2010
Dysfunctional CRM Rejuvinated
To have a successful CRM implementation you need a strong CRM
system platform and an experienced implementation team. That,
however, is just the beginning. Equally important is the ability of
consultants and company stakeholders to develop trusting
relationships so that they can work through a myriad of important
issues.
In 2002, based on the recommendation of a third party consultant, a software division of a large multi-national company asked STI Systems to bid on the implementation of a new Customer Relationship Management (CRM) system. The company had several different CRM Systems installed by various implementation partners in many of its divisions in Europe, the US, Canada, Asia and Australia.
Trusting relationships were established between STI Systems and multiple stakeholders to work through the inevitable issues so that a sales process that had become dysfunctional could be rejuvinated. Read More Here
In 2002, based on the recommendation of a third party consultant, a software division of a large multi-national company asked STI Systems to bid on the implementation of a new Customer Relationship Management (CRM) system. The company had several different CRM Systems installed by various implementation partners in many of its divisions in Europe, the US, Canada, Asia and Australia.
Trusting relationships were established between STI Systems and multiple stakeholders to work through the inevitable issues so that a sales process that had become dysfunctional could be rejuvinated. Read More Here
Flexibility = Sustainable Productvity
Now entering its second
decade, a flexible CRM system implemented by STI Systems for the
wholesale products division of a Fortune 500 bank has provided has
provided the institution with numerous sustainable
advantages:
- The flexibility to grow and change with the market or to take advantage of better productivity-enhancing technologies
- Excellent intelligence on the marketplace
- Accurate and efficient reporting
- A carefully constructed standard business process across the sales force
- Integration with internal corporate banking applications
- Integration with valuable, laborsaving external applications
- Precise mirroring of the Division’s core business processes
- Simple incremental CRM modifications to support continuous sales process improvements
- An estimated 10-fold increase in CRM system functionality.
- An estimated 20% to 30% increase in the productivity for the bank’s critical revenue producers.
- The ability to increase revenues with a significantly smaller percentage increase in support staff.
How do you define CRM Success?
11/03/10 11:58 Filed in: Success
In our view a
successful project is one that has been implemented for 5 years or
more, is reviewed and updated to meet the changing business
requirements and has a acceptance rate internally of over 90%. The
acceptance rate is when the users are ask they tell you the system
is necessary to accomplish their job and the management team
believes it is necessary to manage their staff. That is
success.
A Sorely Needed Management Skill
11/03/10 11:31 Filed in: Skills | Sales Management
Public Speaking and Presenting: A Sorely Neglected Sales Management
Skill
As part of my consulting practice I attend dozens of sales meetings and national conferences with my clients. To get things off to a rousing start, my clients frequently hire motivational speakers. There may also be a demonstration of the latest and greatest CRM system. Then its on to the nuts & bolts stuff: reviewing the products, compensation, order entry, an overview of the sales process, and so forth. Unfortunately little time is ever spent at such meetings showing how managers can help their staff improve the basic every-day skills needed to accomplish their jobs. Public Speaking and Presentation skills are among those that are the most sorely lacking.
The sad truth is that many managers don’t have these fundamental sales skills themselves, so they cannot be expected to teach them. It is not their fault.
Read Complete Article
As part of my consulting practice I attend dozens of sales meetings and national conferences with my clients. To get things off to a rousing start, my clients frequently hire motivational speakers. There may also be a demonstration of the latest and greatest CRM system. Then its on to the nuts & bolts stuff: reviewing the products, compensation, order entry, an overview of the sales process, and so forth. Unfortunately little time is ever spent at such meetings showing how managers can help their staff improve the basic every-day skills needed to accomplish their jobs. Public Speaking and Presentation skills are among those that are the most sorely lacking.
The sad truth is that many managers don’t have these fundamental sales skills themselves, so they cannot be expected to teach them. It is not their fault.
Read Complete Article
What is success in your view?
20/01/10 20:21 Filed in: Success | Definition
In our view a successful project is one that has been implemented for 5 years or more, is reviewed and updated to meet the changing business requirements and has a acceptance rate internally of over 90%. The acceptance rate is when the users are ask they tell you the system is necessary to accomplish their job and the management team believes it is necessary to manage their staff. That is success.
How is success or failure determined?
