Customer Relationship Management

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1 V. Kumar Werner Reinartz Customer Relationship Management Concept, Strategy, and Tools ^J Springer

2 Part I CRM: Conceptual Foundation 1 Strategic Customer Relationship Management Today Overview An Introduction to Strategic CRM Why Managing Customers Is More Critical than Ever Changes with Respect to Consumers Changes with Respect to the Marketplace Changes with Respect to Data Storage Technology Changes with Respect to the Marketing Function Implications The Benefits of the Customer Value Management Approach Evolution and Growth of CRM Timeline of CRM Evolution CRM and the IT Revolution: The View from the Industry Further Growth of the CRM Industry Factors Driving the CRM Industry Summary 19 References 20 2 Relationship Marketing and the Concept of Customer Value Overview The Link Between CRM and Database Marketing, and the Importance of Customer Value Satisfaction-Loyalty-Profit Chain issues to Consider What Does It All Mean? Summary 29 References 30

3 Part II Strategic CRM 3 Strategic CRM Overview Strategic CRM Customer Management Orientation Integration and Alignment of Organizational Processes Information Capture and Alignment of Technology CRM Implementation Steps in Developing a CRM Strategy Case Study: CRM Implementation at IBM CRM Implementation Process Objectives CRM Implementation Process Stages CRM Implementation Case Summary Summary 51 References 53 4 Implementing the CRM Strategy Overview Elements of a CRM System Return on Investment of CRM Costs Associated with a CRM Implementation Financial Benefits from a CRM Implementation Computing the ROI of CRM Initiatives CRM Implementation Operational Projects Analytical Projects Deploying Operational and Analytical Outputs (To Improve Marketing Decisions and Customer Relationships) CASE STUDY: Customer Relationship Management at Capital One (UNITED KINGDOM) Case Background Industry Background Capital One Company Background Customer Relationship Management Practices at Capital One (UK) Future Challenges Summary Exercise questions 83 References 85

4 Part III Analytical CRM Customer Analytics Part I Overview Traditional Marketing Metrics Market Share Sales Growth * Customer Acquisition Metrics Acquisition Rate Acquisition Cost Customer Activity Metrics Average Inter-Purchase Time Retention and Defection Rale Survival Rate Lifetime Duration P(Active) Comprehensive Example of Customer Activity Measures Popular Customer-Based Value Metrics Sizeof Wallet Share of Category Requirement Share of Wallet Transition Matrix Summary 106 Appendix 108 References 109 Customer Analytics Part II Ill 6.1 Overview Ill 6.2 Strategic Customer-Based Value Metrics Ill RFM Method Ill Past Customer Value Lifetime Value Metrics Customer Equity Comprehensive Example Popular Customer Selection Strategies Profiling Binary Classification Trees Logistic Regression Techniques to Evaluate Alternative Customer Selection Strategies Misclassification Rate LIFT Analysis Summary 137 Appendix I 139 Appendix II 139 Appendix III 140 References 141

5 7 Data Mining Overview The Need for Data Mining The Business Value of Data Mining The Data-Mining Process Define Business Objectives Get Raw Data \ Identify Relevant Predictive Variables Gain Customer Insight Act Summary 162 References Using Databases Overview Types of Databases Categorization Based on the Information Included in the Databases Categorization Based on the Nature of the Underlying Marketing Activities Categorization Based on the Database Technology The Benefits of Marketing Databases The Ability to Carry Out Profitable Segmentation Retained Customers and Repeat Business The Ability to Spot Potentially Profitable Customers The Uses of Marketing Databases (Jackson and Wang 1994) Uses that Directly Influence the Customer Relationship Uses that Directly Influence Other Business Operations Summary 173 References 174 Part IV Operational CRM 9 Software Tools and Dashboards Introduction CRM Implementation Options Developing Software In-House Buying Licensed CRM Software Outsourcing a Managed Service CRM Software and Applications Stage-Wise Implementation Versus an Enterprise Wide CRM Solution Relationships and Flows Between CRM Modules Summary 180 References 182

