get better results with affiliate marketing.

 

 

It is crucial to keep monitoring everything and explore how each type of online marketing can help with boosting the performance of the affiliate links. Some merchants (or affiliates) might prefer using one or two methods for online marketing collaboration, such as a combination of affiliate marketing and email marketing, or using affiliate marketing with influencer marketing and social media marketing.

 

Customization is a crucial aspect when creating a strategy because each business is different. Therefore, it is essential to adapt the approach to the business you are promoting and use only the strategies and promotion channels that are productive and effective in achieving your business goals.

 

Action Point

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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Develop Project Charter belongs to the Initiating Process Group. This has to do with the process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. 

 

The key benefit of this process are that it provides a direct link between the project and the strategic objectives of the organization, creates a formal record of the project, and shows the organizational commitment to the project. 

 

The inputs

a. Agreement 

This is any document or communication that defines the initial intentions of a project. This can take the form of a contract memorandum of Understanding (MOU), a letter of agreement, verbal agreement emails, etc. 

 

It is also used as an Input in:

• Develop Project Charter (Integration Management).
• Monitor and Control Project Work (Integration Management).
• Close Project or Phase (Integration Management).
• Collect Requirements (Scope Management).
• Develop Schedule (Schedule Management),
• Determine Budget (Cost Management)
• Control Resources (Resource Management). 
• Identify Risks (Risk Management). 
• Control Procurement (Procurement Management).
• Identify Stakeholders (Stakeholder management) 
• Plan Stakeholder Management (Stakeholder Management). 

 

It is also used as an Output in Conduct Procurement (Procurement Management). 

 

b. Business Documents

The sources of information, like the business case and the benefits management plan, about the project’s objectives and how the project will contribute to the business goals.

 

Used as an input in: 

• Develop Project Charter (Integration Management).
• Close Project or Phase (Integration Management)
• Collect Requirements (Scope Management).
• Determine Budget (Cost Management).
• Plan Procurement Management (Procurement Management). 
• Identify Stakeholders (Stakeholder Management).

 

c. Enterprise Environmental Factors 

These are conditions, not under the immediate control of the team, that influence constrain, or direct the project, program, or portfolio. 

 

Used as an input in: 

• Develop Project Charter (Integration Management).
• Develop Project Management Plan (Integration Management).
• Direct and Manage Project Work (integration Management). 
• Manage project Knowledge (Integration Management)
• Manage and Control Project Work (Integration Management). 
• Perform Integrated Change Control (Integration Management). 
• Plan Scope Management (Scope Management).
• Collect Requirement (Scope Management).
• Define Scope (Scope Management).
• Create WBS (Scope Management)
• Plan Schedule  Management (Schedule Management).
• Define Activities (Scope Management)
• Sequence Activities (Schedule management).
• Estimate Activity Durations (Schedule management)
• Develop Schedule (Schedule Management)
• Plan Cost Management (Cost Management).
• Estimate Costs (Cost Management).
• Determine Budget (Cost Management).
• Plan Quality Management (Quality Management)
• Control Quality (Quality Management)
• Plan Resource Management (Resource Management)
• Estimate Activity Resource (Resource Management)
• Acquire Resources (Resource Management)
• Develop Team (Resource Management) 
• Manage Team (Resource Management )
• Plan Communication Management (Communication Management)
• Manage Communications (Communication Management)
• Monitor Communications (Communication Management)
• Plan Risk Management (Risk Management)
• Identify Risks (Risk Management)
• Perform Qualitative Risk Analysis (Risk Management)
• Perform Quantitative Risk Analysis (Risk Management)
• Plan Risk Responses (Risk Management)
• Plan Procurement Management (Procurement Management)
• Conduct Procurement (Procurement Management)
• Control Procurement (Procurement Management)
• Identify Stakeholders (Stakeholder Management)
• Plan Stakeholder Engagement (Stakeholder Management)
• Manage Stakeholder Engagement (Stakeholder Management)
• Monitor Stakeholder Engagement (Stakeholder Management)

 

d. Organisational Process Assets 

These are plans, processes, policies, procedures, and knowledge-based specific to and used by the performing organization.

