Wells Fargo is an organization that safeguards and tracts property and money for more than 70 million people. They have been able to achieve this by putting customer relationship program as their first priority, and it has made it the top four banking institutions in the United States. Wells Fargo realized that they were facing stiff competition from other banking institutions, so they did their research on ways to beat the competition and found out that connection with their customers was the best way to outdo completion. It was able to surpass competition by using the social media which ensured that they remained accessible and in touch with their loyal customers. Wells Fargo also used customer relationship management program to make sure that every customer that came to them with a query was connected quickly with customer care that provided a solution.
Steve Ellis, the C.E.O of Well Fargo, gave out points that made him achieve these levels of success in customer relationship management via, for instance, setting a destination by implementing customer relationship management strategy to know the company’s goals. Once the management of the firm is able to know what they are trying to achieve, the second step was making plans on ways to hit the entity’s objectives. The third stage was to break the goals into smaller targets that are achievable, and lastly, come up with a time frame to complete all these steps. The management should make sure these steps are flexible, allowing the opportunity to make revisions. The second point Steve Ellis gave was communicating with employees, to achieve excellent customer relationship management the management should involve their workers in their strategic processes. It will help the personnel to internalize the firm’s objectives and to also take pride in the direction the company will take, since it is the staff that ensures that the company objectives are met. Invested employees will be able to implement new technologies and policies that will be of benefit to the company to achieve excellent customer relationship management.
Thirdly, they should implement the changes gradually; the management may feel the pressure to implement new technologies and policies in a rush to reduce any damage. The problem of implementing these changes quickly is that it can negatively impact the productivity of the staff. The management should gradually introduce the customer relationship management program so that the employees can adapt progressively to the new changes. Fourthly, the firm must track the company customers before contact, use customer relationship management catalog to find out what kind of information the prospective buyers are sharing on the social media. This information will give the company a better understanding of what their customers want and ways they expect to deliver on their demands.
Strengths of customer relationship management program include: it improves customer service as the CRM adds personal touch between the customer and the business because through the use of CRM the company can treat customers individually instead of treating them as a group. The program allows the customer to leave their profile which makes it easy for employees to internalize the specific need of the customers. Secondly, it helps in the discovery of potential customers; customer relationship management program is capable of identifying new buyers. CRM system keeps track of clientele profile, and this profile can be used to target other clients with similar needs, hence leading to an increase in clientage returns. Thirdly, it boosts revenues, CRM systems ensure effective marketing campaigns which is done by ensuring that advertisements do not target customers that have already purchased company products. Fourthly, it enables the sales department to close deals quickly, whereas CRM system facilitates efficient and quicker responses to customer information and leads. Clients quickly turn their inquiries to purchases once the customer service responds to them promptly. Fourthly, it enhances the loyalty of consumers; due to the efficiency of CRM program, it creates loyal customers who give their testimonials to other prospective customers, which increases the number of customers loyal to the company’s products.
The weaknesses of the customer relationship management program include: the high cost of customer relationship program. To implement CRM effectively, the company needs to upgrade their software to the most recent ones in order to compete in the competitive market. Such software is expensive since the total cost of implementing it include software subscription, customization, premium upgrades, IT resources, and staff training. Secondly, it may interfere with the business culture, presence of resistance and lack of commitment to change of employees’ culture may cause difficulties in the implementation of CRM. People naturally resist changes from their usual way of operating due to the comfort that they are familiar with, so the employees may resist the implementation of the CRM program. Thirdly, there may be poor communication; to make sure that CRM works, the employees should know the information needed and how to use it. If it is not done correctly, it can backfire causing a hostile working environment between staff members. Fourthly, the procedure is time consuming; training the whole company on how to use the CRM program may take a lot of time, thereby interfering with normal working operations of the firm.