The Role of Multichannel Integration in CRM

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Presentation transcript:

The Role of Multichannel Integration in CRM Adrian Payne and Pennie Frow Industrial Marketing Management, 33 (2004), 527-538

CRM is a management approach that seeks to create, develop, and enhance relationships with targeted customers to maximize customer value, corporate profitability and shareholder value. CRM is oftern associated with utilizing information technology to implement relationship marketing strategies.

5 key cross-functional CRM processes Strategy development Value creation process Multi-channel integration process Information management process Performance assessment

Channel options Sales force Outlets Telephony Direct marketing E-commerce M-commerce

CRM Channel Strategies Mono-channel provider (First Direct Bank) Customer segment channel (Zurich Financial Services) Graduate account management (B2B companies case) Channel migrator (EasyJet) Activity-based channel (Dell) Integrated multichannel: seek to capture all customer information across all channels and integrate it within a single data repository.

Strategic CRM The channels need to be considered in the context of the whole interaction over the life cycle (pre-sale, sale, post-sale) of the customer relationship (not just in terms of the sales activity). 3 stages of customer relationship: acquisition, consolidation, enhancement. Short product lifecycle -> offer stream of products tailored to most valuable customers

Customer Experience (CE) High quality experience vs. emotional goodwill vs. loyalty Channel experience needs to be considered: Typical and perfect CE within channel Typical and perfect CE across channel How to sustain and improve the cusomer experience within channel, across channel, and substitute an existing channel for better ones

Technology in improving CE Caller line identification (CLI) Rule-based systems Interactive voice response (IVR) Computer-telophony integration (CTI)

Develop a Multi-channel Strategy Clear Objectives Improve the CE Increase account coverage Improve revenue growth Decrease operating expenses Utilize full skills and resources of our business and employees Understand customer and channel touchpoints Review of industry structure and channel options Channel usage patterns Channel economics Integrated channel management strategy