 

Used as inputs in: 

• Develop project Charter (Integration Management)
• Develop Project Management Plan (Integration Management)
• Direct and Manage Project Work (integration Management). 
• Manage Project Knowledge
• Monitor and Control Project Work (integration Management.
• Perform Integrated Change Control  (Integration Management)
• Close Project or Phase (Integration Management).
• Plan Scope Management (Scope Management) 
• Collect Requirements (Scope Management)
• Define Scope (Scope Management)
• Create WBS (Scope Management)
• Control Scope (Scope Management)
• Plan Schedule Management (Schedule Management)
• Define Activities (Schedule Management)
• Sequence Activities (Schedule Management)
• Estimate Activity Duration (Schedule Management)
• Develop a Schedule (Schedule Management)
• Control Schedule (Schedule Management)
• Plan Cost Management (Cost Management) 
• Estimate costs (Cost Management) 
• Determine Budgets (Cost Management) 
• Control costs (Cost Management) 
• Plan Quality Management (Quality Management)  
• Manage Quality (Quality Management)  
• Control Quality (Quality Management)  
• Plan Resource Management (Resource Management)
• Estimate Activity Resources (Resource Management)
• Acquire Resources (Resource Management)
• Develop Team (Resource Management)
• Manage Team (Resource Management)
• Control Resources (Resource Management)
• Plan Communication Management (Communication Management)
• Manage Communications (Communication Management)
• Plan Risk Management (Risk Management)
• Identify risks (Risk Management)
• Perform Qualitative Risk Analysis (Risk Management)
• Plan Risk Responses(Risk Management)
• Implement Risk Responses (Risk Management)
• Plan Procurement Management (Procurement Management)
• Conduct Procurement (Procurement Management)
• Control Procurement (Procurement Management)
• Identify Stakeholders (Stakeholder Management)
• Plan Stakeholder Engagement (Stakeholder Management)
• manage Stakeholder engagement (Stakeholder Management)
• Monitor Stakeholder Engagement (Stakeholder Management)

Used as Outputs in: 

Manage Communications (Integration Management)

Direct and Manage Project Work (Integration Management)

Manage Project Knowledge (Integration Management)

 

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FedEx is a multinational courier delivery service that has been in operation for over 50 years. The company has a reputation for providing reliable and efficient delivery services to customers around the world. In an effort to improve its customer services, FedEx has launched an online survey platform, fedex.com/welisten, where customers can share their feedback and opinions about the company’s services.

 

 

The survey platform is designed to gather information on customer satisfaction, experience, and expectations. By participating in the survey, customers can provide feedback on various aspects of FedEx’s services, including delivery times, customer service, pricing, and overall experience. The feedback collected from the survey is used to identify areas that need improvement and to develop strategies for enhancing customer satisfaction. In return for participating in the survey, customers can receive discounts on their next FedEx shipment.

 

 

What is FedEx.com welisten?

FedEx.com/welisten is an online survey platform that allows customers to provide feedback on their experience with FedEx. The survey is designed to gather information about customer satisfaction, service quality, and overall experience with the company. By participating in the survey, customers can help FedEx improve its services and products to better meet their needs.

 

The survey is easy to access and complete. Customers can visit the FedEx.com/welisten website and enter the survey code printed on their receipt. The survey is available in multiple languages, making it accessible to a wide range of customers. The survey typically takes about 5-10 minutes to complete.

 

 

 

In exchange for participating in the survey, customers may receive a discount code or other special offers. These rewards are designed to thank customers for their time and feedback. The rewards may vary depending on the location and time of the survey.

 

Overall, FedEx.com/welisten is a valuable tool for customers to provide feedback and help shape the future of FedEx. By participating in the survey, customers can help improve the quality of service and products offered by the company.

 

Why is FedEx.com/welisten important?

