CRM

Operational. Collaborative. Analytical.

Wikipedia categorizes and defines Customer Relationship Management (CRM) as,

Operational CRM. Operational CRM provides support to “front office” business processes, including sales, marketing and service. Each interaction with a customer is generally added to a customer’s contact history, and staff can retrieve information on customers from the database as necessary.

One of the main benefits of this contact history is that customers can interact with different people or different contact “channels” in a company over time without having to repeat the history of their interaction each time.

Consequently, many call centers use some kind of CRM software to support their call centre agents.

Collaborative CRM. Collaborative CRM covers the direct interaction with customers. This can include a variety of channels, such as internet, email, automated phone (Automated Voice Response, AVR). It can generally be equated with “self service”.

The objectives of Collaborative CRM can be broad, including cost reduction and service improvement.

Analytical CRM. Analytical CRM analyses customer data for a variety of purposes including:

• design and execution of targeted marketing campaigns to optimise marketing effectiveness
• design and execution of specific customer campaigns, including customer acquisition, cross-selling, up-selling, retention
• analysis of customer behavior to aid product and service decision making (e.g. pricing, new product development etc.)
• management decisions, e.g. financial forecasting and customer profitability analysis;
• prediction of the probability of customer defection (churn)

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