Unicon Securities Projrct Report

8/2/2019 Unicon Securities Projrct Report

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ASUMMER TRAINING PROJECT REPORT

ON

AT

UNICON SECURITIES PVT. LTD

A report submitted in partial fulfillment of the

requirements for the degree of BBA

ByMr. Omcar .K. Harmalkar

BBA, Semester 11 (Roll No: BBA 10-13)


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ACKNOWLEDGEMENT

It is my pleasure to be indebted to various people, who directly or indirectly contributed in

the development of this work and who influenced my thinking, behavior, and acts duringthe course of study.

I express my sincere gratitude to Miss Marie Raj Principal Don Bosco College for

providing me an opportunity to undergo summer training at Unicon Investment Solutions.

I thank the Coordinator of the BBA Department at Don Bosco College Miss Sonia

Lourenco, for her vital encouragement, support, and much needed motivation.

I am thankful to zonal head of unicon investment Solution for hissupport, cooperation, and motivation provided to me during the training for constant

inspiration, presence and blessings.

I also extend my sincere appreciation to Miss Vanessa charity (lecturer,) our Project Guide,

who provided their valuable suggestions and precious time in accomplishing my project

report.

Lastly, I would like to thank the almighty and my parents for their moral support and my

friends with whom I shared my day-to-day experience and received lots of suggestion thatimproved my quality of work.

THANK YOU FOR HELPING ME TO MAKE THE PROJECT A SUCCESS!

OMCAR HARMALKAR

(TYBBA, Don Bosco College)


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Table of Contents

S.No. Particulars Page No.

1. COMPANY PROFILE OF UNICON INVESTMENTSOLUTIONS

VISION AND MISSION

2. PRODUCT &SERVICES

3. SWOT ANALYSIS OF UNICON

4. OBJECTIVES OF THE STUDY

5. RESEARCH METHODOLOGY

6. DATA ANALYSIS & INTERPRETATIONS

7. LIMITATIONS OF THE STUDY

8. SUGGESTIONS AND RECOMMENDATIONS

9. BIBLIOGRAPHY

10. APPENDIXANNEXURE 1 QUESTIONNAIRE


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Abstract:

This project report is basically done on the Customer relationship management in UNICON

Securities Pvt. Ltd. The basic objective behind the project is analyzing the Customer relationship

management the factors affecting the Customer relationship management.

In the current period of constrained economic conditions, this study initiates an analysis of

customer relationship management on the Web sites of financial service businesses.

Customer relationship management is a critical differential that effects competitive edge for

businesses focused on the affluent customer market.

Though investment in marketing, sales and service innovation is limited under the existing

financial and global political conditions, the analysis of the study on large financial businesses in

the United States indicates that the businesses enable higher commerce, content and context, but

lower and generally inadequate communication, community, connection and customization design

on their Web sites.

The analysis contributes an important insight into the competitive dynamics of customer

relationship management for Web empowered financial service businesses striving to service the

demanding affluent market.

This study furnishes an expanded framework to research customer relationship management of

financial service businesses .They will also come to know about the various factors which affect

the Customer relationship management.

While doing this project the history and the company profile are basically searched either from the

internet or by the literature review of the company. This means that it is basically based on the

secondary source. Also the topic related concepts are done on the basis of the secondary sources.

The data for the analysis is taken either by the consulting the companys employees or from the

net. So it is partially primary and partially secondary. The analysis part is done with the help of

Microsoft EXCEL by computing the required output. Finally the conclusions and

recommendations have been written on the self finding basis.


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COMPANY PROFILE

Company Profile:

Basic Information:

Company Name Unicon Investment Solutions

Business Type Trading company, Distributor/Wholesaler

Product/Services Mutual Funds, Insurance, NFO, IPO, Equity, Debt

Address

Brands Kotak, HDFC, HSBC, Reliance, ICICI, BSP etc

No of Employees Above 1000 people

Company website www.uniconindia.in

Ownership & Capital:

Year Established 2004

Registered Capital Above US $ 100 million

Ownership Type Private Limitated Company

Legal Representative Mr. Gajendra Nagpal

Trade & Market: South East Asia.
http://www.uniconindia.in/http://www.uniconindia.in/Default.aspxhttp://www.uniconindia.in/


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Detail Profile:

Unicon is a financial services company which has emerged as a one stop investment solution

provider. It was founded in 2004 by two visionary and flamboyant entrepreneurs, Mr. Gajendra

Nagpal and Mr. Ram Gupta who possess expertise in the field of finance .The Company is

headquartered in New Delhi, and has its corporate office in Mumbai with regional offices in

Kolkata, Chennai, Hyderabad and Noida.

Unicon is a professionally managed company with outstanding managerial acumen and cumulative

experience of more than 200 years in the financial markets. the company is supported by more

3500 uniconians and has an extensive network of over 100 branches , 600 plus business partner

locations & 2500 remisers providing it with a national footprint.With a customer base of over 200000, the Unicon Group has an eye for the intricate financial

needs of its clients and caters to both their short term and long term financial needs through a

comprehensive bouquet of investment services. These services range from offline and online

trading in equity, commodities, currency derivatives to debt markets to corporate finance and

portfolio management services. The company has a sizable presence in the distribution of 3rd party

financial products like mutual funds, insurance products and property broking. It also provides

expert Advisory on life insurance, General insurance, mutual funds and IPOS. The distribution

network is backed by in house back office support to provide prompt and efficient customer

service.

The equity broking arm UNICON Securities Pvt. Ltd offers personalized premium services on

the NSE, BSE & Derivatives market. The commodity broking arm UNICON commodities Pvt.

Ltd offers Services in commodity trading on NCDEX & MCX. The UNICON Group Also has

PCG division providing investment solutions for High Net worth Individuals. UNICON can boast

of some of the most respected names in the private equity space like Sequoia Capital and Nexus

India capital as its shareholders.