 

FedEx.com/welisten is an online survey platform that allows customers to provide feedback on their experience with FedEx. The platform is important for several reasons, including improving customer experience and enhancing customer satisfaction.

 

Improving customer experience

FedEx.com/welisten is an important tool for improving customer experience. By collecting feedback from customers, FedEx can identify areas where they need to improve their services. For example, if customers consistently report that they have trouble tracking their packages, FedEx can work to improve their tracking system to make it more user-friendly.

 

In addition, FedEx can use the feedback collected through FedEx.com/welisten to identify trends and patterns in customer complaints. This allows them to address common issues that are affecting many customers, which can lead to a better overall customer experience.

 

Enhancing customer satisfaction

FedEx.com/welisten is also important for enhancing customer satisfaction. By providing a platform for customers to share their feedback, FedEx is showing that they value their customers’ opinions and are committed to providing high-quality service.

 

In addition, by addressing customer complaints and concerns, FedEx can improve customer satisfaction. When customers feel that their concerns are being heard and addressed, they are more likely to continue using FedEx’s services and recommend them to others.

 

Overall, FedEx.com/welisten is an important tool for both improving customer experience and enhancing customer satisfaction. By collecting and acting on customer feedback, FedEx can continue to provide high-quality services that meet the needs of their customers.

Action Point 

 

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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CRM (Customer Relationship Management) is a term that has been around for decades, but it’s still a mystery to many businesses.

 

 

Even though CRM systems promise to streamline sales processes, improve customer relationships, and increase revenue, many companies struggle to adopt them successfully.

 

 

According to Gartner analyst Robert Blaisdell, “CRM adoption culture” is the butt of 1 out of every 5 sales jokes on Instagram. This lack of adoption has caused CRM to go from being a solution to a problem, and many businesses are left wondering if CRM is a joke.

 

 

Despite the benefits of CRM, many businesses struggle to implement it effectively. One of the main reasons for this is the lack of adoption by employees. According to a survey by CSO Insights, only 40% of salespeople use CRM systems regularly.

 

This low adoption rate is due to a variety of factors, including poor user experience, lack of training, and resistance to change. As a result, businesses are not seeing the benefits of CRM, and some are even questioning whether it’s worth the investment.

 

 

 

The truth is that CRM is not a joke, but it’s not a silver bullet either. Like any technology, it requires careful planning, implementation, and ongoing management.

 

Businesses that invest in CRM must be willing to commit time and resources to ensure its success. In this article, we will explore the challenges of CRM adoption, the benefits of using CRM systems, and strategies for implementing CRM effectively.

 

 

The Problems with CRMWhy is CRM so difficult?

 

CRM adoption can be a significant challenge for companies. According to Gartner analyst Robert Blaisdell, “CRM adoption culture” is the butt of 1 out of every 5 sales jokes.

 

The primary reason for this is the difficulty of using CRM systems. Most CRM systems are designed by engineers, not by people who understand how businesses actually work. As a result, they’re often hard to use and difficult to customize to fit specific needs.

 

 

Moreover, the implementation of CRM can be a complex process that requires significant planning, time, and resources.

 

Inadequate training and support can lead to low user adoption rates and a lack of understanding of the system’s capabilities. This can result in poor data quality, inaccurate reporting, and low productivity.

 

 

What is the disadvantage of CRM?

Another significant problem with CRM is that it can make things worse instead of helping businesses run more smoothly. One of the disadvantages of CRM is that it can be time-consuming and laborious for salespeople. Sales teams often spend more time updating the CRM than selling, which can be frustrating and demotivating.

 

 

Moreover, CRMs are not enough to manage customer relationships. They waste a lot of time and are not designed with the needs of sales in mind.

 

 

They turn reps into data-entering machines just to make sure the back offices get the reports they need. To put it in the words of a former rep, “CRM is a joke.”

 

 

In conclusion, while CRM can be an effective tool for managing customer relationships, it is not without its challenges.

