Media Panther - Customer Relationship Management

customer relationship managementa media panther presentation

what is CRM?a strategy to manage acompany’s relationship withcustomers using varioustools and processes with thegoal of attracting, nurturingand retaining clients andreducing marketing costs. media panther

the world has become customer centric so focus on simplifying the customer experience media panther

it’s simple mathaccording to pwc• selling to a new customer costs 3 to 7 times more than an existing one• 95% of your profits come from long-term customers media panther

build long-lasting relationships… don’t conduct transactions! media panther

customer benefits• develop familiarity with organization• enjoy personalization• receive relevant communications• get loyalty rewards media panther

company benefits• better customer information• improved communication channels• lower acquisition costs• premium for tailored offerings• optimum resource allocation• efficient demand planning• increased cross selling opportunities media panther

CRM success is a function of a well-chalked out strategysupported by top management media panther

a two pronged strategy• communicate with customers• learn from customers at every opportunity. media panther

“Coming together is a beginning. Keeping togetheris progress. Working together is success.” Henry Ford media panther

customer lifetime valuethe net present value of the profit a firm will realize onthe average new customer during a given number of years(3 to 5 years usually) media panther

improvinglifetime value• increase rate of retention• reduce acquisition costs• increase sales per customer• reduce direct costs• reduce marketing costs media panther

“Instead of trying to find new customers for the products you’ve already got, you find new products for the customers you’ve already got.” Seth Godin media panther

it’saboutcustomervalue“Some customers will find your product and services more valuable than those of your competitors. No company can be all things to all people. Your particular strengths will simply fit better with certain customers’ needs and opportunities.” Frederick Reichheld The Loyalty Effect, 1996 media panther

encouraging customer loyalty• loyalty programs (rewards, special offers, recognition)• referral marketing• providing personalized services• quality service media panther

customer loyalty programs• a successful program shares the additional value created with customers in proportion to the value they create• value may be added in the following ways: - cash - redeemable options - relevance - convenience - aspirational value media panther

Referral marketing• low acquisition cost• greater loyalty• higher retention• more spending media panther

personalization • specialized solution for an individual • ensures customer satisfaction • ideally suited when customer needs are highly differentiated and customer valuations are varied media panther

quality service• real time information allows for great service• regular staff training goes a long way• sufficient and adequately compensated staff important• staff incentives leads to better performance• measuring service quality spurs improvements media panther

but customer loyalty is NOT enough media panther

customers are not all equal • some customers have more lifetime value • some customers are more loyal media panther

get the right customers • find the characteristics of “great” customers • target people with these characteristics media panther

realize their full profit potential• increase purchase frequency• up-sell• cross-sell media panther

technology is the means• interactivity using websites, call centers, email• database technologies for storage and analysis• mass customization for economic tailoring of products media panther

…but remember • CRM is not about the software package; it has to be driven by customer strategy • CRM effectiveness is dependent on organization wide support • CRM is not a one time exercise; it has to be an ongoing process media panther

contact address 11, first floor, bismillah bldg. ranade road, dadar (w) mumbai 400 028Branding Marketing Advertising phone +91 22 32981707 email info@mediapanther.co.in website http://mediapanther.co.in/ follow us on click here to Get a Quote © by media panther. All rights reserved media panther

References for images – slides 1 to 25 (in order)http://office.microsoft.com/en-us/images/results.aspx?qu=growth&ctt=1#ai:MP900431723|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=customer#ai:MP900438367|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=shopping&ctt=1#ai:MP900448606|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=saving&ctt=1#ai:MP900408957|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=relationship&ctt=1#ai:MP900446450|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=shopping&ctt=1#ai:MP900390552|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=growth&ctt=1#ai:MP900387808|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=strategy&ctt=1#ai:MP900446690|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=double&ctt=1#ai:MP900390131|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=bulb&ctt=1#ai:MP900401826|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=value&ctt=1#ai:MP900442381|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=extend&ctt=1#ai:MP900430893|http://office.microsoft.com/en-us/images/results.aspx?qu=customer&ctt=1#ai:MP900448538|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=shopping&ctt=1#ai:MP900444493|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=thumbs%20up&ctt=1#ai:MP900443383|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=hold&ctt=1#ai:MP900178604|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=treat&ctt=1#ai:MP900448477|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=whispering&ctt=1#ai:MP900442429|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=icecream&ctt=1#ai:MP900424382|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=service&ctt=1#ai:MP900409015|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=money&ctt=1#ai:MP900385240|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=angry&ctt=1#ai:MP900448335|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=athlete&ctt=1#ai:MP900431313|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=technology&ctt=1#ai:MP900401682|mt:2|http://office.microsoft.com/en-us/images/results.aspx?qu=learning&ctt=1#ai:MP900439381|mt:2| media panther

Media Panther - Customer Relationship Management

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