19/01/10 17:39 Filed in: Success | Measurement
Although
there are multiple methods for determining success or failure with
your CRM implementation the two best are (1) Increase in Revenue
and (2) Increase in productivity. Although the first is fairly easy
to track the second has always been difficult to not only track but
to score.
Although their have been multiple studies done by Gartner Group and other organizations that track CRM implementations a relative modest 10% improvement in productivity is a fairly easy and acceptable number to set for any CRM implementation. Once you have determined the percent of productivity improvement it is then easy to set a revenue increase based on the productivity improvement.
Tracking these numbers is easier described then accomplished. To determine the increase you need to be able to set a base line to measure both of them against and without the starting base line how do you determine success or failure.
Although their have been multiple studies done by Gartner Group and other organizations that track CRM implementations a relative modest 10% improvement in productivity is a fairly easy and acceptable number to set for any CRM implementation. Once you have determined the percent of productivity improvement it is then easy to set a revenue increase based on the productivity improvement.
Tracking these numbers is easier described then accomplished. To determine the increase you need to be able to set a base line to measure both of them against and without the starting base line how do you determine success or failure.
Do you need a success matrix?
07/01/10 17:37 Filed in: Success | Measurement
Without a
success matrix it is impossible to measure the success or failure
of any CRM implementation. Many organizations can tell you their
close ratios, the number of calls the revenue producers are making
and other sales related data. What the management is unable in most
cases to tell you is simply; are their people working at maximum
efficiency and what is defined as maximum efficiency.
As part of a CRM project it is important to gather as much intelligence on the revenue producer’s activities and their management and support staffs. Once this data is collected a matrix for success can and should be determined to set the percent of improvement the company is attempting to achieve with its CRM implementation. You need to look at a lot of different elements and cross correlate them.
An example is number of phone calls to in person meetings, close ratio to proposals, suspect to prospect ratios and other sales related data including time periods for all the items. Start and end times for each phase of the process are as important as any other data. Most organizations find when they begin collecting the data that much of it is missing and may need to part of the CRM system design so the data can be collected to build a success matrix.
As part of a CRM project it is important to gather as much intelligence on the revenue producer’s activities and their management and support staffs. Once this data is collected a matrix for success can and should be determined to set the percent of improvement the company is attempting to achieve with its CRM implementation. You need to look at a lot of different elements and cross correlate them.
An example is number of phone calls to in person meetings, close ratio to proposals, suspect to prospect ratios and other sales related data including time periods for all the items. Start and end times for each phase of the process are as important as any other data. Most organizations find when they begin collecting the data that much of it is missing and may need to part of the CRM system design so the data can be collected to build a success matrix.
When can I reasonably begin measuring?
04/01/10 18:19 Filed in: Success | Measurement
Depending on the
quality of the data the organization has to begin with you can tier
the measurements for success. It will take 3 – 6 months for
the staff once you have implemented the system to be proficient
with it.
Any attempt to measure success during this time period is difficult and could be considered dangerous to the overall health of the project and staff to start too soon. You will need a good solid 6 months to a year worth of data to compare with your original data to determine the success or failure of the project.
Also you will need the willingness to modify the application and your measurement standards to insure success with the project. One of the issues we have seen is a management team that thinks it fully understands its market and what its representative are doing only to find out they were doing something totally different. I once remember a manager who wanted to change a feature in their sales process which we thought was incorrect.
After being told they new their system and we were wrong they came back to us about 30 days later and advised us to not make the change they had requested. It seems that once they began checking with the mid level management team they discovered we were correct. You need to be willing to make changes to the system and your measurement metrics as both the system matures and your market changes.
Any attempt to measure success during this time period is difficult and could be considered dangerous to the overall health of the project and staff to start too soon. You will need a good solid 6 months to a year worth of data to compare with your original data to determine the success or failure of the project.
Also you will need the willingness to modify the application and your measurement standards to insure success with the project. One of the issues we have seen is a management team that thinks it fully understands its market and what its representative are doing only to find out they were doing something totally different. I once remember a manager who wanted to change a feature in their sales process which we thought was incorrect.
After being told they new their system and we were wrong they came back to us about 30 days later and advised us to not make the change they had requested. It seems that once they began checking with the mid level management team they discovered we were correct. You need to be willing to make changes to the system and your measurement metrics as both the system matures and your market changes.