Introduction to the company:
Founded on 7 October 1983, Verizon Communications Inc. was established as an American multinational telecommunications conglomerate in the US. Originally named the Bell Atlantic Corporation, Verizon has its current headquarters in Midtown Manhattan, New York. Let’s know What CRM does Verizon use?
Verizon Inc. has a long history in the telecommunications industry with changing names and companies. As of now, it deals with providing telecommunication services through mobile phones, broadband, landline, internet, digital television, cable television, IPTV, digital media, and telematics.
The current CEO of Verizon is Hans Vestberg. Verizon itself is a profound name in the industry with some of its most successful subsidiaries, namely, Yahoo, BlueJeans, TracFone Wireless, and Skyward.
Significance of CRM at Verizon:
The market area of Verizon is diverse and the company owns a massive customer base. Dealing with customer-related operations is not a cakewalk for a company with such a huge customer base.
For this reason, Customer Relationship Management becomes crucial for the company. Unlike the earlier times, CRM is now available to help out these companies in the form of a software tool. It not only helps in maintaining customer relations and satisfaction but also in keeping the company’s customer-related data up to date.
Verizon is one of the leading companies in the telecommunications industry. Hence, the customer-related data in this company needs to be in a proper arrangement. CRM in Verizon saves the company from loads of strain by keeping the customer database spick and span. CRM is mainly used by companies for increasing the sales force.
How Verizon was way ahead of its time in the usage of CRM in its own company?
According to The CRM Handbook by Jill Dyche, Verizon was one of those companies that had managed to successfully implement CRM, way ahead of time. And this is the reason why today Verizon itself provides CRM services to other organizations.
Back in the earlier times in 2002, CRM in the company was managed by a team of CRM members who looked after the needs of their customers and planned their business strategies accordingly.
How does CRM work in Verizon?
The Customer Relationship Management process at Verizon was detailed and meticulously analyzed. Their way of working was to gather all customer-related and utilized data from Verizon’s two parent companies Bell Atlantic and GTE.
Their focus was to first value their customer’s database, rather than blindly advertising their product. This was undoubtedly a bold move at that time since several organizations were not even aware of customer journey strategy. This led to product differentiation in Verizon’s business.
The product was designed and marketed according to the customer’s preference. There was a newfound force in their marketing strategies. Verizon was wise enough to keep its customer-interactions database stored and subsequently plan its next steps.
CRM tools used by Verizon:
Though Verizon has a strong CRM team that not only serves itself but other companies too, in the present day scenario, Verizon takes the help of certain CRM software tools too.
- SAP (System Applications and Products): The globally recognized SAP software solutions provide CRM services to Verizon and are used in marketing, sales, and cloud solutions for customer data. This CRM software was manufactured by SAP SE in 1992.
From small organizations to giant ones, SAP is used throughout all industries. SAP mainly functions to provide all kinds of business-related requirements, recognizing future customers and opportunities. SAP is predominantly used by Verizon to recognize the business opportunities in the market.
- Sales Cloud and Analytics Cloud: Verizon has also been using Sales Cloud and Analytics Cloud for improving their B2B sales statistics. These two software services are offered by the American CRM cloud solutions software company, SalesForce.
SalesForce mainly provides marketing automation services and customer analytics. It was founded on 3 February 1999 by Marc Benioff, Parker Harris, Dave Moellenhoff, and Frank Dominguez.
The tie-up between Verizon and SAP:
On October 22, 2019, Verizon and SAP made the declaration of their alliance at the Mobile World Congress Americas in Los Angeles. This collaboration was aimed to provide new tech services such as 5G and the SAP CRM service to be delivered in conjunction with Verizon.
The SAP CRM CaaS was cooperatively designed by them to provide the customers with swift-deployment solutions and easy access to CRM services through desktops or mobile devices.
Frequently Asked Questions:
1. What is the net worth of Verizon?
The current net worth of Verizon, dated, February 28, 2022, is ＄225.3 billion. Its net income is ＄22.618 billion according to the fiscal year ended 31 December 2021.
2. Verizon is available in which all countries?
Currently, Verizon is available in a total of forty countries including Canada, Bahamas, Mexico, India, and Japan.
3. Which one is cheaper, Verizon or Spectrum?
Both Verizon and Spectrum provide internet services to their customer. If their internet plans are compared with similar specifications, Verizon verifies itself to be much cheaper than Spectrum.