CRM Exam Notes

  • Pattern-Based CRM Strategy: Business model for value creation, delivery, and capture. CRM managers analyze business impacts. Key questions address client unhappiness and bad experiences' effects.

  • Importance of Patterns: Predicts trends, offers SWOT analysis (e.g., Nike's strengths, weaknesses, opportunities, threats).

  • Benefits of Patterns: Early issue recognition, sales result anticipation, strategy adjustment, performance measurement.

  • CRM Vision: High-level guide to goals. CRM managers assess unachieved goals, improvements, and common issues.

  • CRM Roadmap: Defines CRM system importance and processes for collaboration and implementation.

  • Steps in CRM Strategy:

  1. Set goals.

  2. Prioritize customers.

  3. Communicate with team.

  4. Stagger changes.

  5. Track clients.

  6. Sync with CRM plan.

  7. Evaluate and improve.

  • CRM Tools: HubSpot, Salesforce, Freshworks, Netsuite, Pipedrive, Creatio.

  • Segmentation:

    • Demographic: Age, gender, location, income, education, occupation, preference.

    • Integrated Communication Systems: Phone calls, emails, meeting calendars, SMS, surveys & reviews.

  • Social CRM: Customer service on social media for communication, data, and insight.

  • Customer Sales Management (CSM):

    • Sales Funnel: Awareness, Discovery, Evaluation, Intent, Purchase, Loyalty.

    • Pipeline: Prospecting, Qualifying Leads, Meeting, Needs, Offer, Negotiation, Closing, Delivery.

  • CRM for Project Managers: Addresses challenges like client and team management, resource acquisition, and deadlines. CRM is vital.

  • Project Management Process: Conception, Definition, Execution, Control, Close. CRM in each phase.

  • CRM Elements in Project Management: Tracking milestones, recurring tasks, project roles.

  • Integrated CRM Approach: Balances technology and human interaction for quality relationships.

  • Integrated Communication Techniques: Clear, audience-targeted messages with consistent branding and coordination.

  • Marketing vs. Market Feasibility: Information flow from business to customer vs. customer to business.

  • Potential Pitfalls: Cost, culture impact, communication issues, lack of commitment/research, complex programs, poor training/data.

  • Handling Complaints: Listen, repeat, apologize, confirm, and offer clear solutions without arguing.

  • Market Segmentation: Geographic, demographic, psychographic, behavioral.

  • Customer Complaint Steps: Acknowledge, gather info, resolve, and implement solutions.

  • Complaint System Failures: Too many stages, classifications, complexity, costs.

  • CRM Manager Growth: Under promise, build credibility, show humanity.

  • CRM Definition: System tracking customer interactions for informed decisions and improved experience.

  • CRM Process: Discover, organize, and optimize customer-related operations.

  • Customer Life Cycle (CLM): Awareness, Consideration, Purchase, Retention, Advocacy.

  • Improving CLV: Invest in experience, loyalty programs, recognize clients, feedback.

  • CLV Formula: CLV=Customer revenue per year×duration of relationship in years−total costs of acquiring and servicing the customerCLV = Customer\ revenue\ per\ year \times duration\ of\ relationship\ in\ years - total\ costs\ of\ acquiring\ and\ servicing\ the\ customer

  • CRM Processes: Lead generation, relationship management, customer service.

  • CRM Systems: Improve service, guide journey, drive development, personalize ads, find customers, increase sales.

  • Client Data: Capture contact details, profiles, communication, feedback.

  • CRM Workflow: Capture, engage, and close leads with CRM features.

  • Customer Interaction: Reliability, empathy, responsiveness, assurance.

  • Interaction Cycle: Greeting, Understanding, Agreeing, Delivering, Closing.

  • Customer Interaction Management: Tailored actions based on customer status (New, Existing, Past, Potential).

  • Human Relations: Study of human problems and interpersonal relations.

  • Skills in HR: Communication, conflict resolution, negotiation, organization, multitasking.

  • Human Personalities: Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism.

  • Personality Types: Choleric, melancholy, sanguine, phlegmatic.

  • Understanding Emotions: Emotions influence buying decisions; handle negative emotions to retain customers.

  • Customer Retention: Actions to increase repeat clients and profitability.

  • Self Image: vs. dimensions of customer value.

  • Dimensions of Self Image: Physical, psychological, intellectual, skills, sexual, moral.

  • Customer-Perceived Value: Functional, monetary, social, psychological.

  • Healthy Relationships: Open communication, equality, trust.

  • Building Client Relationships: Exceptional communication.

  • Communication Importance: Builds relationships, provides information.

  • Communication Process: Sender, message, encoding, media, decoding, receiver, feedback, noise.

  • Barriers to Communication: Physical, physiological, psychological, perceptual, semantic, multi-cultural, gender, interpersonal.

  • Slang & Jargon: Define specialist vocabulary.

  • Persuasive Communication Barriers: Lack of common ground.