 

The difficulty of use, complexity of implementation, and potential disadvantages can make CRM adoption a significant challenge for businesses. Companies should carefully consider their needs, goals, and available resources before implementing a CRM system.

 

Action Point 

 

PS: I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you could drop your comment. Thanks in anticipation.

CRMNuggets is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

 

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CX value realization is a critical aspect of customer experience management (CXM). It is about ensuring that the value of a product or service is realized by the customer, and that it is aligned with their expectations.

 

The process involves measuring and reiterating the ongoing value that the product or service delivers, and ensuring that it is understood and embraced by the entire enterprise.

 

Value realization is a highly impactful method to capture outcomes that are achieved from customers, both quantified and qualitative.

 

Quantified outcomes include ROI, financial metrics, percentage improvement, time reduced, and costs offset, while qualitative outcomes include customer sentiment, quotes, and testimonials.

 

These data points can all be fed back into the pre-sale motions of a business, to ensure that the product or service is aligned with the customer’s expectations and delivers the expected value.

 

 

Value realization is essential for businesses that want to achieve customer lifetime loyalty. It is about understanding the customer’s needs, measuring the value delivered, and ensuring that the value is realized.

 

 

By doing so, businesses can create a loyal customer base that is willing to pay a premium for their products or services.

 

Companies that fail to focus on value realization risk losing customers to competitors who understand the importance of delivering value and ensuring that it is realized.

 

 

What is CX Value Realization?

CX Value Realization is the process of measuring and reiterating the ongoing value that a product or service delivers to customers.

 

It is an essential component of Customer Experience Management (CXM), which is the practice of designing and delivering positive experiences to customers at every touchpoint.

 

 

CX Value Realization involves identifying the key drivers of customer satisfaction and loyalty, measuring the impact of these drivers on customer behavior, and using this information to improve the overall customer experience.

 

Importance

1. CX Value Realization is critical to the success of any business that wants to build long-term customer loyalty and increase revenue. According to a Deloitte study, “Customer Outcomes: The Cornerstone of Exponential Value,” companies that focus on delivering positive customer outcomes are more likely to achieve high levels of customer satisfaction, loyalty, and revenue growth.

 

 

By measuring and reiterating the ongoing value that a product or service delivers to customers, companies can better understand their customers’ needs and preferences and make informed decisions about how to improve their overall experience.

 

2. To achieve CX Value Realization,

companies must first define and gain agreement on the customer journey across all organizations.

 

This involves identifying the key touchpoints that customers have with the company, understanding the customer’s needs and preferences at each touchpoint, and developing a strategy for delivering positive experiences at every stage of the journey.

 

Companies must also measure the impact of their CX initiatives on customer behavior and use this information to make data-driven decisions about how to improve the overall experience.

Conclusion

In summary, CX Value Realization is the process of measuring and reiterating the ongoing value that a product or service delivers to customers. It is an essential component of CXM and is critical to the success of any business that wants to build long-term customer loyalty and increase revenue.

 

By focusing on delivering positive customer outcomes and using data-driven insights to make informed decisions about how to improve the overall experience, companies can achieve high levels of customer satisfaction, loyalty, and revenue growth.

 

 

 

#2 Vulnerability Brokers

#3 Hacktivists

#4 Cybercriminals

Cyber criminal is a term for black hat hackers who are either self-employed or working for large cybercrime organizations.

 

 

Each year, cyber criminals are responsible for stealing billions of dollars from consumers and businesses.

#5 State-Sponsored

State-Sponsored hackers are threat actors who steal government secrets, gather intelligence, and sabotage networks of foreign governments, terrorist groups, and corporations.

 

 

Most countries in the world participate to some degree in state-sponsored hacking. Depending on a person’s perspective, these are either white hat or black hat hackers.

 

 

 

An email has become one of the powerful tools of communication among marketers and non-marketers alike. With the coming of mobile phones, it has become so easy for people to carry their email along anywhere they go.

 

That is why it has become prey in the hand of hackers. They know that people will always want to read their emails. The unfortunate part of it is that not everyone knows how to handle secure email communication among other skills. That is why I will be focusing on that in this article. 