6 10 Loyalty Programs: Design and Effectiveness Overview What Is Loyalty? Behavioral Versus Attitudinal Loyalty What Is a Loyalty Program? Definition and Key Objectives Building True Loyalty Efficiency Profits Effectiveness Profits Value Alignment Loyalty Programs: Increasing in Popularity Problems with Loyalty Programs Design Characteristics of Loyalty Programs Reward Structure Participation Requirements Payment Function Sponsorship Cost and Revenues of LPs Drivers of Loyalty Program Effectiveness Loyalty Program Design Characteristics Customer Characteristics Firm Characteristics Achieving a Competitive Advantage Empirical Evidence on Loyalty Program Effectiveness Loyalty Programs, Shackle or Reward: And to Whom? The Seven-Point Checklist for Successful LP Design and Implementation Summary 201 Appendix I. Key Studies of LPs with Notable Empirical Findings 204 References Campaign Management Overview Campaign Management Campaign Planning and Development Setting Objectives and Strategies Identifying Customer Segments Developing the Communication Strategy Developing the Offer Campaign Budget Testing Campaign Execution Implementation and Coordination Monitoring, and Fine-Tuning Problems to Take into Account 229

7 11.5 Analysis and Control Measuring Campaign Results Response Analysis Profile Analysis Campaign Feedback Summary 232 References \ Impact of CRM on Marketing Channels Overview CRM and Marketing Channels The Role of Channels in Customer Relationships Multichannel Trends and CRM CRM and Multichannel Design Attributes of Multichannel Designs Designing Optimal Multichannel Offers CRM and Multichannel Management Managing Multichannel Systems: Integration Versus Separation Managing Multichannel Shoppers Managing Research Shoppers Summary 257 References Customer Relationship Management Issues in the Business-To-Business Context Overview CRM and Sales Force Automation What Is SFA? SFA Benefits Conditions for Realizing Benefits CRM and Key Account Management What Is KAM? Implementation of the KAM Program CRM and the Shift from Goods to Services What Are Hybrid Offerings? Advantages and Disadvantages of the Shift to Hybrid Offerings Rules for Successful Shifts Summary 276 References Customer Privacy Concerns and Privacy Protective Responses Overview Customer Privacy Concerns Customer Privacy 280

8 Drivers of Customer Privacy Concerns Regulations to Protect Customer Privacy United States: Customer Privacy Protection Based on Industry Self-Regulation Germany: Customer Privacy Protection Based on Governmental Legislation Safe Harbor Provision Customer Privacy Protective Responses Privacy Paradox Consequences of Privacy Protective Responses Implications for Companies Summary 296 Appendix I (Pellier, Milne, & Phelps, 2009) 297 Appendix II 299 References 299 Part V Advances in CRM Applications 15 Applications of CRM in B2B and B2C Scenarios (Part I) Overview Measuring Customer Profitability Computing CLV Drivers of CLV The Lifetime-Profitability Relationship in a Noncontractual Setting Background and Objective Conceptual Model Research Methodology Empirical Findings Implications Model for Incorporating Customers' Projected Profitability into Lifetime Duration Computation Background and Objectives A Dynamic Model of the Antecedents of Profitable Lifetime Duration Research Methodology Determining Profitable Customer Lifetime Duration Analysis Results Technical Appendix: Estimation of P(Alive) Model for Identifying the True Value of a Lost Customer Conceptual Background Modeling the Effects of Disadoption on the Value of a Lost Customer 330

9 The Key Determinants of the Value of a Customer Summary 331 References Applications of CRM in B2B and B2C Scenarios (Part II) ! Overview Optimal Resource Allocation Across Marketing and Communication Strategies Purchase Sequences Analysis: Delivering the Right Message to the Right Customer at the Right Time The Link Between Acquisition, Retention, and Profitability: Balancing Acquisition and Retention Resources to Maximize Customer Profitability Preventing Customer Churn Customer Brand Value What Is Customer Brand Value? Linking Customer Brand Value to Customer Lifetime Value What Are the Managerial Benefits of Linking Customer Brand Value to Customer Lifetime Value? Customer Referral Value What Is Customer Referral Value? How Can Compute Customer Referral Value Be Computed? How Can Customer Referral Value Be Linked to Customer Lifetime Value? What Are the Managerial Benefits of Linking Customer Referral Value and Customer Lifetime Value? What Should the Focus Be on: Customer Referral Value or Customer Lifetime Value? Summary 353 References Future of CRM Overview Social CRM Popular Social Media Channels Consumer-to-Consumer Interaction: A New Marketing Portal Social CRM Strategies: How to do it? Sentiment Analysis A Final Word on Social CRM Global CRM (GCRM) Informational Technology Needs Global Diffusion 368

10 17.4 Database CRM Introduction Cloud Computing Privacy Issues and Concerns Summary 371 References 372 Index 373

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