Unicon has been founded with the aim of providing world class investing experience to hitherto

undeserved investor community. The technology today has made it possible to reach out to the last


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person in financial market & give him the same level of service which was available to only the

selected few. They give personalized premium service with reasonable commissions on the NSE,

BSE & Derivative market through their equity broking arm Unicon securities Pvt. Ltd. With their

sophisticated technology we can trade through our computer & if we want human touch we can

also deal through their relationship managers out of their more than 100 branches across the

nation.

Mission of the company:

To create long term value by empowering individual investors through superior financial services

supported by culture based on highest level of team work, efficiency & integrity.

Vision of the company:

To provide the most useful and ethical investment solutions guided by values driven approach to

growth, client service and employee development.

Management Team:

Name Designation

Mr. Gajendra Nagpal- Founder & CEO

Mr. Ram M Gupta - Co- Founder & President

Mr. Y.P. Narang - Head- Fixed Income group

Mr. Sandeep Arora - Chief Operating OfficerMr. Vikas Mallan - Chief Financial Officer

Mr. Trinadh Kiran - National Head (E-Broking)

Mr. Subhash Nagpal - Director (P & D)

Ms. Anjali Mukhija - Chief Compliance Officer

Mr. Vijay Chopra - National Head (Buss.Alliances)

Mr. Anurag Nayar - Chief Technology Officer

Mr. Ashish Kukreja - Head (Client Relations)


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Ms. Deepa Mohamed - Head (HR & Training)

Group Companies:


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Product &Services:

Unicon customers have the advantage of trading in all the market segments in the same window, as

they understand the need of transactions to be executed with high speed and reduced time. At the

same time, they have the advantage of having all Advisory services for Life Insurance, General

Insurance, Mutual Funds and IPOs also.

Unicon is a customer focused financial services organization providing a range of investment

solutions to our customers. They work with clients to meet their overall investment objectives and

achieve their financial goals. Their clients have the opportunity to get personalized services

depending on their investment profiles. Their personalized approach enables clients to achieve

their total investment objectives.

The Key products offering are as follows:

Equity- It is of two types-

Unicon Plus-It is browser based trading terminal that can be accessed by a unique ID and

password. This facility is available to all online customers the moment they get registered.

Features:

Trading at NSE, BSE & Derivatives on single screen.

Add multiple scrips on the market watch

Greater exposure for trading on the available margin.

Common window for display of market watch and order execution.

Real time updating of exposure and portfolio while trading.

Offline order placement facility.

Stop loss feature.

Competitive Brokerages.

Banking integration with ICICI Bank, HDFC Bank, AXIS Bank.

Proxy link to enable trading behind firewalls.


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Unicon swift- It is application based terminal for active traders. It provides better speed, greater

analytical features & priority access to Relationship Managers.

Features:

Trading at NSE, BSE & Derivatives on the single screen.

Add any number of scrips in the market watch.

Tick by tick live updation of Intraday chart.

Greater exposure for trading on the margin available.

Common window for market watch and order execution.

Key board driven short cuts for punching orders quickly.

Real time updation of exposure & portfolio.

Facility to customize any number of portfolio & watch lists.

Best 5 bids and offers, updated live for all scripts.

Facility to cancel all pending orders with a single click.

Instant trade confirmations.

Banking integration with ICICI Bank, HDFC Bank, Axis bank,

Bank of India, Corporation bank, Karnataka bank, Vijaya Bank etc.

Commodity-

Unicon offers a unique feature of a single screen trading platform in MCX and NCDEX

Unicon offers both offline & online trading platforms. You can walk in or place your orders

through telephone at any of our branch locations.

Features:

Live market watch for commodity market (NCDEX , MCX) in one screen.

Add any number of scrips in the market watch.

Tick by tick live updation of intraday chart.

Greater exposure for trading on the margin available.

Common window for market watch and order execution.


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Keyboard driven shortcuts for punching order

Depository-

It offers dematerialization services as a participant in central Depository Services Ltd through

its Depository operations. The company believes in efficient and cost-effective and integrated

service support to its brokerage business. Unicon securities Pvt. Ltd, as a depository

participant, will offer depository accounts for individual investors as well as corporate which

will enable them to transact in the dematerialized segment, without any hassles.

Depository offers a safe, convenient way to hold securities as compared to holding securities in

paper form. Their service provides an integrated single platform for all their clients ensuring a

risk free, efficient and prompt depository process.

Distribution-

Unicon is a fast emerging as a leader in the insurance and mutual funds distribution space.

It has over 100 branches and a huge number of Business Development Executives who

help to source and service the customers throughout the country. Unicon is fast becoming

the preferred Vendor Independent distribution houses because of providing efficient

service like free collection of cheques , keeping track of the premiums etc. to the

customers.

Unicon offers the following distribution products:-

IPOs

Mutual Funds

Insurance

Properties

NRI service-

With India becoming the epicenter of growth the Global Indian feels the needs to be connected

to the domestic growth story. It now offers a convenient and hassle free way of investing in the


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Indian securities Market to the people who are living outside India and wish to participate in

the Indian growth story.

Back office-

Unicon through its online back-office aims to increase the transparency and provides us the

link to view the details of our account online any time and any where.

Fixed Income-

The fixed income vertical of UNICON group deals in sovereign paper, money market/fixed

income instruments and merchant banking activities.

Competitors of UNICON:

India Bulls

Reliance Money

India infoline

Narayan Securities Pvt. Ltd

Vivek Financial Focus Ltd

Multiplex Capital Ltd

Nikunj stock Broker Ltd

O J financial services Ltd

Elite stock management Ltd

Mani stock brokers Ltd

Trans Asia securities Pvt. Ltd

SMC

RR

Centrum


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SWOT ANALYSIS OF UNICON:

Strengths

Professional Services

Customized solution to customer needs

Support of extensive network of 100branches and 600 franchises acrossIndia

Strong brand Name

Regular information flow and research

Weakness

Lack of strong MIS framework

Usage of manual paper based processesfor reconciliation

Absence of sustainable source ofincome

Opportunities

Growing Indian economy and advent ofyoung investors

Savings of Indians are very high andthus can be channelized investment

Financial product penetration is verylow in Tier II and III cities.