 

How it works

Email also known as electronic email is a method of exchanging digital messages from a sender to one or more recipients at a given time. There are also some organisations that offer free email services such as AOL, Microsoft, and Google among others. 

 

Please note that email accounts can be accessed from any browser or a standalone email client such as Microsoft Outlook, or Mozilla Thunderbird among others. 

 

 

 To start with, here are some of the facts to know about email security…

• No email communication is 100 percent secured
• Insecure emails allow attackers to interpret personal and sensitive information of the user
• If not secured, email sent/received can be forged or read by others
• Emails are one of the sources of viruses and various malicious programs
• It is necessary to secure emails to have safer communication and to protect the privacy of users.

 

 

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If there is one thing that has revolutionised how business is being done worldwide, it is the coming of the Internet. With the coming of the internet into the business landscape, it is now possible for organisations to do business beyond their immediate environment.

 

Many businesses today are also able to attract and convert more customers than they have coming to their brick-and-wall offices. In this article, I want to look at some of the impacts of the internet on businesses. Follow me as we are going to look at that together in this article. 

Now the impacts…

#1 Market Penetration

One of the beauties of the Internet on business is that it has increased market penetration across the globe. With the coming of the internet, organisations are no longer restricted to a particular geographical location.

With the presence of the internet, organisations can reach out to their potential customers and convert them to loyal customers without them having to come down to their office. 

#2 Market Development

Another benefit of the internet on businesses is that it can aid in the market development efforts of the organisation. With the internet in place, organisations can be able to analyse customer behaviour and aggregate what their customers really want. This will allow them to do segmentation and profiling of their customers. It will allow them to also raise the exit barrier for their customers as well.

#3 Diversification

Another benefit of the Internet for businesses is that it has brought about product diversification. Before the coming of the internet, the only option that was available to businesses was to allow customers and prospects to come down to their offices.

 

 

With the coming of the internet, organisations now realised that there is a cheaper and more cost-effective way of doing business. Many of them have been able to take their businesses online. This has changed the business landscape astronomically. 

 

#4 Product Development

Online businesses are also able to develop new products and services based on customers’ feedback. Just like I said earlier, It is very possible for them to gather the opinion of the users who might have one thing or the other to say about the products or services that they have used.

 

This will allow them to create a platform where customers can make suggestions on how those products or services can be better. This will definitely increase customer loyalty and satisfaction level for the organisation. 

 

Unknown Facts About Internet Marketing

Buying and selling are as old as mankind. When this process first started before the advent of the internet. The seller will always have to look for the buyer and it was so hectic.

 

That was the time of trade by barter before the introduction of money. Then if you have yam and you need rice you will have to look for some that have rice and he is looking for yam.

 

With the coming of the internet, things changed drastically, it is now possible to even sell products and services beyond your immediate environment, In this article, I want to look at the functions of internet marketing. Follow me as we are going to look at that together in this article. 

 

What Internet marketing is…

Internet marketing or online marketing generally refers to the selling or promoting of products and services through the Internet. These online promotions can be done through the use of email, social media platforms, apps and other online media platforms. 

 

This process also combines creative and technical features of the internet with design, development, advertising and sales using websites with effective content for a product or service.

 

When you need to market products and services online, you will have to develop contents that will allow you to market that product effectively. You have to write contents that will tell your audience more about the products and why they should buy that product.

 

Apart from that, you may need to come up with graphics and teasers that will increase your audience’s interest in such products and services. 

 

Also, it should be noted that the use of the internet will definitely increase the frequency and depth of interaction between customers and brands. With the use of the Internet, your customers do not need to be coming to your office every time. You can maintain your interaction with your customers without them coming to your office. 

 

 

Why you need to use Internet Marketing…

#1 Organisational function and processes

First and foremost, the Internet facilitates almost all functions and processes that deliver products and services to customers and any other stakeholders. The use of the internet allows organisations and stakeholders to relate with one another without coming together in a particular place. This allows them to work together in order to achieve product goals. 

