CHAPTER 1. Overview of CRM. E-Customer Relationship Management

Size: px
Start display at page:

Download "CHAPTER 1. Overview of CRM. E-Customer Relationship Management"

Transcription

1 CHAPTER 1 Overview of CRM E-Customer Relationship Management

2 Objectives Defines CRM as a process and as a hub of learning for the organization Outlines costs and benefits of the CRM system for organizations and customers

3 Old VS. New Marketing OLD MARKETING Transaction oriented (no future/end of relationship) All customers are equal 4P marketing (+preferences) Mass marketing Focus on new customers Broadcast oriented Transaction profit NEW MARKETING Relationship oriented (beginning of relationship) Share of wallet oriented (cross-selling, up-selling) All customers are not equal Relationship marketing Individual marketing Focus on existing customers Dialogue oriented (one-toone dialogue with each customer) Customer lifetime value Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

4 Transaction vs. Relationship Oriented Transactions are one-shot exchanges without any concern for the future Transaction marketing views the sale as the end of the relationship, whereas relationship marketing views the sale as the beginning of the relationship Relationships require two-way communications between customers and the organization. Further, information from these communications, when integrated, recorded, and managed enable relationships to be developed and maintained Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

5 Relationship Marketing The origins of CRM are in the concept of Relationship Marketing Relationship marketing focuses on maintaining a continuous relationship with customers and building long-term bonds Over time, a company learns more and more about the customer s needs and wants and is therefore able to provide more personalized and relevant one-to-one service Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

6 Customer Lifetime Value The present value of the future profits to be received from a given number of newly acquired or existing customers during a specified period of years It should be mentioned that it is not the customer s lifetime that is being estimated; rather it is the period of time that a company can reasonably expect them to be a customer Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

7 CRM: Why Now? The increasing number of high-quality competitors and products: Consumers today can choose from a large number of high quality items in every product category. When a company does innovate, its improvements are quickly copied Companies are creating bonds between themselves and their customers in order to better retain them; bonds created through CRM strategies foster loyalty. Loyalty cannot be quickly copied by competitors Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

8 CRM: Why Now? Changes in the pace of life: Consumers are demanding quicker and better service since there are more sources vying for their scarce time Families in which both spouses work and increasing hours on the job have led to less time available for shopping Companies who have CRM systems that can help the hurried consumer have a differential advantage Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

9 CRM: Why Now? Internet and Multi-channel Usage: Multi-channel customer contact is the key to CRM strategy The more environments a company can provide, the richer its customers experiences are likely to be. Companies are developing multi-channel contact centers (not simply call centers) to provide customers with meaningful interactions Companies need to maintain contact with customers in both synchronous and asynchronous manners in both live and automated formats Source: Baran, Galka, Strunk (2008), Principles of Customer Relationship Management

10 The Concept of Relationship Management The function of an enterprise s marketing activities is to bring buyers and sellers together, to create customers While getting customers is fundamental to business success, keeping customer is more important Major goal of organizations engage in interactions with customers over the long-term

11 The Concept of Relationship Management Consider the local butcher of years ago When a female customer walked into the shop, the butcher said hello and called the customer by name The butcher knew how the customer wanted her steaks and chops trimmed

12 The Concept of Relationship Management He knew her family always grilled hamburgers on the weekend Although he specialized in meats, he also stocked hamburger buns so his customer needed to make only one stop She appreciated the personalized service she received Both the butcher and the customer profited from this loyalty relationship

13 The Concept of Relationship Management Making a sale should not be viewed as the end of the marketing process, but rather as the start of the organization s relationship with a customer Successful small firms, such as the traditional butcher, have to be relationship oriented They know that their customers-buyers who purchase promises of satisfaction prefer to do business repeatedly with people and organizations they trust

14 The Concept of Relationship Management They know that establishing relationships with customers can increase long-run sales and reduce marketing costs In summary, a business enterprise must focus on both getting and keeping customers

15 Customer Relationship Management A customer relationship management (CRM) system, by its simplest definition, is a process to compile information that increase understanding of how to manage an organization s relationships with its customers

16 Customer Relationship Management CRM, a business strategy that uses information technology to provide the enterprise with a comprehensive, reliable, and integrated view of its customer base so that all processes and customer interactions help maintain and expand mutually beneficial relationships

17 Customer Relationship Management A CRM strategy should help organizations improve the profitability of their interactions with current and potential customers while at the same time making those interactions appear friendlier through individualization and personalization

18 Customer Relationship Management The purposes of a CRM system are to enhance customer service, improve customer satisfaction, and ensure customer retention by aligning business processes with technology integration

19 Customer Relationship Management An effective CRM system describes customer relationships in sufficient detail so that all aspects of the organization can access information, match customer needs with satisfying product offerings, remind customers of service requirements, know what other products a customer has purchased

20 Customer Relationship Management A bank s CRM should give a service representative in its telephone call center the ability to retrieve a compete record of a customer s company interactions seconds after the customer provide identification information Many CRM systems allow customers themselves to directly access information about their transactions with a company

21 The CRM System as a Hub of Applied Learning Information technology within a CRM system is a continuous process The firm recognizes its lack of knowledge and begins to learn about customer segments and their distinct needs before the first sale is made

22 The CRM System as a Hub of Applied Learning From purchases databases, mailing lists, referrals, and other sources organizations can acquire mountains of data about potential customers and thus begin to tailor promotional messages, product features and options

23 The CRM System as a Hub of Applied Learning If satisfied with the first transaction, the customer learns to trust the organization or to believe it will deliver on its promises The organization learns a bit about the customer s needs, and a circular process begins as the firm collects and analyzes data about customer transactions and preferences that is converted into information for different functional areas

24 The CRM System as a Hub of Applied Learning The basis for building effective CRM systems and strategies is to build profitable relationships in the long term that are mutually beneficial and that fulfill promises as customer experience the product or service offering

25 The CRM System as a Hub of Applied Learning However, many organizations experience difficulties in building information and e- commerce initiatives since implementing the new technology requires a complex array of skills to capture data from dynamic processes Further, organizations must balance the need for security with the goal of increasing personalization

