To manage the many challenges that come with sales work, companies of all stripes have increasingly adopted customer relationship management (CRM) software, providing them with great results. Many companies in the world using mobile CRM easily meet their sales quotas, and this success is partially due to these companies using models of CRM alongside their software.
Let us make you understand what the models of CRM and different types of CRM models are!!
A CRM model is a workflow that guides all of the team’s interactions with leads, prospects and customers. It provides a loose framework that the company can follow to acquire and retain customers. It is not the same thing as CRM software; rather, CRM software enables businesses to move efficiently through their models of CRM while coordinating their teams.
Popular types of CRM models
The below are the few most commonly and widely used models of CRM.
IDIC CRM Model
The IDIC model is a Pepper and Roger’s generic blueprint for implementing CRM in a variety of situations. IDIC model of CRM stands for the four stages of CRM implementation: identify, differentiate, interact, and customize.
- Identify. In the IDIC model, you’ll start by identifying your leads and customers. In doing so, you will learn about their pain points and other distinguishing factors. It will help you in developing better personal relationships with the customers.
- Differentiate. Once you have segmented your customers, you should differentiate them based on how much value you expect them to bring to your business. After you differentiate your customers, you will better understand how much time and money you should put on them.
- Interact. The first two steps in the IDIC model will set you up for interaction with prospects and customers. This will show your customer that you understand their needs, making them more likely to make a purchase from you.
- Customize. Although the previous step involves tailored communications and content, it should only be the start of modifying your approach to fit your customer’s needs. The final step of IDIC is to customize your approach based on what you’ve learned about your customer.
Payne and Frow’s Five Forces
Payne and Frow have introduced a five forces model of CRM to focus on the processes of business, including strategy development, value creation, multichannel integration, performance assessment, and information management. These processes are the major part of the CRM model. Furthermore, Payne and Frow’s five forces model also states the importance of elements along with processes. The elements include CRM readiness, CRM change management, CRM project management, and employee management.
The Quality Competitive Index (QCI) model of CRM focuses more on managing customers than improving relationships with them. It has eight components:
- Analysis and planning:Fill in any data and behavioural gaps that your customer presents, then figure out what value your company brings to the customer.
- Proposition:Use your customer’s needs to find how you will serve them, then propose this approach to the customer.
- Information and technology:Look at your technology to determine how it adds customer information to your CRM and analyzing this data. Use what you learn to conduct reviews and modify your technology as required.
- People and organization:Designate few employees for managing customer feedback, such as service inquiries and getting online reviews.
- Process management:Ensure that your sales and customer service teams are dependably providing support to the customers. Identify the shortcomings and figure out the solutions.
- Customer management activity:This element has three elements of its own, acquisition, penetration, and retention of customers for the success of the company.
- Effect measurement:Analyze your teams’ performance to see how their work corresponds to sales. Get granulated by looking at each sale and customer service representative work as well.
- Customer experience.Conduct the same process as in the previous step, but for customer satisfaction in place of sales volume.
How a CRM tool helps your business
To execute any of these types of CRM models, you will need a CRM tool that centralizes the customer data and coordinates all the team’s efforts. Every business wants their CRM to enrich customer data and update it in real-time. These models of CRM along with the CRM tool facilitate all sales, marketing and customer service tasks. In brief, a CRM tracks your customer data and interactions so that you never miss out on any meaningful leads and prospects.
Source – businessnewsdaily