 

#2 Integration with brand

Another major component of Internet marketing has to do with integration with brands. Internet marketing allows customers to carry their favourite brand along wherever they go. You know this saying that “Out of sight is out of mind”.

 

 

But with the use of internet marketing, you have to make sure that they carry your brand wherever you go,. I don’t know if it always happens to you, whenever I see a Maltina advert anywhere, I always feel like taking a bottle of Maltina.

 

#3 Information Management 

Also, the internet can be effectively used as an information management system, which is a critical marketing support tool in strategy formulation and implementation. With the use of Internet marketing, it is now very easy to articulate the views of your customers.

 

You will be able to aggregate their views through the use of a feedback mechanism. You can now decide what customers are looking for in your products and services. This will assist you in making well-informed decisions. 

 

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CRM is the science of evolving a customer-centered organisation. It is aimed at making sure that customers’ needs are met irrespective of the channel that they have chosen to relate with the organization. This will ensure that both customers and other stakeholders involved in their satisfaction are fulfilled at the end of the day.

 

Many organizations today have failed in their bid to evolve into a customer-centric enterprise. This is because they are putting the cat before the horse. Some of these organisations have put CRM tools on ground before evolving a clear customer strategy. A good example of this is an organization that wished to be customer-centric but has not given proper orientation to their staff on how to relate with customers in a customer-centric enterprise.

As would be seen later, many organisations in this Nigeria treat their customers like very poorly They attend to customers as if they were doing them a big favour, All they are interested in is how to increase their sales and not customer satisfaction. This is very bad. An organisation must have a clear principle and blueprint that states how they will relate with their customers before bringing in technology to back it up.

 

One of the CRNI strategies that an organisation on this line must do, is to segment their customer base and evolve means of doing business from customer perspective. Like was said in the previous chapter, an organisation, for example, a bank. must be                                                      

Able to analyse its customer base. They can be divided into various segments such as youths, adults, illiterates, learned, corporate bodies, and government customers among others. They must be able to decide on ways by which each of the customer segments wants to be served. The Bank also has to meet them at the right place with the right products and services.

 

We should state it here that before an organisation can clearly segment its customer base; they must be able to know the benefits that prospects and customers will derive from using their product. They must also be able to say without mincing word the exact number of customers that they have.

 

Above all, the starting point of a new CRM initiative is for an organisation to develop a customer strategy. They must be able to know the calibre of customers that they want. They should also have a well laid down means of attracting the right calibre of customers/prospects that they want into their Life Cycle. The only means of attaining this is for the organisation to embark on “Customer Segmentation and Profiling”. We talk about Customer Segmentation now while we lets customer profiling comes next.

 

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Analysing Customer Lifetime Value In CRM

 

 

Customer Lifetime Value (CLV) is the expected net profit a customer will contribute to your business as long as the customer remains a customer. This also shows how profitable the organisation will be in the future.

 

Role of Technology

When an organisation needs to deploy a model that will be reliable and dependable in meeting customers’ need, in achieving this, there is the need for the organization to bring about a model that will automate and manage the whole process.

 

In deploying technology, the organisations need to deploy the king of technology that would manage the customer database. We also need to introduce analytical tools such as data mining; this dig in into customer’s database in order to bring out reliable information that can be used in order to increase customer experience.

 

We also need statistical tools such as predictive modelers which can suggest to organisations products and service that they can introduce to their customers. These are always done based on the need of customers and information at the disposal of the organization about their customers.

 

 

A customer-centric organization needs to check the effectiveness of its customer model regularly. This will help the organization to make necessary changes when necessary . There is a need for this because customers are very dynamic in nature. It changes very fast, the organization must have a challenger model that will continue to test the effectiveness and relevance of the model being adopted by the organization on a regular basis.

 

It should be noted that understanding the customer and the type of relationship customers wish to have is the key to a good CRM initiative. Here, we are saying that if you understand the customers and the type of relationship that they keep, you will know the best type of products and services to introduce to them. At times you might have a customer that does not take your organization as the main organization. If you don’t dig in enough, you may not know their worth.