26 The CRM Process as a Hub of Applied Learning Recognize needs/wants of defined segments Cultivate and develop interest, trust, desire Acquire customer and establish a relationship Customize channel outlets, locations Collect, warehouse, and analyze data Customize offers, products, and services Customize promotion, information, interactions

27 The CRM System as a Hub of Applied Learning Potential returns of CRM systems Potential benefits of CRM systems to the organization Potential costs of CRM systems to the organization Potential benefits of CRM systems for customers Potential costs of CRM systems for customers

28 Potential Returns of CRM Systems A fundamental principle of marketing is that customers are different Some customers cost a great deal to attract and require a great deal of service The basic tenet is that different customers represent different levels of profit for the firm

29 Potential Returns of CRM Systems Successful organizations attempt to define characteristics of the best customers, to then estimate the lifetime value of such customers, and to adjust marketing strategy accordingly

30 Potential Returns of CRM Systems Best customers A proportion of all customers in an industry who provide profitable interactions, cost little to care for, and who tend to spread positive word-ofmouth information about the organization

31 Potential Returns of CRM Systems Organization, or the CRM champions within the organization, tend to think of all the benefits of the systems the promise of increased revenues and lowered costs

32 Potential Returns of CRM Systems Customers, in contrast, may first think of the costs associated with the system and have to be reminded of some of the benefits For example, if the customer orders one product from a supplier on the Internet and there are suddenly 2,000 messages from firms that sell related goods, the customer may think twice before placing another order on the Web or with that organization

33 Potential Returns of CRM Systems Thus, it can be helpful for organizations to consider the benefits and disadvantages of CRM systems as they invest in their development

34 Potential Benefits of CRM Systems to the Organization Customer focus the organization is ready to view the purchasing process from the customer s point of view, to empathize with the customer s feelings, and to treat the customer s information with great care If organization can learn enough about individual customers, then the customer should be more satisfied, trusting, and willing to talk positively to others about the organization s wonderful approach

35 Potential Benefits of CRM Systems to the Organization Customer retention the organization satisfies customers and/or offers variety such that the customer comes back and repeats transactions Retaining customers and establishing customer loyalty are major objectives of CRM approaches An old business adage says, It costs six times as much to get a new customer as it does to keep an old customer

36 Potential Benefits of CRM Systems to the Organization Share of customer/share of wallet the organization wants to please customers to the point that they want the organization to sell them something else Historically, marketers have thought in terms of a single product, and Their goal has been achieving a high share of the market

37 Potential Benefits of CRM Systems to the Organization In relationship management, the company objective often is to achieve a high share of customer The company tries to sell an individual customer as many goods and services as it can over the lifetime of that customer s patronage

38 Potential Benefits of CRM Systems to the Organization Cross-selling The marketing of complementary products to existing customers For example, a retail bank that has a checking account customer may market a safety deposit box or a car loan to its customer overtime, it may be able to get the customer s home mortgage and equity loan business

39 Potential Benefits of CRM Systems to the Organization Up-selling The marketing of higher value products to new or existing customers For example, an insurance company may convince a customer to upgrade coverage, a credit card company may try to persuade a customer to upgrade to the platinum card, or a furniture store may attempt to convince a customer to purchase the more expensive version of a table

40 Potential Costs of CRM Systems to the Organization A major benefits of an effective CRM approach is that it follows marketers to send the right messages about the right offers to its best customers at the right time Achieving that level of quality from a CRM system may require a significant investment in the organization s information technology (IT) infrastructure For example, server-based systems, software licenses and updates, firewalls for security, personnel to install and maintain systems, training for system users in different disciplines, etc..

41 Potential Costs of CRM Systems to the Organization IT infrastructure the processing capacity required to fulfill customer needs. Another significant cost in developing an effective CRM system is the price of process change an alteration in the habitual pattern for accomplishing a task Implementing new systems and changing traditional thought patterns may both be very difficult to accomplish

42 Potential Costs of CRM Systems to the Organization Despite the best efforts of organizations to design effective CRM systems, it is people who must implement those systems and customers who must appreciate them, use them with ease, and feel safe in the process CRM systems hold the promise of growth and benefits but the implementation of such systems carries with it limits, costs, and other risks

43 Potential Benefits of CRM Systems for Customer Customers may also profit from CRM approaches and relationship marketing efforts Continuity Derived from a relationship with the same seller simplifies the buying process Implies a stable connection or linkage Reduce the risk of dealing with a new supplier

44 Potential Benefits of CRM Systems for Customer Buyers become regular customers because they want to do business with organizations that will provide a consistent level of product or service quality For example, Most people are loyal to their hairdressers or barbers They do not want to risk service quality that is below their expectations or risk disappointing the provider of this personal service

45 Potential Benefits of CRM Systems for Customer Effective CRM systems provide a number of contact or touch points the customer can communicate and explain his or her needs; for examples, the telephone, , point-of-purchase, or customer service desk

46 Potential Benefits of CRM Systems for Customer For example, The jewelry store salesperson would often send a note to a male customer just before his wife s birthday Unfortunately, if the salesperson left the company, so did the client information CRM systems are designed to offer the salesperson s notebook to the entire firm

47 Potential Benefits of CRM Systems for Customer In an age when personalization is rare, CRM information technology is bringing it back Personalization the organization knows the customer, by name, knows the customer s normal purchasing routine, and can forecast the customer s needs Relationship marketing has been called one-to-one marketing Because it allows marketers to tailor offering to individuals

48 Potential Benefits of CRM Systems for Customer For example, Neiman Marcus stores now track customers buying habits, preferences, and special dates through their computerized cash registers Sales associates can notify a client when new merchandise comes in or send a reminder about buying a gift for a personal event like an anniversary Customers may benefit from feeling special and enjoy being recognized as an important entity to the organization

49 Potential Costs of CRM Systems for Customers Perhaps the most obvious cost of the widespread adoption of CRM systems by organizations is the inevitable loss or privacy for customers Privacy confidentiality or a feeling that you can have some space to yourself where other people cannot intrude Organizations want to know which people purchase which products in which colors on which days of the week with which credit card

