CRM - August 2008 - (Page BP2)

2 August 2008 Sponsored Content CRM magazine Best Practices Series: CRM Solutions for Vertical Markets In the old days—well, the 1990s—several CRM software providers were once end-user companies that had developed proprietary software to fit the particular needs of their company’s specialized business processes. At some point, each decided to monetize its investment by selling its CRM solution to other companies operating in that specific vertical market segment. Two particular companies that come to mind—one in the utilities sector and the other in pharmaceuticals—were quite successful marketing their solutions in their respective markets. Since most companies in any particular vertical market utilize very similar business models and processes, this approach was an extremely efficient way for other end-user companies to become technology-enabled without having to go through the pain and expense of developing their own proprietary software. This approach allowed the software vendors to create offerings that tended to be “an inch wide, and a mile deep”—which, to start a new metaphor, ended up a double-edged sword. At first, the approach may have been a benefit in the early stages of marketing—most of the desired customization for target customers was already built into the initial product, making it relatively easy to beat out competing vendors whose solutions would still require immense amounts of customization. Unfortunately, new prospects, especially in verticals such as utilities and pharmaceuticals, are difficult to come by: Those fields require vast amounts of capital, limiting new market entries. Although these markets represent huge targets for vendors, implementations are time- and resource-intensive— and deals, although large, are few and far between. Many of the early CRM vendors who started out in specific market segments soon found themselves boxed in, with no place to grow. Take the two examples cited above, in the utilities and pharmaceuticals sectors: One vendor took the leap into a broader market, transforming its technology to become an early leader specializing in mobile applications. The other vendor continued to focus on its core market, eventually dominating there. On the flip side, broader CRM solution providers soon began developing expertise in a whole range of markets, and found they were able to transfer that knowledge quickly to new customers. Much of the value proposition that prospects were looking for amounted to having the vendor answer one question: “What kind of experience have you had working with companies like mine?” In my own industry, I can attest to the fact that all publishing or media companies have (or should have) the same basic business processes. I’ve worked for a dozen companies and the workflow and business challenges are all essentially the same. This is not only an industry that’s in the mature phase, but it’s also one that has a rapidly shifting workforce. As a result, there’s been a huge amount of crosspollination over the years, resulting in processes that have been refined in a Darwinian fashion. Publishing and media is defiantly a market segment that is tailor-made for a vertical solution that requires very little customization. In this special section of CRM magazine, we’ve asked vendors to highlight what their companies do particularly well, so that you can benefit from their specific expertise and experience. The result? Six very different solutions ranging from leveraging social data in the enterprise to productivity solutions that every salesperson can benefit from. This section is also available for download, in PDF format, at www.destinationCRM.com/WhitePapers. Wishing you success! Bob Fernekees Publisher CRM magazine http://www.destinationCRM.com/WhitePapers

Table of Contents Feed for the Digital Edition of CRM - August 2008

CRM - August 2008 Contents Front Office Feedback Reality Check Customer Centricity The Tipping Point Maximum Security A Code Win Doesn’t Blow Forming the Platform CRM on Twitter CRM Class Is in Session Making CRM Mandatory for University Administration Required Reading Cover Story: Calling it Quits Wouldja Look at That? 8 Enterprise Strategies That Stick CRM Searches for Search All Lines Are Not Busy UC: As Easy as A-B-C Even Contact Centers Have Room for Improvement Money Lying Around? Secret of My Success Re:Tooling Scouting Report Pint of View

CRM - August 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.