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e Web and streamlining the process of serving
customers through other channels.
Honeywell Industrial Control (HIC) significantly reduced the costs associated with
serving its customers by implementing a Siebel CRM solution focused on
knowledge management. The company built an online solutions database letting
contact center personnel quickly answer recurrent customer queries. As CIO and
Vice President Rob Baxter explains, “Our goal was to never discover a problem
twice.” By entering solutions to more than 50,000 problems into a central database
and making that database available to its field engineers, HIC cut its problem
resolution time from an average of 8 hours to 20 minutes. With the addition of an
online self-service application, the company realized even greater efficiencies,
reducing its call center costs by 15 percent.
Mitsubishi Motors has seen similar results from the implementation of its Siebel
CRM solution. “Our main focus,” says Rich Donnelson, Director of Service and
Why CRM? The Business Case for Customer Relationship Management Page 14
Product Support, “is to satisfy the customer. The new CRM system helps us ensure
that our customers are receiving the quickest and most efficient service from our
retailers.” Mitsubishi’s CRM system has helped the company achieve an 8 percent
reduction in its call abandon rate and a 38 percent reduction in cost per call. The
company can now handle a 75 percent increase in call volume with similar levels of
internal staffing.
Quick & Reilly’s CRM system helped the Revenue Enhancement Benefits
company increase its lead conversion
ratio—that is, the percentage of leads that
become new accounts—from 40 percent to
60 percent.
Because CRM strategies allow organizations to monitor, measure, and track every
customer interaction, organizations can determine the precise results of those
interactions and therefore calculate the return on every marketing, sales, and service
effort. Indeed, with CRM capabilities, organizations can determine the profitability
of each customer or account and thereby adjust their allocation of resources to each
customer based on that customer’s profitability. By extending this capability across
all communication and distribution channels, an organization can optimize its
business model. That is, it can reach the right customers and prospects through the
right channels at the right time with the right product or service. These capabilities
lead to improvements in key areas, including increased close rates, increased
revenue per sale, and improved customer retention.
Increased Close Rates
By deploying robust CRM systems and processes, customer-facing personnel have
easy access to all relevant account, contact, lead, activity, and product information
they need to serve customers. Moreover, CRM technology ensures that information
is provided wherever and whenever it is needed, leading to meaningful
improvements in close rates.
Financial consultants at Quick & Reilly, for example, use the company’s Siebel
CRM system to view information about investors, such as income and investment
preferences, and then target their investment pitches accordingly. Explains Quick
& Reilly’s Assistant Vice President of Sales Force Automation:
We are able to be so much more personal in our interactions now, With
essential customer information