50 Potential Costs of CRM Systems for Customers Customers want to feel that no one knows that much about their personal choices Another intangible cost to the customer of developing a sole-source relationship with an organization is the opportunity cost associated with ignoring other offers from competitive sources If customers take the time to search, they may find a better price for the same features or find options that better meet the original need

51 Potential Costs of CRM Systems for Customers As firm reward loyal customers by sending them prizes, extra frequent flyer miles, or discounts on other products, customer become less inclined to search for alternatives

52 Summary Customer relationship management (CRM) is a business strategy that uses information technology to provide the enterprise with a comprehensive, reliable, and integrated view of its customer base so that all business processes and customer interactions help maintain and expand mutually beneficial relationships

53 Summary CRM systems help organizations improve the profitability of their interactions with current and potential customers while at the same time making those interactions safer and friendlier through individualization and personalization The system s goals are to enhance customer service, improve customer satisfaction, and ensure customer retention

54 Summary Customer retention and customer loyalty are major benefits of CRM systems to the organization Working to retain existing customers by managing relationships with them will generally increase revenues and, in most cases, reduce costs Positive outcomes can include a larger share of a customer s business are a result of activities such as cross-selling and up-selling

55 Summary There are also real costs to the organization from implementing CRM systems, including investment in information technologies and the reactions of people to process changes Customers benefit from CRM systems and relationship marketing in a number of ways, Including simpler buying processes, ongoing dialogs with the firm, and personalized attention

56 Summary Costs to customers of CRM systems include a loss of privacy and, perhaps, missed opportunities to learn about or to purchase offerings from other organizations While CRM systems can be expensive to implement, the long-term benefits should become apparent as time progress, repeat purchases occur, and customer loyalty deepens

Customer relationship management MB-104. By Mayank Kumar Pandey Assistant Professor at Noida Institute of Engineering and Technology

Customer relationship management MB-104. By Mayank Kumar Pandey Assistant Professor at Noida Institute of Engineering and Technology Customer relationship management MB-104 By Mayank Kumar Pandey Assistant Professor at Noida Institute of Engineering and Technology University Syllabus UNIT-1 Customer Relationship Management- Introduction

More information

Chapter. Enterprise Business Systems

Chapter. Enterprise Business Systems Chapter 4 Enterprise Business Systems Learning Objectives Identify and give examples to illustrate the following aspects of customer relationship. Business processes supported Customer and business value

More information

CUSTOMER RELATIONSHIP MANAGEMENT AND DATA WAREHOUSING

CUSTOMER RELATIONSHIP MANAGEMENT AND DATA WAREHOUSING 03-03-10 INFORMATION MANAGEMENT: STRATEGY, SYSTEMS, AND TECHNOLOGIES CUSTOMER RELATIONSHIP MANAGEMENT AND DATA WAREHOUSING Duane E. Sharp INSIDE The CRM Solution; Customer Feedback; Defining the Customer;

More information

Customer Relationship Management in Indian Life Insurance Sector

Customer Relationship Management in Indian Life Insurance Sector Customer Relationship Management in Indian Life Insurance Sector Ashraf Imam Research Scholar, Department of Commerce- Aligarh Muslim University, Aligarh. Abstract Customer relationship management is an

More information

CHAPTER VII SUMMARY OF MAJOR FINDINGS AND RECOMMENDATIONS

CHAPTER VII SUMMARY OF MAJOR FINDINGS AND RECOMMENDATIONS CHAPTER VII SUMMARY OF MAJOR FINDINGS AND RECOMMENDATIONS 395 7.1 Findings Related to Secondary Data In the initial phase the analysis of secondary indicates that CRM is emerging as a strategic factor

More information

ABHINAV NATIONAL MONTHLY REFEREED JOURNAL OF REASEARCH IN COMMERCE & MANAGEMENT www.abhinavjournal.com

ABHINAV NATIONAL MONTHLY REFEREED JOURNAL OF REASEARCH IN COMMERCE & MANAGEMENT www.abhinavjournal.com e-crm OPPORTUNITIES AND CHALLENGES IN DIGITAL WORLD Dr. T. N. Murty 1, N D Chandra Sekhar 2 and S Vidya Sagar 3 1 Professor & Director, Nimra College of Business Management, Vijayawada, India Email: thamminaina@yahoo.com

More information

International Journal of Computing and Corporate Research IJCCR India

International Journal of Computing and Corporate Research IJCCR India ENHANCING CUSTOMER VALUE PROPOSITION THROUGH CUSTOMER RELATIONSHIP MANAGEMENT IN RETAILING Prof. V.P.Deshmukh, Prof S.P.Shinde, Prof. N.R.Jadhav Bharati Vidyapeeth University, Y.M.I.M., Karad, Maharashtra,

More information

Chapter 17 Promotional Concepts and Strategies. Section 17.1 Promotion and Promotional Mix Section 17.2 Types of Promotion

Chapter 17 Promotional Concepts and Strategies. Section 17.1 Promotion and Promotional Mix Section 17.2 Types of Promotion Unit 6 Promotion Chapter 17 Promotional Concepts and Strategies Chapter 18 Visual Merchandising and Display Chapter 19 Advertising Chapter 20 Print Advertisements Chapter 17 Promotional Concepts and Strategies

More information

Customer loyalty is hard to come by: Technology is the answer

Customer loyalty is hard to come by: Technology is the answer Customer loyalty is hard to come by: Technology is the answer CARD LINKED MARKETING Gone are the days when a customer would stay with the same bank for 20+ years, taking out mortgages, loans and making

More information

Magento and Microsoft Dynamics GP: Make the Most of Selling Online. Co-Fou nder and V P, Sales

Magento and Microsoft Dynamics GP: Make the Most of Selling Online. Co-Fou nder and V P, Sales Magento and Microsoft Dynamics GP: Make the Most of Selling Online W ritten by Jeff Grundey Co-Fou nder and V P, Sales jgrundey@ nch annel.co m Every day companies choose to sell online but, too often,

