Businesses must build top-line growth strategies upon the foundation of their CRM programs by ensuring that strategic intent and cost management measures are institutionalized CRM is a fundamental shift in the way a company does business with its customers, rather than just a one-time e-business initiative, it requires continuous leadership support over multiple years.
There are various types of CRM applicable as per sector needs:
(1) Operational CRM:
Operational CRM provides support to “front office” business processes. Interactions with customers are generally stored in customers’ contact histories, and staff can retrieve customer information as necessary. The contact history provides staff members with immediate access to important information on the customer (products owned, prior support calls, etc.), eliminating the need to individually obtain this information directly from the customer.
(2) Analytical CRM:
Analytical CRM can be deployed to understand the processing of claims in the Insurance sector. Deregulation of the insurance industry in the global has resulted in an increased number of players in the market hence competition. Analytical CRM can be used in the insurance industry for the following applications:
- Acquiring new customers.
- Identifying cross-selling/upselling opportunities.
- Establishing the premium rates.
- Assisting the regulators to understand from Rate and Models.
(3) Sales Intelligence CRM:
Sales Intelligence CRM is similar to Analytical CRM, but is intended as a more direct sales tool. It is oriented to sales staff. Its features include alerts sent to sales staff regarding cross-selling/up-selling/switch-selling opportunities, customer drift, sales performance, customer trends, customer margins, etc.
(4) Campaign Management:
Campaign management combines elements of Operational and analytical CRM. Campaign management functions support development of efficient marketing campaigns.
(5) Collaborative CRM:
Collaborative CRM covers aspects of a company’s dealings with customers that are handled by various departments within a company, such as sales, technical support, and marketing. Staff members from different departments can share information collected when interacting with customers.
(6) Geographic CRM:
Geographic CRM (GCRM) combines geographic information systems and traditional CRM. Geographic data can be analyzed to provide a snapshot of potential customers in a region or to plan routes for customer visits.
(7) Strategic CRM:
Strategic CRM is a core customer- centric business strategy aiming at winning and sustaining profitable customers along with an increase in customer loyalty.