Financial product penetration is low inCorporate

Threat

Global economic recession

Financial Markets in hibernation

Enterprises in distress

Financial intermediaries in pain

Changes to be incorporated in-

Market Plan

Increase financial awareness amongstinvestors

Promote financial planning and itsbenefits

Penetrate retail in tier II and III cities

Penetrate HNI and corporate segmentswithin metro

Extend presence of brand in all states inIndia

Financial Plan

Better incentive plan to boost sales

Make efforts to increase overallproductivity

Increase Turnover

Increase Profit


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Product Plan

Selling all products from every AMCand insurance companies.

Cross selling between mutualfunds,Life insurance, general insurance,IPO and fixed Deposit scheme

People Plan

Increase team size to 250 across thecountry and activate maximum numberof branches

Recruitment of quality manpower toimprove sales

Improve motivation level within teams

OBJECTIVE OF THE STUDY

To know about the potential of the market regarding peoples dealing in share

market.

To know that how many people in the city are aware of the UNICON

SECURITIES Pvt. Ltd.

The main objective of the study is know the role of CUSTOMER

RELATIONSHIP MANAGEMENT in UNICON Securities Pvt. Ltd.

To know the procedure ofCUSTOMER RELATIONSHIP MANAGEMENT in

UNICON Securities Pvt. Ltd.


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Customer Relationship Management

Customer Relationship Marketing is a practice that encompasses all marketing activities directed

toward establishing, developing, and maintaining successful customer relationships. The focus of

relationship marketing is on developing long-term relationships and improving corporate

performance through customer loyalty and customer retention.

Customer Relationship Management (CRM) as the name suggests, the primary focal point is

placed on the customer. The key objective is to increase customer value over time by increasing

customer loyalty. If a company develops better customer relationships, it also improves business

processes as well as its profits. In general, CRM is a more efficient automated method used to

connect and improve all areas of business to focus on creating strong customer relationships. All

forces are coupled together to save, improve, and acquire greater business to customer

relationships. The most common areas of business that are positively affected include marketing,

sales, and customer service strategies.

CRM helps create time efficiency and savings on both sides of the business spectrum. Through

correct implementation and use of CRM solutions, companies gain a better understanding of their

strongest and weakest areas and how they can improve upon these. Therefore, customers gain

better products and services from their businesses of choice. In order to achieve better insight on

CRM, it is essential to consider all of its components. Customer relationship management (CRM)

is a business strategy that spans your entire organization from front office to back-office. It is a


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commitment you make to put customers at the heart of your enterprise. The right CRM strategy

and solutions can help you securely, reliably and consistently:

Delight your customers every time they interact with your business by empowering them

with anytime, anywhere, and any channel access to accurate information and more

personalized service.

Reach more customers more effectively, increase customer retention and boost customer

loyalty by leveraging opportunities to up-sell and cross-sell and driving repeat business at

lower cost.

Drive improvements in business performance by providing your customers with the ability

to access more information through self-service and assisted-service capabilities when it is

convenient for them.

Enable virtualization in your enterprise as more of your people and resources extend

beyond your offices and around the world.

Balance sophisticated functionality with rapid implementation and effective support for a

faster return on your CRM investment.

Todays customers face a growing range of choices in the products and services they can buy.

They base their choices on their perception of quality, value, and service. Each consumer has a

specific behavior. But buying habits are sometimes difficult to understand. Therefore companies

always want to gain some insight about consumer behavior and habits in order to better control

this behavior. Having an impact on consumer behavior means being able to change consumers

perception of the product or service, to establish a relation between the company and its clients.

Purpose of CRM

CRM, in its broadest sense, means managing all interactions and business with customers. This

includes, but is not limited to, improving customer service. A good CRM program will allow a

business to acquire customers, service the customer, increase the value of the customer to the

company, retain good customers, and determine which customers can be retained or given a higher


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level of service. A good CRM program can improve customer service by facilitating

communication in several ways:

Provide product information, product use information, and technical assistance on web

sites that are accessible 24 hours a day, 7 days a week.

Identify how each individual customer defines quality, and then design a service strategy

for each customer based on these individual requirements and expectations.

Provide a fast mechanism for managing and scheduling follow-up sales calls to assess post-

purchase cognitive dissonance, repurchase probabilities, repurchase times, and repurchase

frequencies.

Provide a mechanism to track all points of contact between a customer and the company,

and do it in an integrated way so that all sources and types of contact are included, and allusers of the system see the same view of the customer (reduces confusion).

Help to identify potential problems quickly, before they occur.

Provide a user-friendly mechanism for registering customer complaints (complaints that

are not registered with the company cannot be resolved, and are a major source of

customer dissatisfaction).

Provide a fast mechanism for handling problems and complaints (complaints that are

resolved quickly can increase customer satisfaction).

Provide a fast mechanism for correcting service deficiencies (correct the problem before

other customers experience the same dissatisfaction).

Use internet cookies to track customer interests and personalize product offerings

accordingly.

Use the Internet to engage in collaborative customization or real-time customization.

Provide a fast mechanism for managing and scheduling maintenance, repair, and on-going

support (improve efficiency and effectiveness).

The CRM program can be integrated into other cross-functional systems and thereby

provide accounting and production information to customers when they want it.

Key CRM principles

Differentiate Customers


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All customers are not equal; recognize and reward best customers disproportionately.

Understanding each customer becomes particularly important. And the same customers

reaction to a cellular company operator may be quite different as compared to a car dealer.

Besides for the same product or the service not all customers can be treated alike and CRM

needs to differentiate between a high value customer and a low value customer.

