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Laurs and Bridz Implementation of a Customer Relationship Management Solution Case Solution
The case illustrates the situation of Laurs & Birdz company, which was a private pharmaceutical company. The company exported all of its products over the globe and was famous due to its specialization in drug combinations for the medical community. In order to enhance the efficiency of its sales and marketing force, the company has decided to shift from its conventional sales to innovative and current sales practices. The company realized that it was time now to deploy CRM in its business process to build a strong relationship with customers. The company also wants to opt for CRM solutions to design robust systems in order to track customers and enhance sales force productivity. The company indeed has several CRM options that are available in the market but is in a confusing state to decide which one would complement the requirement of the company. With this intention, the company also has a series of associated questions which are needed to be answered before making the decision.
Following questions are answered in this case study solution
Discuss the importance of CRM in pharmaceutical companies such as Laurs & Bridz. Why should the company opt for a CRM solution?
Evaluate the direct and indirect effects of CRM initiatives on Laurs & Bridz.
Which CRM solution should Laurs & Bridz select and why?
Suggest a plan for implementing the CRM solution. Should the company implement CRM for the entire sales force at once, or should it do so in a phased manner?
What possible challenges will the company face in implementing a CRM solution? How can it mitigate these potential challenges?
Case Analysis for Laurs and Bridz Implementation of a Customer Relationship Management Solution
1. Discuss the importance of CRM in pharmaceutical companies such as Laurs & Bridz. Why should the company opt for a CRM solution?
CRM, also known as Customer Relationship Management, is essential for the pharmaceutical industry because companies can earn maximum revenue from major physicians through it. The advancement in technology, reformed regulations, and increasing competition in the said industry has created numerous challenges for traditional missionary. Thus, leaving no options for companies except opting for new paths to measure and regulate promotional effectiveness, improves sales performance and market intelligence and revitalize campaign management. In this regard, CRM solutions offer various tools to automate and integrate business processes and procedures in marketing and sales. CRM solutions enhance contact with stakeholders such as stockiest, retailers, healthcare providers, physicians and hospital management. Moreover, CRM solutions also add predominant functionality, allowing organizations to track clients' footsteps and map their preferences. Along with it, this unique attribute also allows sales forces to make time spent on each call optimal which ultimately boosts productivity.
Due to the various benefits of CRM, companies should adopt CRM practices as in recent times, and the changes can be observed in laws and regulations. These changes restrict the old patterns of sales tactics; hence, over time, they will become obsolete. However, one cannot neglect the fact that pharmaceutical companies must sustain their connections with physicians and other stakeholders, which could only be possible if they are able to find new measures and stay relevant to the current practices. Also, the changed patterns also mold the habits of prescribers, thus, making it clearer that companies, in order to sustain their sales and marketing performance, must adopt strong indicators such as CRM solutions to increase the efficiency and effectiveness of their sales representatives. All in all, we can deduct from the debate that in the pharmaceutical industry, conventional selling techniques need to a replacement by incorporating relevant technologies.
2. Evaluate the direct and indirect effects of CRM initiatives on Laurs & Bridz.
DIRECT AND INDIRECT IMPACT OF CRM INITIATIVES ON LAURZ & BIRDZ
As discussed in an earlier argument on the importance of CRM, one should know that the tool may impact the company directly or indirectly. Since the current case talks about LAURZ & BIRDZ, it is also affected by CRM in a direct and indirect manner. Following are some extracted points which, as a reader, fall in the category of direct and indirect impact:
1. Direct Effect of CRM on Laurz & Birdz
CRM solutions help Laurz and Birdz to improve the associability of information provided to employees. Sales force automation which is a core point of CRM solutions, helps the company to automate its business activities and sales cycle. It also impacts the company in such a way that it increases sales orders, hence, helps in achieving revenue-based targets and profitability. Since it contains information on retailers' and Stuckists’ sales orders, thereby, it helps to exterminate inventory issues and also discloses the remaining amount left in inventory. CRM strengthens customer relationships and enhances productivity as well. The effective data management of CRM also enhances the customer base and provides a better distribution network. CRM also contains data analysis tools that help in predicting marketing trends and customer needs.
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