| |March 20199CIOReviewThere is a challenge of how to measure ROI - since the CRM is touted as a platform to increase conversions, interest flags when the conversions do not grow dramaticallyThese aspects of marketing must work well to push the sale. So this begs the question, what IS a CRM and hence what can make it work? Basis my experience and what I have seen succeed, a CRM is a relationship management tool.· It is a conduit designed to `nudge' a consumer to behave in a mutually beneficial way · It carries his transactional data and allows it to be enriched from different sources ­ primary infor-mation captured in frontend in-teractions (e.g. voice converted to text etc.), social media behavior, service interaction.· It is designed to allocate a con-sumer to the manager who is most suitably equipped to deliver these mutually beneficial goals. It is a con-duit to assign or reassign consumers' basis segmentation logic.Basically it is a conduitThe compute, analytics engine can be elsewhere. This gives the user the ability to segment and nudge behavior accordingly.This is the philosophy around which www.Effysales.com is help-ing Fino Payments Bank develop its own CRM. With this context, let's look at who all are needed to have a success-ful CRM implementation:· Marketing and Analytics: To segment consumers whose behavior needs nudging, to identify the cam-paigns which will work and course correct as needed. Very critical to note that this can be managed by in-telligent use of AI. · All consumer facing assets and teams: Websites and service teams etc., they aggregate data· CEO ­ Or the leadership team: CRM is a lot about culture that is driven or demonstrated from the top. It needs discipline to succeed. You need to work the conduit and connect with consumers assigned, plough back information, be will-ing to accept that something can go wrong.· Technology team: From being the gatekeeper to CRM implemen-tation, the team has to work with business as enablers. Identify ways in which the CRM can absorb maxi-mum data with the least amount of effort of input.In short, a CRM must align to how the company wants to monetize data by nudging the consumer to be-have in a mutually beneficial manner.To conclude, the effectiveness of CRM is aptly summed up by a Bill Gates statement, "the absolute fun-damental aim is to make money out of satisfying customers. How you gather, manage and use informa-tion will determine whether you win or lose."
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