 

It has been said before that, some organizations don’t know the number of subscribers that they have. Some don’t know who is actually responsible for the settlement of the bills or how many of their product, a customer has. If they don’t know all this, how would they come up with products and services that would meet their needs?

 

There is a need for market research and knowledge management coupled with a concise effort to dig ‘ip more information about customers, which will allow the organization to have more knowledge about customers. If all these are done on a regular basis, it will enable the organization to adapt to market changes and to anticipate and cater to the specific needs and wants of individual customers, thereby consolidating customer loyalty

 

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A Customer-Centric Enterprise (CCE) is an organisation that has resolved to do business from customers’ perspective. In this kind of organisation, profit is not their main motive of establishing business, they first resolve to satisfy customers’ needs which will in turn generate profits more than they expected. That is why CRM scholars have agreed that it is ten times better to do business from customers’ perspective than from product perspective.

OBJECTIVES OF THIS ARTICLE    At the-end of this article, you should be able to: ·    explain what a customer-centric enterprise is; ·    explain the stages that an organisation has to pass through before they can become a customer centric enterprise; ·    know the reasons why an organisation has to be customer-centric; ·    functions and roles of customer-centricity in a customer-centric enterprise; and ·    Know the reasons why customer-centricity is the best solution for organisations experiencing customer attrition.

 

 

 

In the word of the Gartner group, they define CRM as an enterprise-wide business strategy designed to optimize profitability revenue and customer satisfaction by organizing the enterprise around customer segments, fostering customer satisfying behaviours and linking processes from customers through suppliers.

 

In evolving into a customer-centric enterprise, an organisation tries to foster customer behaviours and they also develop business processes that will allow the organisation to do business from customer perspective. Apart from that, they have to come up with technologies that will allow customers to have a total experience irrespective of the channel that they are using to communicate with the organization.

 

                                                           

         

 

Evolution of Customer-Centric Enterprise

 #1 Product Focused Enterprise

      This is the default for many organizations. This is so because the primary purpose of arty organization is to make profit. At this level, all that the organization is concerned with is, how they can increase productivity. The organization here honour their staff based on the volume of sales they were able to make in a given year. You should know that product focused enterprise have much information about their customers but the information are not structured in a way that it can be used to satisfy customers needs.

 

#2 Customer Focused Enterprise

When an organisation begins with a product centric-vision, situation at times will force them to begin to reckon with their customers. they will now realize that they have to deal with arrays of customer issues which have much to do with the use of their products. The organization will now realize will now realize that if nothing is done about the complaints, it may force them out of business. This at times has forced many organizations to set up call centres in order to attend to customer issues and complaints. The main purpose of doing this was to maximize customer and employees satisfaction.

 

#3 Customer Value Focused Enterprise

         Under this, the organisation tries to minimize the amount being spent on customers that arc not really adding value to the organisation. The organisation tries to   concentrate on customers that have larger wallet share with them. Take for example; MTN tries to come up with a programme that rewarded customers that load up to ten thousand naira airtime monthly The company knew that it will be very difficult for a poor man that could not afford to feed three square meal.

 

The main onus of this is to gather as much information as possible about the customers and to use those information in formulating strategies that will allow the organization to serve their customers in a dynamic way

 

 

#4 Customer Centric Enterprise

     This is an organization that holds customers at the heart of its business. They see their customers as one of the stakeholders in the organization. In this kind of setting, all policies and actions of the organization are geered towards customer satisfaction and making sure that the brand lives up to expectation.

 

     It should be noted that the CRM initiatives of these enterprises can help reduce costs by encouraging customers to render service to each other in communities of interest, promote the enterprise to like-minded people known to them at low cost, seek redress willingly in the event of a shortcoming, be enterprising in taking up new products, and remain loyal for life.

