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5 CRM: Craze, Cult or Whim? Far Eastern Economic Revue, Hong Kong; Oct 4, 2001; Michael Alan Hamlin Critical Considerations Reasons for Failure Tipper Tie The Pressures Alternative packaging methods began making inroads with Tipper Tie’s customer base Lead Kendra Bender IT Manager Budget Annual IT Budget $1M CRM Estimated $250K IT Staff of four M Pressures Monster was facing phenomenal global expansion and needed accurate and fast data for all involved. Lead Jocelyn Talbot, SVP of Telesales Budget Annual IT ~$20M Estimated CRM $1-1.5M Actual CRM costs ~$4M IT Staff 50 people worldwide, not including the development group for the web-sites Critical Success Factors Evaluate current customers’ impact on business. CRM must start with determining what kind of customer information the company is looking for and what it intends to do with the information. Evaluate business environment to understand how current customer relationships impact business retention and growth. Critical Success Factors Develop a strategy that is well articulated to give unequivocal direction and value to all employees Strategy must not only parallel current mission but be able to adjust with changing business requirements Strategy must be embraced by the CEO, COO, CMO and supported by IT * * Customer Relationship Management Barr, Fink and Pape October 2001 Presentation Goals Define CRM CRM real life experiences Review of critical success factors CRM future directions CRM Defined A Strategy A Process An Integrated Architecture The Outcome 1 CRM Defined A Strategy “Needed to completely integrate a business in order to get a holistic view of the customer and their relationship to the entire enterprise.”1 2 CRM is a strategy, not a tactic Ivey Business Journal; London; Sep/Oct 2001; Ian Gordan CRM Defined A Process “CRM is the ongoing process of identifying and creating new value with individual customers, and sharing the benefits over a lifetime association. It involves the understanding and