What CRM needs to understand while differentiating customers is

- Sensitivities, Tastes, Preferences and Personalities

- Lifestyle and age

- Culture Background and education

- Physical and psychological characteristics

Differentiating Offerings

Low value customer requiring high value customer offerings.

Low value customer with potential to become high value in near future.

High value customer requiring high value service.

High value customer requiring low value service.

Keeping Existing Customers

Grading customers from very satisfied to very disappointed should help the organisation in

improving its customer satisfaction levels and scores. As the satisfaction level for each

customer improves, so shall the customer retention with the organisation.

Maximizing Life time value

Exploit up-selling and cross-selling potential. By identifying life stage and life event trigger

points by customer, marketers can maximize share of purchase potential. Thus the single adults

shall require a new car stereo and as he grows into a married couple his needs grow into

appliances.

Increase Loyalty

Loyal customers are more profitable. Any company will like its mindshare status to improve

from being a suspect to being an advocate. Company has to invest in terms of its product and

service offerings to its customers. It has to innovate and meet the very needs of its clients/


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customers so that they remain as advocates on the loyalty curve. Referral sales invariably are

low cost high margin sales.

Summarizing CRM activities

The CRM cycle can be briefly described as follows:

1. Learning from customers and prospects, (having in depth knowledge of customer)

2. Creating value for customers and prospects

3. Creating loyalty

4. Acquiring new customers

5. Creating profits

6. Acquiring new customers

Why CRM is necessary?

Several companies are turning to customer-relationship management systems and strategies to gain

a better understanding of their customer's wants and needs. Used in association with data

warehousing, data mining, call centers and other intelligence-based applications, CRM "allows

companies to gather and access information about customers' buying histories, preferences,

complaints, and other data so they can better anticipate what customers will want. The goal is to

instill greater customer loyalty." Other benefits includes:

Faster response to customer inquiries.

Increased efficiency through automation.

Deeper understanding of customers.

Increased marketing and selling opportunities.

Identifying the most profitable customers.

Receiving customer feedback that leads to new and improved products or services

Benefits of CRM

Implementing a customer relationship management (CRM) solution might involve considerable

time and expense. However, there are many potential benefits. A major benefit can be the

development of better relations with your existing customers, which can lead to:


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increased sales through better timing due to anticipating needs based on historic trends

identifying needs more effectively by understanding specific customer requirements

cross-selling of other products by highlighting and suggesting alternatives or enhancements

effective targeted marketing communications aimed specifically at customer needs

a more personal approach and the development of new or improved products and services

in order to win more business in the future

enhanced customer satisfaction and retention, ensuring that your good reputation in the

marketplace continues to grow

increased value from your existing customers and reduced cost associated with supporting

and servicing them, increasing your overall efficiency and reducing total cost of sales

Once your business starts to look after its existing customers effectively, efforts can beconcentrated on finding new customers and expanding your market. The more you know about

your customers, the easier it is to identify new prospects and increase your customer base.

Even with years of accumulated knowledge, there's always room for improvement. Customer

needs change over time, and technology can make it easier to find out more about customers and

ensure that everyone in an organisation can exploit this information.

CRM ProgramsOne-to-one Marketing

Meeting and satisfying each customers need uniquely and individually. In the mass markets

individualized information on customers is now possible at low costs due to the rapid development

in the information technology and due to availability of scalable data warehouses and data mining

products. By using online information and databases on individual customer interactions,

marketers aim to fulfill the unique needs of each mass-market customer. Information on individual

customers is utilized to develop frequency marketing, interactive marketing, and after marketing

programs in order to develop relationship with high-yielding customers. In the context of business-

to-business markets, individual marketing has been in place of quite sometime. Known as Key

Account Management Program, here marketers appoint customer teams to husband the company

resources according to individual customer needs.


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Continuity Marketing Programs

Take the shape of membership and loyalty card programs where customers are often rewarded for

their member and loyalty relationships with the marketers. The basic premise of continuity

marketing programs is to retain customers and increase loyalty through long-term special services

that has a potential to increase mutual value through learning about each other.

Partnering Programs

The third type of CRM programs is partnering relationships between customer and marketers to

serve end user needs. In the mass markets, two types of partnering programs are most common:

co-branding and affinity partnering.

Planning of CRM

There are three parts of application architecture of CRM:

Operational - automation to the basic business processes (marketing, sales, service)

Analytical - support to analyze customer behavior, implements business intelligence.

Collaborative - ensures the contact with customers (phone, email, fax, web, SMS, post)

Operational CRM

Operational CRM means supporting the "front office" business processes, which include customer

contact (sales, marketing and service). Tasks resulting from these processes are forwarded to

resources responsible for them, as well as the information necessary for carrying out the tasks and

interfaces to back-end applications are being provided and activities with customers are being

documented for further reference.

Operational CRM provides the following benefits:

Delivers personalized efficient marketing services through multi-channel collaboration.

Enables a 360-degree view of your customer while you are interacting with them.

Sales people and service engineers can access complete history of all customer interaction

with your company, regardless of the touch point.

The operational part of CRM typically involves three general areas of business:

Sales force automation (SFA)


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SFA automates some of the company's critical sales and sales force management functions, for

example, lead/account management, contact management, quote management, forecasting, sales

administration, keeping track of customer preferences, buying habits, and demographics, as well as

performance management. SFA tools are designed to improve field sales productivity. Key

infrastructure requirements of SFA are mobile synchronization and integrated product

configuration.

Customer service and support (CSS)

CSS automates some service requests, complaints, product returns, and information requests.

Traditional internal help desk and traditional inbound call-center support for customer inquiries are

now evolved into the "customer interaction center" (CIC), using multiple channels (Web,

phone/fax, face-to-face, kiosk, etc). Key infrastructure requirements of CSS include computer

telephony integration (CTI) which provides high volume processing capability, and reliability.