 

Need For Customer Centricity

There is the need for organizations to operate from customers’ perspective as this will help them to retain their customers for life. The only reason why profit is coming in the first place is that customers decided to remain with the organization. Once they decide to spend their money somewhere else, profit will cease.

 

One thing is that customers love to enjoy their liberty, if an organization gives them that, and surpass their expectation in terms of services, there is nothing that will make a customer in his right sense to lock somewhere else.

 

Mother thing is that if you are satisfying your customers in the right way, you will spend less on promotional offers and adverts as your satisfied customers will do the talking for you. There will be an opportunity to cross-sell as they will gladly accept your new products and offerings and introduce your products to others.

 

It has also been said that the best way for an organisation to go, is to operate from customers’ perspective. Although this may not be profitable in the first place as you have to spend much in order to gain their trust. Once this is achieved, you can be rest assured that you have had those customers for life.

 

Functions of Customer Centricity

We have all agreed that customer centricity is the act of doing business from customers’ perspective. There are some basic function that customer centricity are meant to perform.

 

It is the function of customer centricity to increase the profitability of the organization. If customer-centricity is well managed, it will help the organisation to reduce their  cost of production; once you are able to manage your customers, it will reduce the cost that you to spend on acquiring new customers. This will ultimately reduce overhead cost and will also increase the volume/number of your products that your customer uses.

 

Customer centricity will also increase the bond between you and your customers. It will help you to know the exact number of customers that you have. What are those things your customer need and you can provide those needs. You must be able to know what your customer wants and how to meet those needs. At times, you may need to know the network of people that your customer or prospect have before you can even think of the best way to serve them. Once you are meeting and exceeding their needs, you will be able to sustain the bond between you and your customers.

 

Customer centricity will also increase customers and employee satisfaction. If customers are not satisfied, they will spend their money elsewhere, this will ultimately lead to loss of jobs and once the money is being spent elsewhere, it will create tension in the mind of staff of your organisation. That is why you have to satisfy your customer, so that your employees too will be happy That is why it is often said that employees’ satisfaction is customer satisfaction.

 

Customer Centricity: A Systematic Solution

Have you ever wondered why a computer system is called a system? It is a system because there are many components that come together before you can have what is called a system? It is a combination of many subsystems that form what is called a system. In a computer system, you have the application software like your MS Word, Microsoft Excel, Corel Draw, among others. We also have the keyboard, mouse, UPS among others.

 

 

You would have been wondering, how then can we relate a computer system to a customer centric enterprise. Many organizations today in Nigeria have closed down because customers are no longer patronizing their organisation.

 

They have spent a lot of their hard-earned money on promotional offers such as: Be a millionaire promo, 180 cars in 180 days among others. This is not really necessary when you have a customer-centric enterprise in place. It is a policy that will allow you to do business from customers’ perspective. You will have to consciously examine and discover some facts about your customers and you will use that knowledge to decide on what to produce, how to produce and for whom to produce.

 

We called customer-centric enterprise a system because it is a combination of many parts that come together to become one. You can leave one step aside and move to the other, and you are still expecting the same result.

 

You should know that in evolving into a customer-centric enterprise, you have to make up your mind that you want to operate from customers’ perspective. This will be backed-up with technology that is meant to ensure that your dream is realized. You need to practically learn how you can consciously satisfy your customers’ needs. This will help your business

 

SUMMARY

In this article, we have discovered that:

• A customer-centric enterprise is an organization that is doing business from customers’ perspective.
• There are four evolutions of a customer-centric enterprise, which are: Product Focused Enterprise, Customer Focused Enterprise, Customer Value Focused Enterprise and Customer Centric Enterprise which has much to do with 36O⁰ view of customers.
• We have also observed that customer-centric enterprise will help you to retain your customers for life. It will also ensure that both your customers and your staff derive maximum satisfaction.

 

Brainstorming Session

1. Use the diagram in fig. 11 to discuss what CCE evolution is.
2. Do you agree that organisations should treat different customers differently?
3. Do you think that organizations should waste their time on non profitable customers?

 

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