More information

The Customer Relationship Management Process

The Customer Relationship Management Process The Customer Relationship Management Process E d u c a t i n g t h e W o r l d s B e s t A i r F o r c e Slide 1 The Supply Chain Management Processes Information Flow Supply Chain Management Processes

More information

Chapter 8 Customer Relationship Management Benefits of CRM Helps in improving customer retention and loyalty Helps in generating high customer

Chapter 8 Customer Relationship Management Benefits of CRM Helps in improving customer retention and loyalty Helps in generating high customer Chapter 8 Customer Relationship Management Benefits of CRM Helps in improving customer retention and loyalty Helps in generating high customer profitability through a steady flow of customer purchases

More information

Magento and Microsoft Dynamics GP: Make the Most of Selling Online

Magento and Microsoft Dynamics GP: Make the Most of Selling Online Magento and Microsoft Dynamics GP: Make the Most of Selling Online Make every interaction count. Every day companies choose to sell online, but they often jump in before developing a well-formed plan.

More information

Leadership, Attitude, Performance...making learning pay!

Leadership, Attitude, Performance...making learning pay! AP Leadership, Attitude, Performance...making learning pay! Customer Relations LAP 2 Performance Indicator: CR:016 Know When to Hold Em Nature of Customer Relationship Management Built to last Keep em

More information

Relationship Marketing. SHSMD Luncheon October 5, 2007 Leean Kravitz Mudhouse Advertising

Relationship Marketing. SHSMD Luncheon October 5, 2007 Leean Kravitz Mudhouse Advertising Relationship Marketing SHSMD Luncheon October 5, 2007 Leean Kravitz Mudhouse Advertising What is relationship marketing? Marketing designed to create, maintain, and enhance strong relationships with customers

More information

10 Strategies for an Award-winning Onboarding Process

10 Strategies for an Award-winning Onboarding Process 10 Strategies for an Award-winning Onboarding Process WHITE PAPER MARKETING SERVICES In December 2011, Harland Clarke Marketing Services received the prestigious Gold Award for Marketing Strategies from

More information

Next-generation e-commerce for retail: How to optimize cross-channel marketing, sales and service.

Next-generation e-commerce for retail: How to optimize cross-channel marketing, sales and service. Next-generation e-commerce for retail: How to optimize cross-channel marketing, sales and service. > ATTRACT AND RETAIN HIGHLY PROFITABLE CUSTOMERS > PROVIDE SEAMLESS CROSS-CHANNEL SHOPPING > EXTEND CAPABILITIES

More information

Supply Chain development - a cornerstone for business success

Supply Chain development - a cornerstone for business success Supply Chain development - a cornerstone for business success Agenda 1. Supply chain considerations 2. Benefits of a developed SCM strategy 3. Competitive advantage by using a LSP 4. CRM/SCM key to business

More information

SAP Thought Leadership SAP Customer Relationship Management. Strengthen the Brand and Improve

SAP Thought Leadership SAP Customer Relationship Management. Strengthen the Brand and Improve SAP Thought Leadership SAP Customer Relationship Management Enhancing the Customer Experience with Loyalty Management Strengthen the Brand and Improve Customer Retention Executive Summary Satisfying Customers,

More information

How the Spa can Increase CustomerEngagement

How the Spa can Increase CustomerEngagement How the Spa can Increase CustomerEngagement As the hospitality industry evolves in a dramatically changed landscape, the goals are ultimate customer engagement and relationships across all channels. This

More information

Multifactor Authentication A Clear Identity = TM Success

Multifactor Authentication A Clear Identity = TM Success Multifactor Authentication A Clear Identity = TM Success April 28, 2011 PRESENTED BY: Cathy Gregg 2011 Treasury Strategies, Inc. All rights reserved. Agenda Your Identity Importance Defining Building Closing

More information

A Single Commerce Platform for Omnichannel Retailing

A Single Commerce Platform for Omnichannel Retailing A Single Commerce Platform for Omnichannel Retailing How A Unified Approach Accelerates the Journey to Omnichannel, Creating Competitive Advantage Along the Way White Paper Table of Contents Introduction

More information

There are two types of returns that an investor can expect to earn from an investment.

There are two types of returns that an investor can expect to earn from an investment. Benefits of investing in the Stock Market There are many benefits to investing in shares and we will explore how this common form of investment can be an effective way to make money. We will discuss some

More information

Loyalty Programs. By Inez Blackburn (905) 712-2203 inez@blackburn.net

Loyalty Programs. By Inez Blackburn (905) 712-2203 inez@blackburn.net Loyalty Programs By Inez Blackburn (905) 712-2203 inez@blackburn.net A Bit about Loyalty Programs Loyalty programs are often used as a weapon to escalate the war in securing new customers and keeping the

More information

E-Commerce & CRM Building Relationships, Satisfaction, and Loyalty

E-Commerce & CRM Building Relationships, Satisfaction, and Loyalty Lecture 8 E-Commerce & CRM Building Relationships, Satisfaction, and Loyalty CRM Defined a combination of business process & technology that seeks to understand a company s customers from the perspective

More information

Credit Cards: Advantages & Disadvantages

Credit Cards: Advantages & Disadvantages Credit Cards: Advantages & Disadvantages Latino Community Credit Union & Latino Community Development Center CREDIT CARDS: BUILDING A better FUTURE ADVANTAGES AND DISADVANTAGES Latino Community Credit

More information

Hello, Goodbye. The New Spin on Customer Loyalty. From Customer Acquisition to Customer Loyalty. Definition of CRM.

Hello, Goodbye. The New Spin on Customer Loyalty. From Customer Acquisition to Customer Loyalty. Definition of CRM. Hello, Goodbye. The New Spin on Customer Loyalty The so-called typical customer no longer exists. Companies were focused on selling as many products as possible, without regard to who was buying them.

