CRM Shortcuts – Faster Ways to Customer Relationship Management
Years ago, I ran product management for several industry specific CRM data warehouses (in other words, business intelligence) for Teradata . My team worked with large Teradata customers including Wal-Mart, Bell South (now AT&T), Delta and Continental Airlines and other household names who were using Teradata to locate all their customer data and compile it in a system capable of analyzing customer buying trends. The goal was to increase cross selling and up-selling to existing customers as well as to retain them (at least the profitable ones!). Data mining (“what if I did X instead of Y”) type analysis could help target new customers as well.
It was interesting, and profitable. The customers targeted in different market segments (like Retail, Banking, Telecom, Travel, Hospitality and Healthcare) saved money because they did not have to “tweak” generic systems to their industry variances. It was profitable for Teradata, because a good chunk of development could be spread over multiple customers instead of starting from “scratch” each time.
No CRM solution can be 100% “off the shelf” — even for small businesses. There are certain things that are unique to the way a company does business. Yet, the more that can be “out of the box” and functional, the faster the rewards and the easier to get it up and running.
The reason I’m traveling down memory lane is because last week I received an email from Lauren Carlson, a CRM Market Analyst. She wondered if I’d be interested in blogging on the topic of industry specific CRM applications built around Microsoft Dynamics CRM.
If you’ve read my blog for awhile you may know I am a big fan of Dynamics CRM. My curiosity was raised so I check out her blog, “Microsoft Dynamics CRM Industry Solutions: Our 15 Favorites.” Since there are over 750 industry solutions built around Dynamics CRM this was quite an undertaking!
For easy navigation, the article links each industry to its corresponding solution:
If you take a look at any of these solutions for your industry segment heed these warnings: check out the vendor’s track record for keeping up to date with Dynamics CRM. Any time you have a third party “adding value” to another vendor’s product they can begin to slip behind in updates. Suddenly your third party application may not work with newer releases. Also, in your contract with the third party ask what happens if they go out of business. Any customer / vendor relationship is a bit like a marriage — so go into your relationship with your eyes wide open, and a pre-nup in hand!
It also behooves you to check some happy users who have been with the third party independent software vendor (ISV) for a few years, to make sure the customer support and “bug fixes” are fast and relatively painless. Keep in mind that you are paying a premium for the value add of the industry specific application (although you may get a discount on the CRM software) — do your due diligence to determine if the value you will get makes the additional cost of the third party application cost effective for your business.
Posted on August 24, 2010, in BI, business intelligence, CMR, contact center, CRM, customer relationship management, Marketing, Pragmatic Marketing, product management, profit, revenue. Bookmark the permalink. 7 Comments.