By .Summary:
In a normal scenario, CRM success metrics used to measure the success of a CRM strategy fundamentally include the Net Promoter Score and the Customer Churn Rate. Besides the Customer Retention Rate, First Contact Resolution Rate and Retention Cost. These metrics are essentially based on the sales and after-sales service provided to the customer, aimed at highest customer satisfaction. Do you need help with college homework? Then book ABC Homework Help. The company provides plagiarism free and timely homework help for all college subjects.
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When a situation like a pandemic, leading to global recession. Hits a firm providing IT services and consulting. It becomes rather prime that all areas of business have to undergo pivotal steps to sustain through it. A first change would be the definition of success, this is, what defines the success of the strategy being implemented.
For example, for Big Basket, the number of customers subscribing to their loyalty program – BB Star – is a success indicator, but during the outbreak of a dangerous infection, the success indicator of their CRM is reduction in the number of refunds/order cancellations and being able to convince the customers to wait patiently for their orders or for delivery slots. Big Basket conveys the message by constantly updating the pop-up messages on their website and application as well as by incorporating an ‘Operational Updates’ tab. This is an attempt at giving the customer an assurance of slot availability as well as order delivery. ABC Assignment Help provides the best and unique assignment help to college students. The services are available 24X7.
Another important change that an unusual situation brings to a CRM success measurement is the shift of focus. It is from sales-based to non-sales metrics. Management by Objective and Activity Measure are two major non-sales metrics that are use by many businesses. MBO is about a longer than usual selling cycle and the availability of data. AM is tracking the engagement of the customer with the business, also called customer activity. Other than these, user adoption and customer perception metrics also play a vital role in ensuring a lasting relationship with the customer in the time of change or instability.
These collectively include awareness, number of visits and impressions of the brand. Non-sales metrics are highly situational. For example, in the case of Covid19 infection, almost every business that makes delivery has been agile in incorporating ‘Contactless Delivery’. They are trying to increase impressions, and not necessarily sales, in their CRM tactics. This is done by providing information on safety and hygiene precautions. Mc Donald’s has made a huge and unique move by putting out a YouTube advert of 20 seconds which cannot be skipped. The cost of this is surely huge while the ad does not have a CTA to a purchase. This shift in metric will benefit the brand in the long term, as measured in MBO.
Cost to the team remains an equally crucial metric in any scenario. A business must be able to track the profit or loss to as much detail as possible at every point of time. Thus, even during undesirable conditions, tracking the cost borne by the business is an important metric to understand. And measure the effectiveness of the deployed CRM strategy.
Above all, it is of highest priority to stay close to one’s brand values and morals that the company is build on. When the time of crisis passes, the brand’s relationship with its customer will endure on the customer’s perception of its adherence to its foundations rather than the sales or post-sales services they provided during that time.
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