More information

Relat ionship Market ing and Cust omer Relat ionship Management (CRM)

Relat ionship Market ing and Cust omer Relat ionship Management (CRM) CHAPTER 10 Relat ionship Market ing and Cust omer Relat ionship Management (CRM) Chapter Objectives 1 2 3 Contrast transactionbased market ing wit h relat ionship-based market ing. Ident ify and explain

More information

Analytical CRM solution for Banking industry

Analytical CRM solution for Banking industry Analytical CRM solution for Banking industry Harbinger TechAxes PVT. LTD. 2005 Insights about What are the reasons and freq. for a customer contact? What are my product holding patterns? Which of my are

More information

CRM - Customer Relationship Management

CRM - Customer Relationship Management CRM - Customer Relationship Management 1 Customer power Consumer choices gains importance in the decision making process of companies and they feel the need to think like a customer than a producer. 2

More information

BUSINESS IS BEAUTIFUL

BUSINESS IS BEAUTIFUL Elizabeth Grady Franchise Opportunities Our Philosophy The Company and the Industry The Opportunity Why Should I Buy a Franchise? Our System Estimated Initial Investment Frequently Asked Questions BUSINESS

More information

Mastering Retail Systems of Engagement. Engage your customer like never before

Mastering Retail Systems of Engagement. Engage your customer like never before Mastering Retail Systems of Engagement Engage your customer like never before The Retail Transformation The Equipped Customer Consumers demand to access information anytime, anywhere is posing challenges

More information

MKTG301: PRINCIPLES OF MARKETING DEFINITIONS: CHAPTER 18

MKTG301: PRINCIPLES OF MARKETING DEFINITIONS: CHAPTER 18 MKTG301: PRINCIPLES OF MARKETING DEFINITIONS: CHAPTER 18 Communication (1) The process of conveying a message to others, which requires six elements: a source, a message, a channel of communication, a

More information

Accenture Business Intelligence for Fashion and Luxury. Creating a Differentiated Customer Experience for Long-term Brand Loyalty

Accenture Business Intelligence for Fashion and Luxury. Creating a Differentiated Customer Experience for Long-term Brand Loyalty Accenture Business Intelligence for Fashion and Luxury Creating a Differentiated Customer Experience for Long-term Brand Loyalty Fashion is inherently an ever-changing industry. Customer preferences fluctuate

More information

Part VIII: ecrm (Customer Relationship Management)

Part VIII: ecrm (Customer Relationship Management) Part VIII: ecrm (Customer Relationship Management) Learning Targets What are the objectives of CRM? How can we achieve customer acquisition and loyalty? What is the customer buying cycle? How does the

More information

Maximizing Customer Retention: A Blueprint for Successful Contact Centers

Maximizing Customer Retention: A Blueprint for Successful Contact Centers Maximizing Customer Retention: A Blueprint for Successful Contact Centers Sponsored by Table of Contents Executive Summary...1 Creating Loyal Customers: A Critical Company Goal...1 Causes of Customer Attrition...2

More information

Inbound Marketing The ultimate guide

Inbound Marketing The ultimate guide Inbound Marketing The ultimate guide La Casita Del Cuco.EBOOK Inbound Marketing - The ultimate guide Version _ 02 Date _ September 2015 Introduction Inbound Marketing is a marketing philosophy which has

More information

9. 3 CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS

9. 3 CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS Chapter 9 Achieving Operational Excellence and Customer Intimacy: Enterprise Applications 349 FIGURE 9-5 THE FUTURE INTERNET-DRIVEN SUPPLY CHAIN The future Internet-driven supply chain operates like a

More information

Guide from ShopperVista Channel Focus Online Channel. www.shoppervista.igd.com shopper@igd.com +44 (0) 1923 851 956 @igdshoppernews

Guide from ShopperVista Channel Focus Online Channel. www.shoppervista.igd.com shopper@igd.com +44 (0) 1923 851 956 @igdshoppernews Guide from ShopperVista Channel Focus Online Channel www.shoppervista.igd.com shopper@igd.com +44 (0) 1923 851 956 @igdshoppernews Hello and welcome This guide is from IGD s ShopperVista Channel Focus

More information

Spa Success Tips to Enhance Every Aspect of Your Customer Experience

Spa Success Tips to Enhance Every Aspect of Your Customer Experience 50 Spa Success Tips to Enhance Every Aspect of Your Customer Experience Reward your customers with loyalty points based on actions like purchases of products or services. Track customers activities and

More information

The ABCs of CRM. 1003 W. Ninth Avenue, 2nd Floor King of Prussia, PA 19406 T (610) 337-8400 F (610) 337-8490 www.sedonacorp.com

The ABCs of CRM. 1003 W. Ninth Avenue, 2nd Floor King of Prussia, PA 19406 T (610) 337-8400 F (610) 337-8490 www.sedonacorp.com The ABCs of CRM 1003 W. Ninth Avenue, 2nd Floor King of Prussia, PA 19406 T (610) 337-8400 F (610) 337-8490 www.sedonacorp.com The objective of Customer Relationship Management (CRM) boils down to one

More information

Power Struggles and Sales Promotion

Power Struggles and Sales Promotion Chapter 18 Sales Promotion Power Struggles and Sales Promotion Sales promotion plays a key strategic role in the channel of distribution Big name brands need to supported with sales promotion and POP in

More information

6/10/2015. Chapter Nine Overview. Learning Outcomes. Opening Case: Twitter: A Social CRM Tool

6/10/2015. Chapter Nine Overview. Learning Outcomes. Opening Case: Twitter: A Social CRM Tool Opening Case: Twitter: A Social CRM Tool McGraw-Hill-Ryerson 2015 The McGraw-Hill Companies, All Rights Reserved Chapter Nine Overview SECTION 9.1 CRM FUNDAMENTALS Introduction Using Information to Drive

More information

Transforming the Way to Market, Sell and Service

Transforming the Way to Market, Sell and Service Customer Relationship Management (CRM) Transforming the Way to Market, Sell and Service Agenda I. CRM definition and overview II. Getting started with CRM Initiatives 2 1 What is CRM? Customer Relationship

More information

Managing Customer Retention

Managing Customer Retention Customer Relationship Management - Managing Customer Retention CRM Seminar SS 04 Professor: Assistent: Handed in by: Dr. Andreas Meier Andreea Iona Eric Fehlmann Av. Général-Guisan 46 1700 Fribourg eric.fehlmann@unifr.ch