Enterprise marketing automation (EMA)

EMA provides information about the business environment, including competitors, industry

trends, and macro-environmental variables. It is the execution side of campaign and lead

management. The intent of EMA applications is to improve marketing campaign efficiencies.

Functions include demographic analysis, variable segmentation, and predictive modeling occurs

on the analytical (Business Intelligence) side.Integrated CRM software is often also known as "front office solutions." This is because they deal

directly with the customer. Many call centers use CRM software to store all of their customer's

details. When a customer calls, the system can be used to retrieve and store information relevant to

the customer. By serving the customer quickly and efficiently, and also keeping all information of

a customer in one place, a company aims to make cost savings, and also encourage new

customers.CRM solutions can also be used to allow customers to perform their own service via a

variety of communication channels. For example, you might be able to check your bank balance

via your WAP phone without ever having to talk to a person, saving money for the company, and

saving your time.

Analytical CRM

In analytical CRM, data gathered within operational CRM and/or other sources are analyzed to

segment customers or to identify potential to enhance client relationship. Customer analysis


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typically can lead to targeted campaigns to increase share of customer's wallet. Examples of

Campaigns directed towards customers are:

Acquisition: Cross-sell, up-sell

Retention: Retaining customers who leave due to maturity or attrition.

Information: Providing timely and regular information to customers.

Modification: Altering details of the transactional nature of the customers' relationship.

Analysis typically covers but is not limited to:

Decision support: Dashboards, reporting, metrics, performance etc.

Predictive modeling of customer attributes

Strategy and research.

Analysis of Customer data may relate to one or more of the following analyses:

Contact channel optimization /Contact Optimization

Customer Acquisition / Reactivation / Retention

Customer Segmentation

Customer Satisfaction Measurement / Increase

Sales Coverage Optimization

Fraud Detection and analysis

Financial Forecasts

Pricing Optimization

Product Development /Program Evaluation

Risk Assessment and Management

Data collection and analysis is viewed as a continuing and iterative process. Ideally, business

decisions are refined over time, based on feedback from earlier analysis and decisions. Therefore,most successful analytical CRM projects take advantage of a data warehouse to provide suitable

data. Business Intelligence is a related discipline offering some more functionality as separate

application software.


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Collaborative CRM

Collaborative CRM facilitates interactions with customers through all channels (personal, letter,

fax, phone, web, e-mail) and supports co-ordination of employee teams and channels. It is a

solution that brings people, processes and data together so companies can better serve and retain

their customers. The data/activities can be structured, unstructured, conversational and/or

transactional in nature.

Collaborative CRM provides the following benefits:

Enables efficient productive customer interactions across all communications channels

Enables web collaboration to reduce customer service costs

Integrates call centers enabling multi-channel personal customer interaction

Integrates view of the customer while interaction at the transaction level

Customer relationship management software

Customer relationship management software is defined as business management and automation of

the front-office divisions of an organization. CRM software is essentially meant to address the

needs of Marketing, Sales & Distribution and Customer Service and Support divisions within an

organization and allow the three to share data on prospects, customers, partners, competitors and

employees. The purpose of CRM software is to manage the customer through the entire lifecycle,

i.e. from prospect to qualified opportunity to order.

CRM software automates many of the needs of Marketing, Sales and Support users, such as

Telephony, or the ability to conduct phone calls and manage call data, and tools to capture, share

and manage automated alerts on lead data as it passes through the sales pipeline. CRM software

provides a standard framework for pushing leads through a sales pipeline and managing it amongst

many stakeholders in real time, in order to provide better customer relations and grow revenues by

creating more sales, and losing fewer customers.

CRM software helps organizations achieve the goal of excellent customer relations by measuringkey performance indicators collected by the CRM software about customer lifecycle behaviour to

isolate those marketing campaigns that drove the most and best quality leads, by allowing people

to manage more business with less effort, never losing data on customers to eliminate deals

slipping through the cracks and by providing good customer support to maintain the relationship

with the customer for years to come.


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Successful launch of a CRM software campaign requires a strong CRM plan for your business,

with complete objectives and clear priorities. CRM software can offer incredible accuracy, track-

ability and detailed follow-up capabilities.

How do you choose CRM Software?

Does the emphasis of the CRM software package match the emphasis of your CRM

objectives? Identify your specific objectives and verify your CRM software can meet those

needs.

Is your software user friendly? If you can't effectively use the software why use it? CRM

software training is usually available by contacting the vendor and asking for

recommended referrals.

How do other companies feel about the software? Call the provider company and ask for a

number of preferrals, (preferably three or four companies in similar size and scope).

Key components of CRM software

History and Trend Management

History Tracking - get instant perspective into all customer interactions

Trend Management- see the status of all pending sales and potential revenue of entire

pipeline

CRM Software Automated Processes

Remote Web Synchronization- automatically follow-up with leads generated from your

site

Automated Process Management - allows consistent communication with customer based

on user-defined criteria

CRM software Data-base Information

Centralized Information - centralize, manage and simplify access to critical business

information

Industry Templates and Form s- allows access to a database of industry specific CRM

forms


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CRM Software Sales and Marketing Analysis

Sales & Quota Analyses - view forecasted sales, closed sales, and comparisons between

sales and quota

Leads Analysis - track responses to identify effective campaigns

CRM Software Mobil Technology Capabilities

Synchronization Wizard - keep calendar and contact information up-to-date on your PDA

or laptop while you travel

Remote Access Capabilities - access your CRM software through the internet.

Not all CRM software packages are the same. They will greatly range in price and capabilities.

CRM Advisor suggests a thorough evaluation is done comparing multiple CRM software

packages.

How to implement CRM

The implementation of a customer relationship management (CRM) solution is best treated as a

six-stage process, moving from collecting information about your customers and processing it to

using that information to improve your marketing and the customer experience.

Stage one - Collecting information

The priority should be to capture the information you need to identify your customers and

categorise their behaviour. Those businesses with a website and online customer service have an

advantage as customers can enter and maintain their own details when they buy.

