This chapter discusses managing customer relationships and building loyalty. It covers the importance of customer loyalty for profitability, strategies for developing loyalty such as deepening relationships and rewarding loyalty. It also addresses reducing customer defections by analyzing reasons for switching and implementing effective complaint handling. The chapter introduces the concept of customer lifetime value and discusses how CRM systems can help track customer data and implement targeted marketing to improve customer relationships.
Setting Product Strategy
What is a Product?
Components of the Market Offering
Durability and Tangibility
Use
Consumer Goods Classification
The Product Hierarchy (using life insurance example)
Product Systems and Mixes
Product Line Analysis
Packaging , labeling warranties
Packaging Objectives
Functions of Labels
This is a compilation of introductory notes on Service Marketing with emphasis on meaning, evolution, universal nature of services, challenges to delivering services and finally basic insights into 7Ps of marketing from the perspectives of marketing of services.
It is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
Setting Product Strategy
What is a Product?
Components of the Market Offering
Durability and Tangibility
Use
Consumer Goods Classification
The Product Hierarchy (using life insurance example)
Product Systems and Mixes
Product Line Analysis
Packaging , labeling warranties
Packaging Objectives
Functions of Labels
This is a compilation of introductory notes on Service Marketing with emphasis on meaning, evolution, universal nature of services, challenges to delivering services and finally basic insights into 7Ps of marketing from the perspectives of marketing of services.
It is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
Planning for CRM
Steps in Planning
Building Customer Centricity
Setting CRM Objectives
Defining Data Requirements, Planning Desired Outputs
Relevant issues while planning the Outputs
Elements of CRM plan
CRM Strategy: The Strategy Development Process
Customer Strategy Grid
Customer Relationship Management Unit-3 IMBA Osmania University
This is a presentation based on customer relationship management, which is now-a-days a very important issue for every company as well for the customers. For capturing more and more customers satisfyingly, every firm need to get into this CRM.
Customer Service: Achieving excellence through a company-wide approachValue Partners
A new perspective devoted to customer satisfaction, a key driver to increase a company’s value. By Alberto Griselli and Charles Monteux of the São Paulo office
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
2. Overview of Chapter 12
The Search for Customer Loyalty
The Wheel of Loyalty
Building a Foundation for Loyalty
Strategies for Developing Loyalty Bonds with
Customers
Strategies for Reducing Customers Defections
CRM: Customer Relationship Management Systems
5. Why Is Customer Loyalty Important to A
Firm’s Profitability?
Customers become more profitable the longer they remain
with a firm:
Increase purchases and/or account balances
- Customers / families purchase in greater quantities as they grow
Reduced operating costs
- Fewer demands from suppliers and operating mistakes as
customer becomes experienced
Referrals to other customers
- Positive word-of-mouth saves firm from investing money in
sales and advertising
Price premiums
- Long-term customers willing to pay regular price
- Willing to pay higher price during peak periods
7. Must not assume that loyal customers are always more
profitable than those making one-time transactions
Large customers may expect price discounts in return for loyalty
Revenues don’t necessarily increase with time for all types of
customers
Tasks:
Determine costs and revenues for customers from different market
segments at different points in their customer lifecycles
Predict future profitability
Assessing the Value of a Loyal Customer
8. Acquisition revenues less costs
Revenues (application fee + initial purchase)
Costs (marketing +credit check + account set up)
Projected annual revenues and costs
Revenues (annual fee + sales + service fees + value of referrals)
Costs (account management + cost of sales + write-offs)
Value of referrals
Percentage of customers influenced by other customers
Other marketing activities that drew the firm to an individual’s attention
Net Present Value
Sum anticipated annual values (future profits)
Suitably discounted each year into the future
Measuring Customer Equity:
Lifetime Value of Each Customer
9. Customers stay loyal when we create value for them
Value can be created for customers through
Confidence benefits
- Confidence in correct performance
- Ability to trust the provider
- Lower anxiety when purchasing
- Knowing what to expect and receive
Why are Customers Loyal? (1)
(Service Insights 12.1)
10. Why are Customers Loyal? (2)
(Service Insights 12.1)
Social benefits
- Mutual recognition and friendship between service
provider and customer
Special treatment
- Better price
- Discounts not available to most customer
- Extra services
- Higher priority when there is a wait
14. Target the right customer and match them to what firm can deliver
How do customer needs relate to operations elements?
How well can service personnel meet expectations of different types of
customers?
Can company match or exceed competing services that are directed at
same types of customers?