More information

SYLLABUS. B.B.A. V SEM Subject Customer Relationship Management

SYLLABUS. B.B.A. V SEM Subject Customer Relationship Management SYLLABUS B.B.A. V SEM Subject Customer Relationship Management UNIT I Introduction to CRM: Definition and concepts of CRM, Components of CRM, Understanding the goal of CRM and Customer Touch Points. UNIT

More information

LIST OF TABLES. Table No. Table Name Page No. 4.2.5 Frequency tables on customization of services 56

LIST OF TABLES. Table No. Table Name Page No. 4.2.5 Frequency tables on customization of services 56 LIST OF TABLES Table No. Table Name Page No. 4.2.1 Respondent s age 48 4.2.2 Cross-tabulation between the ease of opening a bank account and age 4.2.3 Cross tabulation between the ease in opening a bank

More information

3. Develop a spending plan for your retirement. Having a plan for your money and limiting expenses in retirement is important.

3. Develop a spending plan for your retirement. Having a plan for your money and limiting expenses in retirement is important. For Kupuna: 15 Quick Tips for Protecting Your Finances As many consumers get older, they often face issues such as how to maintain their lifestyle and pay for medical expenses on a fixed income for years

More information

Audi's Three Steps to a Winning CRM Strategy

Audi's Three Steps to a Winning CRM Strategy Case Studies, E. Thompson, A. Bona Research Note 14 January 2004 Audi's Three Steps to a Winning CRM Strategy This case study shows how Audi takes reactive, proactive and selective approaches to customer

More information

Customer Relationship Management

Customer Relationship Management Customer Relationship Management CRM is Any application or initiative designed to help an organization optimize interactions with customers, suppliers, or prospects via one or more touch points for the

More information

Deploying Insights from Online Banking Analytics in Incremental Innovation

Deploying Insights from Online Banking Analytics in Incremental Innovation Universal Banking Solution System Integration Consulting Business Process Outsourcing The relevance of online analytics to banking In its 2010 report on the state of online banking in the United States,

More information

The complete guide. to email marketing automation

The complete guide. to email marketing automation The complete guide to email marketing automation The rise of email marketing automation Before social media, before PPC, before content marketing there was email. Email isn t just any, old marketing tool,

More information

Magento and Microsoft Dynamics GP: Make the Most of Selling Online

Magento and Microsoft Dynamics GP: Make the Most of Selling Online Magento and Microsoft Dynamics GP: Make the Most of Selling Online White Paper Brian Lynch Vice President of Enterprise Market Development blynch@nchannel.com Disclaimer 2013 nchannel Incorporated. All

More information

CUSTOMER ENGAGEMENT 2014. Rosetta Consulting s Customer Engagement Survey Part 1: The Marketer s Perspective

CUSTOMER ENGAGEMENT 2014. Rosetta Consulting s Customer Engagement Survey Part 1: The Marketer s Perspective CUSTOMER ENGAGEMENT 2014 Rosetta Consulting s Customer Engagement Survey Part 1: The Marketer s Perspective WELCOME TO THE EMPOWERED AGE Welcome to the first in a series of three white papers on Customer

More information

Exceptional Customer Experience AND Credit Risk Management: How to Achieve Both

Exceptional Customer Experience AND Credit Risk Management: How to Achieve Both Exceptional Customer Experience AND Credit Risk Management: How to Achieve Both Lynn Brunner Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions,

More information

Content is essential to commerce

Content is essential to commerce Content is essential to commerce IBM ECM helps organizations improve the efficiency of buy, market, sell and service processes Highlights: Analyze customer and operational data and build business processes

More information

How To Use Big Data To Help A Retailer

How To Use Big Data To Help A Retailer IBM Software Big Data Retail Capitalizing on the power of big data for retail Adopt new approaches to keep customers engaged, maintain a competitive edge and maximize profitability 2 Capitalizing on the

More information

How to increase Marketing Efficiency to Gain and Retain Customers

How to increase Marketing Efficiency to Gain and Retain Customers How to increase Marketing Efficiency to Gain and Retain Customers How marketing automation and CRM can help a midsized business consolidate data, improve customer information, streamline marketing efforts,

More information

BRP SPECIAL REPORT. Loyalty Programs Rewarding the Customer Experience

BRP SPECIAL REPORT. Loyalty Programs Rewarding the Customer Experience Loyalty Programs Rewarding the Customer Experience BRP SPECIAL REPORT A supplemental report based on findings from the 2015 CRM/Unified Commerce Benchmark Survey https://bostonretailpartners.com/2015-crm-survey-report/

More information

Customer Experience Management (CEM) Technology: What, Why, and How Does It Work

Customer Experience Management (CEM) Technology: What, Why, and How Does It Work Customer Experience Management (CEM) Technology: What, Why, and How Does It Work February 2005 Executive Summary A new class of technology has arrived. Customer Experience Management (CEM) Technology delivers

More information

INTEGRATED MARKETING PLATFORM

INTEGRATED MARKETING PLATFORM Please feel free to contact me for a chat or to arrange a meeting. Gary Howard T. +44 (0) 2074 626 161 M. +44 (0) 7973 304 459 E. Gary.Howard@tangentsnowball.com Tangent Snowball 84-86, Great Portland

More information

COMM 391. Introduction to Management Information Systems. Case 9.1 The Next Step in Customer Relationship Management

COMM 391. Introduction to Management Information Systems. Case 9.1 The Next Step in Customer Relationship Management COMM 391 Introduction to Management Information Systems Winter 2014 Term 1 IT S ROLE IN CUSTOMER RELATIONSHIP MANAGEMENT AND SUPPLY CHAIN MANAGEMENT Case 9.1 The Next Step in Customer Relationship Management

More information

Powering the Cross-Channel Customer Experience with Oracle s Complete Commerce

Powering the Cross-Channel Customer Experience with Oracle s Complete Commerce Powering the Cross-Channel Customer Experience with Oracle s Complete Commerce Contents Overview. 1 The Trends are Clear 2 Business Challenges 3 Complete Commerce 4 Customer Successes 8 Why Oracle?. 9