Stage two - Storing information

The most effective way to store and manage your customer information is in a relational database -

a centralised customer database that will allow you to run all your systems from the same source,

ensuring that everyone uses up-to-date information.

Stage three - Accessing information

With information collected and stored centrally, the next stage is to make this information

available to staff in the most useful format.


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Stage four - Analysing customer behaviour

Using data mining tools in spreadsheet programs, which analyse data to identify patterns or

relationships, you can begin to profile customers and develop sales strategies.

Stage five - Marketing more effectively

Many businesses find that a small percentage of their customers generate a high percentage of their

profits. Using CRM to gain a better understanding of your customers' needs, desires and self-

perception, you can reward and target your most valuable customers.

Stage six - Enhancing the customer experience

Just as a small group of customers are the most profitable, a small number of complaining

customers often take up a disproportionate amount of staff time. If their problems can be identified

and resolved quickly, your staff will have more time for other customers.

Types for implementing CRM

The final way to implement CRM is to find a full-service vendor of customer-service solutions,

which might include phone assistance, e-mail handling, real-time chat and even creation of a

knowledge base for your site. If you outsource your CRM, then you won't need any customer-

service infrastructure, including customer-service representatives; however, you will need to make

sure that your marketing teams can access the business-intelligence components.

Purchasing or Licensing Software

Owning the software and running it on your own servers is ideal if you have highly customized

enterprise resource planning, or ERP, or order-management system, or OMS, software. If you have

third-party software for your back-office processes (accounting, ERP, OMS, etc.) and your front-

end systems (content management, merchandising, checkout, personalization engine), then you

should be able to find CRM software that works with at least some of your systems without

extensive customization. It's unavoidable that you will have to do some customization, but, by

working with vendors that have partnerships and interfaces with your existing vendors and their

software or with vendors that have partnerships with the ASPs that host your existing solutions

you can keep customization to a minimum. Customization is not only expensive when you first


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install third-party software, but it's also expensive every time you try to apply a patch or an

upgrade.

The advantages of purchasing or licensing the software and implementing it on your own servers

are that you have complete control over the software and over the data. There aren't any of the

privacy issues that might arise from having your data residing with a third party. If you already

have a customer-service department with trained associates, and you don't expect rapid growth

or you believe you're equipped to handle rapid growth then there's no point in paying to train

CSRs elsewhere.

CRM Via ASP

Only recently have CRM services become available via an ASP. There are two kinds of ASPsproviding CRM solutions. With one type, of which ShopTok is one example, the ASP hosts its

own CRM software. The other type hosts a best-of-breed third-party solution. The disadvantage of

the second type is that when something isn't working with the software, you don't always know

whether the problem rests with the ASP or with the software, and you can't necessarily get it fixed.

With ASPs that host their own software, the vendor hears your requirements for new features and

your complaints about existing functionality

When you work with an ASP, the first thing you'll want to know is the degree to which you can

customize the interface and the software so that your other business software will talk to your

CRM software. After all, your CSRs need to know what a customer has purchased to handle

inquiries from that customer, requiring integration between the order-management system and the

CRM system. If the customer database doesnt talk to the CRM system, then your marketing

department cant segment customers based on purchases and use the analytical tools frequently

built into CRM software to make intelligent decisions on what kind of promotions to make to

attract the highest-value customers.

There are several advantages to either kind of ASP described above. First, the cost of getting

started is usually low certainly much lower than the cost of implementing software on your own

servers. Second, the implementation time is usually short. Finally, no additional infrastructure or

support are required from your IT department. However, some ASPs will tell you that they'll


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implement whatever CRM software you'd like (at your expense, of course), in which case you

don't get to take advantage of speed, reduced cost, or experienced tech support. Rather than

choosing the software and the ASP separately, let the software dictate the ASP you select.

Outsourcing Customer Service

While you can outsource customer service, which is one component of CRM, you can't outsource

business intelligence, which is the strategic component of CRM. If you dont need to integrate

with existing systems, or you only need limited integration, then the fastest route to take is to

outsource your customer service to a full-service provider who will give you Web access to the

business-intelligence tools. Most full-service customer-service providers will work with the best-

of-breed CRM vendors and offer you a choice of CRM systems with which to manage your

customers. Some are also willing to purchase and install the CRM software of your choice on their

servers, but be aware that this will eliminate the advantage of a quick implementation, lower entry

costs and CSRs who already know the software. The cost associated with outsourcing CRM is

usually a significant startup cost for developing your materials, their training materials and your

knowledge base, then a monthly fee based either on the number of hours of CSR you want

available or on the number of calls/messages they receive for your site. The pay-as-you-go model

can be very attractive to smaller merchants. The ability to grow quickly can be an advantage for

any size Web merchant.

Critical Success Factors for Implementation of CRM Systems

Critical success factors have been defined as the elements that make a project a success, and as the

events and conditions in a few key areas which absolutely must go right for the business to

succeed. These include trust, effective communication, and top management support. For this to

occur, proper measurement tools and metrics must be utilized to effectively control the project.

The key CSF for CRM projects are:

Key Stakeholder Support

Support from all stakeholders in the organization, including top management and all management

levels, employees, government, suppliers, strategic partners, and investors. Includes the timely

reporting of the project status with accurate information.


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Sufficient Resources

Resources of money, equipment and expertise available with appropriate support structures in

place. Includes time and budget allocations for training.

Clearly Defined Objective

A clearly defined mission with a set of defined goals and objectives communicated to all

stakeholders through clearly defined communication channels, with alignment of project and

corporate goals. This is managed through a detailed project plan.

Managing Change

Project changes are implemented through a formally defined process with appropriate

approvals sought. Any scope changes are mutually agreed and documented, with appropriate

analysis of resource requirements.