More information

How to increase Marketing Efficiency to Gain and Retain Customers

How to increase Marketing Efficiency to Gain and Retain Customers How to increase Marketing Efficiency to Gain and Retain Customers A White Paper by Soffront Software, Inc. Abstract Marketing departments in mid-sized businesses face a myriad of challenges such as how

More information

Driving shopper engagement through digital technology

Driving shopper engagement through digital technology Driving shopper engagement through digital technology Third annual study of the impact of digital technology on the retail landscape. June 2015 The habits of many retail shoppers are changing. Some key

More information

WebSphere Commerce V7 Management Center

WebSphere Commerce V7 Management Center Juha Nevalainen WebSphere Commerce Technical Specialist April 20 WebSphere Commerce V7 Management Center Precision Marketing Proof of Technology Objectives Market Facts & Trends Provide an understanding

More information

Customer Relationship Management

Customer Relationship Management Customer Relationship Management Introduction... Ed Sander 15+ years of experience in Direct Marketing, Database Marketing, CRM, On-line Marketing Pet Food, Tissue Products, Mail Order Office Supplies,

More information

Revenue Enhancement through Cross-Selling

Revenue Enhancement through Cross-Selling Revenue Enhancement through Cross-Selling Valuing Customer Centricity The critical value driver path Cross/up-selling, target customer retention and target pricing strategy are the greatest value creators

More information

DRIVING B2B SALES IN THE AGE OF DIGITAL

DRIVING B2B SALES IN THE AGE OF DIGITAL DRIVING B2B SALES IN THE AGE OF DIGITAL DRIVING B2B SALES IN THE AGE OF DIGITAL WE RE ON THE CUSP OF A GENERATION SHIFT IN B2B PURCHASING. As Business-to-Business (B2B) buyers are exposed to innovative

More information

Managing the Lead Lifecycle. Getting the Most from Your Leads

Managing the Lead Lifecycle. Getting the Most from Your Leads Managing the Lead Lifecycle Getting the Most from Your Leads Leads are the lifeblood of marketing and sales, the raw material every marketer hopes to turn into gold. Just as marketing technologies have

More information

Welcome to ICMI s Leadership and Business Management. ICMI Study Course

Welcome to ICMI s Leadership and Business Management. ICMI Study Course Welcome to ICMI s Leadership and Business Management Study Course Strategy and Valuation We will begin the session shortly. Administrative Notes Participate! Taking notes 3.1 1 Today s Agenda Vision, mission

More information

5 tips to engage your customers with event-based marketing

5 tips to engage your customers with event-based marketing IBM Software Thought Leadership White Paper IBM ExperienceOne 5 tips to engage your customers with event-based marketing Take advantage of moments that matter with in-depth insight into customer behavior

More information

Customer Relationship Management Submitted in partial fulfillment of the requirement for the award of degree Of MBA

Customer Relationship Management Submitted in partial fulfillment of the requirement for the award of degree Of MBA A Seminar report On Customer Relationship Management Submitted in partial fulfillment of the requirement for the award of degree Of MBA SUBMITTED TO: SUBMITTED BY: www.studymafia.org www.studymafia.org

More information

Integrated Communications in Insurance The road to new winning strategies

Integrated Communications in Insurance The road to new winning strategies Integrated Communications in Insurance The road to new winning strategies Table of Contents New Winning Strategies in Insurance 3 A Key Lever for Success Winning Across All Lines of Business Drivers of

More information

INTERNATIONAL JOURNAL OF MANAGEMENT RESEARCH AND REVIEW

INTERNATIONAL JOURNAL OF MANAGEMENT RESEARCH AND REVIEW ISSN-2249-7196 INTERNATIONAL JOURNAL OF MANAGEMENT RESEARCH AND REVIEW ABSTRACT Oct-2011/ Volume-1/Issue-3/Article No-14/121-128 CUSTOMER RELATIONSHIP MANAGEMENT Suresh Reddy Jakka* 1 1 Department of Business

More information

How Financial Institutions Can Build Customer Relationships for Long-Term Success

How Financial Institutions Can Build Customer Relationships for Long-Term Success How Financial Institutions Can Build Customer Relationships for Long-Term Success By First Data and Market Strategies International 2011 First Data Corporation. All trademarks, service marks and trade

More information

CRM and Relationship Profitability in Banking

CRM and Relationship Profitability in Banking Corporate Technology Solutions CRM and Relationship Profitability in Banking A White Paper by Haitham Salawdeh 1. Executive Overview... 3 2. It is the relationships that count... 4 3. Sharing Profitability

More information

Variorum, Multi- Disciplinary e-research Journal Vol.-01, Issue-IV, May 2011

Variorum, Multi- Disciplinary e-research Journal Vol.-01, Issue-IV, May 2011 1 e-commerce: A Useful Concept Dr.Arvind N.Chaudhari: Associate Professor in Commerce, GDM Arts KRN Commerce & MD Science College Jamner Dist Jalgaon (MAH) e-commerce Today, the human life is general and

More information

FINANCIAL SERVICES. Deepening customer engagement with relevant rewards

FINANCIAL SERVICES. Deepening customer engagement with relevant rewards FINANCIAL SERVICES Deepening customer engagement with relevant rewards October 2013 Contents Introduction 3 Diverging from the me too rewards 4 Why embrace relevant rewards 5 Five steps to developing relevant

More information

product and service delivery

product and service delivery A DV I C E B O O K L E T product and service delivery PRODUCT / SERVICE DELIVERY Every business sells either a product (a physical item) or a service (something intangible), or both. Many businesses develop

More information

Marketing Automation And the Buyers Journey

Marketing Automation And the Buyers Journey Marketing Automation And the Buyers Journey A StrategyMix White Paper By Jonathan Calver, Managing Director, StrategyMix About this Paper This paper will first introduce you to the principles and concepts

More information

Customer Centricity in Banking: Driving Revenue and Loyalty. Developing the 21st century workforce TM