Challenges of CRM Implementation

Organizations face a number of key challenges in implementing CRM systems. These include:

Methodology driven by end users

IT personnel do not have knowledge or authority to influence corporate decision makers

Lack of executive sponsorship

CRM projects are mostly driven by a functional head, such as a VP or sales/marketing, and rarely

produce an enterprise view of customers

Lack of customer centric culture

An acceptable return on investment will no be achieved if the organization does not have a strongcustomer centric culture

Inappropriate design approach

CRM is designed to model a single functional view not an enterprise wide customer view,

resulting in failure


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Over automation

Focus on functionality and process design leads to highly automated business functions Lack of

network infrastructure Inadequate IT infrastructure and networking facilities prevent the CRM

from being implemented enterprise wide

As can be seen from the challenges faced, it is important for organizations to realize that a CRM

system implementation will only succeed when it is supported by a customer focused

organizational culture. The CRM system will be the main driver for a paradigm shift, becoming an

enabler for communication between the organization and its customers, and within the

organization itself.

There is no silver bullet or magic pill to solve the client sales and relationship management needsof the institutional money management market. The disparate needs of sales, client service, andportfolio managers dictate that an optimal solution for one suboptimizes the solution for others.

Additional Information

Highlights

The CRM needs of the institutional asset management industry are based on the distinct interactions its organizations have with their clients. While a business-to-consumer model with

hierarchical aggregation of relationships characterizes CRM for retail investment managementfirms, the needs of the institutional investment management industry, with its complex relationshipmanagement requirements, look more like those of a business-to-business application.

Each institutional asset manager has distinct requirements based on its size, product mix, technology infrastructure, business processes, and business philosophy. These disparate needs arereflected in the way they patch together proprietary solutions, sales force automation solutions, andhorizontal CRM solutions or customize portfolio accounting applications.

CRM solutions targeted at the institutional asset manager are offered as both stand-alone solutions and integrated modules of portfolio management solutions. Integrated portfoliomanagement solutions have historically taken an account-centric approach to CRM installations,while stand-alone vendors have approached the issue from a sales force automation perspective.

These approaches largely define the respective strengths of the vendor alternatives.Solutions that have been designed specifically for the institutional asset

management market reflect the development they have gone through to meet the

evolution of their users requirements. As a result, they offer an amalgamation of


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contact management, document management, and sales force automation

functionality

Before we begin to examine the conceptual foundations of CRM, it will be useful to define what

CRM is. A narrow perspective of customer relationship management is database marketingemphasizing the promotional aspects of marketing linked to database efforts.

Another narrow, yet relevant, viewpoint is to consider CRM only as customer retention in which

variety of after marketing tactics is used for customer bonding or staying in touch after the sale is

made.

Shani and Chalasani define relationship marketing as an integrated effort to identify, maintain,

and build up a network with individuals consumers and to continuously strengthen the network for

mutual benefit of both sides, through interactive, individualized and value-added contacts over a

period of time.

In todays hyper competitive scenario, more than three quarters of the money and time spent by

companies go towards acquiring and retaining customers. Customer-centricity has become the

buzzword and the ones with clear and relentless focus on customers, enjoy a better competitive

position. This is proved time and again. Yet, companies go through meticulous processes to

gradually and consistently mature into an organization for the customers. But, how would you

mature into a customer-focused or customer-centric organization? The answer is: By reading and

understanding your customers. Yes, this is all you need to do! And this you need to do not just

once, but regularly and consistently over the lifetime of your customer and beyond.

Reading the customer demographics and understanding their needs (both explicit and implicit) is

what customer insight is all about. Customer insight is the basic point or the foundation for

building a customer centric organization. Everything in the value chain revolves around this. This

is the raw material. This is more a conversion process rather, since the end product is CustomerLoyalty! Over decades, many organizations had successfully completed the conversion process

and tasted higher returns, most organizations miserably failed in their efforts.

Customer Insight goes through a set of processes to get converted into Customer Loyalty- the

finished product. The set of processes include use of machine, process and people to obtain the

final outcome - just like a manufacturing process in a factory. The machine here is technology -


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information technology to be precise, process - the custom made steps based on set objectives; and

people - those who are trained to efficiently carry out the conversion process. This whole scheme

of activities that begin from customer information and end in processes and interactions that result

in customer loyalty - in entirety, is what CRM is all about.

CRM relies on customer data to create customer loyalty. The concept of CRM was again the result

of an evolution born out of necessity. When companies understood the need to obtain and maintain

customer data, which was exhaustive and scattered in nature and were desperately looking for a

tool that could compile, preserve use the data in a way they want, technology came to the rescue

with exclusive methods called data mining, data warehousing and thus data base management

techniques were born. Technology is mechanistic and didnt know what is required and what is

not. A managerial tool was needed to perform the directors role in order to decide the path and

processes. Thus CRM was engineered as a tool to manage customer data using IT-enabled

techniques.

CRM gives a framework for the activities. It decides on what to do - the objectives, what is

required to do it - the resources, who should do it - the people, how to do it - the processes, how

long to do it - the time frame. CRM could be ready made, tailor-made or hand made depending on

the specific objectives it is set to achieve. CRM is unique in the respect that it follows a set of pre-

determined processes to accumulate and manage customer data, which was hitherto unpracticed.

Hence, CRM is defined as:Customer relationship management (CRM) is a business strategy to acquire and manage

the most valuable customer relationships. CRM requires a customer-centric business

philosophy and culture to support effective marketing, sales and service processes. CRM

applications can enable effective customer relationship management, provided that an

enterprise has the right leadership, strategy and culture.

As is implicit in the above definition, the purpose of CRM is to improve marketing productivity.

Marketing productivity is achieved by increasing marketing efficiency and by enhancing

marketing effectiveness. In CRM, marketing efficiency is achieved because cooperative and

collaborative processes help in reducing transaction costs and overall development costs for the

company. Two important processes for CRM include proactive customer business development

and building partnering relationship with most important customers. These lead to superior value


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creation. The basic concept is that the customer is not someone outside the organisation, he is a

part of the organisation.

Problems and Drawbacks

There are several reasons why a customer relationship management (CRM) solution might not

have the desired results.

There could be a lack of commitment from people within the company to the implementation of a

CRM solution. Adapting to a customer-focused approach may require a cultural change. There is a

danger that relationships with customers will break down somewhere along the line, unless

everyone in the business is committed to viewing their operations from the customers' perspective.

The result is customer dissatisfaction and eventual loss of revenue.

Poor communication can prevent buy-in. In order to make CRM work, all the relevant people in

your business must know what information you need and how to use it.

Weak leadership could cause problems for any CRM implementation plan. The onus is on

management to lead by example and push for a customer focus on every project. If a proposed

plan isn't right for your customers, don't do it. Send your teams back to the drawing board to come

up with a solution that will work.

Trying to implement CRM as a complete solution in one goes is a tempting but risky strategy. It is

better to break your CRM project down into manageable pieces by setting up pilot programs and


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short-term milestones. Consider starting with a pilot project that incorporates all the necessary

departments and groups but is small and flexible enough to allow adjustments along the way.

Don't underestimate how much data you will require, and make sure that you can expand your

systems if necessary. You need to carefully consider what data is collected and stored to ensure

that only useful data is kept.

You must also ensure you comply with the eight principles of the Data Protection Act that govern

the processing of information on living, identifiable individuals. For more information, see their

guide on how to comply with data protection legislation.

Avoid adopting rigid rules which cannot be changed to be more flexible to the needs of

individual customers.

Reasons for CRM Implementation Failure

An understanding of the challenges and critical success factors is paramount to project success.

In this way, the organization is aware of those factors by which success can be measured, and

will ensure the CRM system is implemented in a manner to satisfy all stakeholders. The main

reasons for CRM failures include:

Customer focus

Organizational culture is not customer focused, with limited involvement of customer facing

personnel in the design and implementation phase

Organizational Management

Lack of support and understanding form senior management, lack of CRM understanding, lack

of communications and changing business needs

Project Management

Misalignment between project and business requirements, with unrealistic goals, timelines,

coupled with a lack of planning and insufficient reporting and control

Team Members

Lack of support, incentives, and lack of technical knowledge

Data & Warehouse Requirements

Poor quality data, inconsistent data between different systems


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Technical Factors

Short term solution focus not aligned to long term architectural infrastructure growth, no

prototyping or testing, misunderstanding technical requirements.

CRM is failing because the correct capabilities are not being built at the enterprise level. The

requisite changes in organizational culture, behavior and attitude are not being implemented.

Overall, in failed projects, there is little or no alignment between stakeholders on success

criteria, critical success factors, performance metrics, project drivers, nor on the dynamics of

how these parameters may change over the project life cycle. The requirements of the customer

are either misunderstood, or not taken into account. The result is an inconsistency in focus, with

less than optimum system design and implementation.

Hence CRM is failing due to two primary reasons: a) technical; due to the size, complexity, and

lack of knowledge of technology, and b) human behavior; due to general change management

issues in the organization. What is required is a coherent, all encompassing strategy that focuses

on key stakeholder requirements. Companies underestimate the complexities of CRM projects,

lack clearly defined business objectives, and tend to invest inadequately in the provision of CRM

software.

Tools for CRMCustomer database

A good customer information system should consist of a regular flow of information, systematic

collection of information that is properly evaluated and compared against different points in time,

and it has sufficient depth to understand the customer and accurately anticipate their behavioral

patterns in future. The customer database helps the company to plan, implement, and monitor

customer contact. Customer relationships are increasingly sustained by information systems.

Companies are increasingly adding data from a variety of sources to their databases. Customer

data strategy should focus on processes to manage customer acquisition, retention, and

development.

Call Centre


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A call centre is a centralized office used for the purpose of receiving and transmitting a large

volume of requests by telephone.

A call centre is operated by a company to administer incoming product support or information

inquiries from consumers. Outgoing calls for telemarketing, clientele, and debt collection are also

made. In addition to a call centre, collective handling of letters, faxes, and e-mails at one location

is known as a contact centre.

A call centre is often operated through an extensive open workspace, with work stations that

include a computer, a telephone set/headset connected to a telecom switch, and one or more

supervisor stations. It can be independently operated or networked with additional centres, often

linked to a corporate computer network, including mainframes, microcomputers and LANs.

Increasingly, the voice and data pathways into the centre are linked through a set of new

technologies called computer telephony integration (CTI).

Most major businesses use call centres to interact with their customers. Examples include utility

companies, mail order catalogue firms, and customer support for computer hardware and software.

Some businesses even service internal functions through call centres. Examples of this include

help desks and sales support.

Systems Integration

While CRM solutions are front office automation solutions, ERP is back office automationsolution. An ERP helps in automating business functions of production, finance, inventory, order

fulfillment and human resource giving an integrated view of business, where as CRM automates

the relationship with customer covering contact and opportunity management , marketing and

product knowledge, sales force management, sales forecasting, customer order processing and

fulfillment, delivery, installation, pre-sale and post-sale services and complaint handling by

providing an integrated view of the customer. It is necessary that the two systems integrate with

each other and complement information as well as business workflow. Therefore, CRM and ERP

are complementary. This integration of CRM with ERP helps companies to provide faster

customer service through an enabled network, which can direct all customer queries and issues

through appropriate channels to the right place for speedy resolution. This will help the company

in tracking and correcting the product problems reported by customers by feeding this information

into the R&D operations via ERP.


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Data Mining for CRM: Some Relevant issues

Data mining is an important enabler for CRM. Advances in data storage and processing

technologies have made it possible today to store very large amounts of data in what are called

data warehouses and then use data mining tools to extract relevant information. Data mining helps

in the process of understanding a customer by providing the necessary information and facilitates

informed decision-making.

Documents

Unicon Securities Projrct Report