Customer Centricity in Banking: Driving Revenue and Loyalty. Developing the 21st century workforce TM Customer Centricity in Banking: Driving Revenue and Loyalty Developing the 21st century workforce TM In today s hypercompetitive banking environment, most financial-services firms are overlooking the one

More information

The most important conditions necessary for any exchange to take place are:

The most important conditions necessary for any exchange to take place are: ACTIVITY 1.1: QUESTION Think back to the last purchase you made. This purchase involved an exchange between yourself and another party. What conditions were necessary for this exchange to take place? ACTIVITY

More information

Boost Profits with Better Marketing Analytics

Boost Profits with Better Marketing Analytics Boost Profits with Better Marketing Analytics Marketing Solutions for the Utilities Industry Publication Date: July, 2014 www.datamentors.com info@datamentors.com 01. Boost Profits with Better Marketing

More information

Yes, It Really is Possible to Grow. Non-Interest Income $

Yes, It Really is Possible to Grow. Non-Interest Income $ Yes, It Really is Possible to Grow Non-Interest Income $ It s no surprise that financial institutions rank profitability improvement among their top three priorities. However, an environment of low loan

More information

Customer Engagement. The Rules Are Changing, But Customers Are Still In Charge

Customer Engagement. The Rules Are Changing, But Customers Are Still In Charge Customer Engagement The Rules Are Changing, But Customers Are Still In Charge WHITE PAPER Marketing Alternatives, Inc. 2550 Northwest Parkway Elgin, IL 60124 www.mktalt.com INTRODUCTION Goodbye customer

More information

Customer Relationship Strategies: The Study on Customer Perspectives

Customer Relationship Strategies: The Study on Customer Perspectives International Journal of Business and Social Science Vol. 3 No. 15; August 2012 Customer Relationship Strategies: The Study on Customer Perspectives ML. Saviga Unhanandana Associate Professor Chulalongkorn

More information

INSIGHT. IDC's Social Business Taxonomy, 2011 IDC OPINION IN THIS INSIGHT. Scott Guinn

INSIGHT. IDC's Social Business Taxonomy, 2011 IDC OPINION IN THIS INSIGHT. Scott Guinn INSIGHT IDC's Social Business Taxonomy, 2011 Michael Fauscette Mary Wardley Scott Guinn Erin Traudt Lisa Rowan IDC OPINION Global Headquarters: 5 Speen Street Framingham, MA 01701 USA P.508.872.8200 F.508.935.4015

More information

US ONSHORING OFFERS SUPERIOR EFFECTIVENESS OVER OFFSHORE FOR CRM IMPLEMENTATIONS

US ONSHORING OFFERS SUPERIOR EFFECTIVENESS OVER OFFSHORE FOR CRM IMPLEMENTATIONS US ONSHORING OFFERS SUPERIOR EFFECTIVENESS OVER OFFSHORE FOR CRM IMPLEMENTATIONS Whitepaper Eagle Creek Software Services March 2015 Introduction CRM services are shifting from a focus on point solution

More information

Saving and Investing: Getting Started

Saving and Investing: Getting Started STUDENT MODULE 5.1 SAVING AND INVESTING PAGE 1 Standard 5: The student will analyze the costs and benefits of saving and investing. Saving and Investing: Getting Started But Mom, why can I not have it

More information

POWER YOUR ECOMMERCE BUSINESS

POWER YOUR ECOMMERCE BUSINESS ebook POWER YOUR ECOMMERCE BUSINESS With Referral Marketing Did you know that customers are 4 times more likely to buy when referred by a friend? Learn how to launch a successful ecommerce referral marketing

More information

Advantages and disadvantages of investing in the Stock Market

Advantages and disadvantages of investing in the Stock Market Advantages and disadvantages of investing in the Stock Market There are many benefits to investing in shares and we will explore how this common form of investment can be an effective way to make money.

More information

Next Best Action Using SAS

Next Best Action Using SAS WHITE PAPER Next Best Action Using SAS Customer Intelligence Clear the Clutter to Offer the Right Action at the Right Time Table of Contents Executive Summary...1 Why Traditional Direct Marketing Is Not

More information

E-BUSINESS RELATIONSHIP MANAGEMENT

E-BUSINESS RELATIONSHIP MANAGEMENT I International Symposium Engineering Management And Competitiveness 2011 (EMC2011) June 24-25, 2011, Zrenjanin, Serbia E-BUSINESS RELATIONSHIP MANAGEMENT Danilo Obradović * Higher School of Professional

More information

Technology-Driven Demand and e- Customer Relationship Management e-crm

Technology-Driven Demand and e- Customer Relationship Management e-crm E-Banking and Payment System Technology-Driven Demand and e- Customer Relationship Management e-crm Sittikorn Direksoonthorn Assumption University 1/2004 E-Banking and Payment System Quick Win Agenda Data

More information

EMAIL MARKETING NURTURING THROUGH GREAT LIFECYCLE EMAILS

EMAIL MARKETING NURTURING THROUGH GREAT LIFECYCLE EMAILS EMAIL MARKETING NURTURING THROUGH GREAT LIFECYCLE www.adi.do LET S DO DIGITAL 2015 INTRODUCTION INTRODUCTION Steve Brown Digital Account Manager Ross Coombes Co-Founder & Director EMAIL MARKETING ALIVE

More information

Customer Segmentation and Profitability

Customer Segmentation and Profitability Customer Segmentation and Profitability Building Loyal, Profitable Customers S O L U T I O N P A P E R : FINANCIAL SERVICES SOLUTION PAPER: FINANCIAL SERVICES Customer Segmentation and Profitability Building

More information

CRM Assessment. GoldMine Solutions CRM Assessment

CRM Assessment. GoldMine Solutions CRM Assessment CRM Assessment GoldMine Solutions CRM Assessment CRM Assessment Overview This Customer Relationship Management (CRM) Assessment was created to help companies understand how well they performing with customer

More information

Build a Loyalty Program That Transcends the Transaction

Build a Loyalty Program That Transcends the Transaction How Retailers Can Create an Experience-Driven Credit-Based Customer Retention Strategy One line descriptor copy here JUNE 2015 While they are difficult to design and execute, good loyalty programs centered

More information