Focus on number of customers served as well as value of each
customer
Some customers more profitable than others in the short term
Others may have room for long-term growth
“Right customers” are not always high spenders
Can come from a large group of people that no other supplier is serving
well
Targeting the Right Customers and
Searching for Value, Not Volume
18. Strategies for Developing Loyalty Bonds
with Customers (1)
Deepening the relationship
Bundling/Cross-selling services makes switching a major effort
that customer is unwilling to go through unless extremely
dissatisfied with service provider
Customers benefit from buying all their various services from the
same provider
- One-stop-shopping, potentially higher service levels, higher
service tiers etc
19. Strategies for Developing Loyalty Bonds
with Customers (2)
Reward Based Bonds
Can be financial or non-financial bonds or a combination of both
Financial bonds
- Discounts on purchases, loyalty program rewards (e.g. frequent
flier miles), cash-back programs
Non-financial rewards
- Priority to loyalty program members for waitlists and queues in
call centers; higher baggage allowances, priority upgrading,
access to airport lounges for frequent flyers
Intangible rewards
- Special recognition and appreciation
Reward-based loyalty programs are relatively easy to copy and
rarely provide a sustained competitive advantage
20. Strategies for Developing Loyalty Bonds
with Customers (3)
Social Bonds
Based on personal relationships between providers and
customers
Harder to and takes a longer time to build, but also harder to
imitate and thus, better chance of retention in the long term
Customization Bonds
Customized service for loyal customers
- e.g. Starbucks
Customers may find it hard to adjust to another service
provider who cannot customize service
21. Strategies for Developing Loyalty Bonds
with Customers (4)
Structural Bonds
Mostly seen in B2B settings
Align customers way of doing things with supplier’s own
processes
- Joint investments in projects and sharing of information,
processes and equipment.
Can be seen in B2C environment too
- Airlines - SMS check-in, SMS email alerts for flight arrival
and departure times
Difficult for competition to draw customers away when they have
integrated their way of doing things with existing supplier
23. Analyze Customer Defections and Monitor
Declining Accounts
Understand reasons for customer switching
Churn Diagnostics common in mobile phone industry
Analysis of data warehouse information on churned and declining
customers
Exit interviews:
- Ask a short set of questions when customer cancels account;
in-depth interviews of former customers by third party agency
25. Address Key Churn Drivers
Deliver quality service
Reduce inconvenience and non-monetary costs
Have fair and transparent pricing
Industry specific drivers
Cellular phone industry: handset replacement a common reason
for subscribers discontinuing services – offer handset
replacement programs
Take active steps to retain customers
Save teams: specially trained call center staff to deal with
customers who want to cancel their accounts
Be careful about how save teams are rewarded (see Service
Insights 12.5)
26. Other Ways to Reduce Churn
Implement Effective Complaint Handling and
Service Recovery Procedures
Increase Switching Costs
Natural switching costs
- e.g. Changing primary bank account – many
related services tied to account
Can be created by instituting contractual penalties for
switching
- Must be careful not to be perceived as holding
customers hostage
- High switching barriers and poor service quality
likely to generate negative attitudes and bad
word of mouth
28. Common Objectives Of CRM Systems (1)
Customer perspective
Unified customer interface that delivers customization and
personalization
Vast service improvement and increase customer value
Company perspective
Better segment, tier customer base and target promotion
Implement churn alert systems if customers are in danger of
defecting
29. Common Applications Of CRM Systems (1)
(Service Insights 12.6)
Data collection
Customer data such as contact details, demographics, purchasing
history, service preferences, and the like
Data analysis
Data captured is analyzed and categorized
Used to tier customer base and tailor service delivery accordingly
Sales force automation
Sales leads, cross-sell and up-sell opportunities can be effectively
identified and processed
Entire sales cycle from lead generation to close of sales and after-
sales service can be tracked and facilitated through CRM system
30. Common Objectives Of CRM Systems (2)
(Service Insights 12.6)
Marketing automation
Mining of customer data enables the firm to target its market
Goal to achieve one-to-one marketing and cost savings, often in the
context of loyalty and retention programs
Results in increasing the ROI on its marketing expenditure
CRM systems also allows firms to judge effectiveness of marketing
campaigns through the analysis of responses
Call center automation
Call center staff have customer information at their finger tips and can
improve their service levels to all customers
Caller ID and account numbers allow call centers to identify the
customer tier the caller belongs to, and to tailor the service accordingly
- For example, platinum callers get priority in waiting loops.
31. Comprehensive CRM Strategy (Fig 12.14)
Source: Adapted from: Adrian Payne and Pennie Frow, “A Strategic Framework for Customer
Relationship Management,” Journal of Marketing 69 (October 2005): 167-176.
Strategy
Development
Process
Value
Creation
Process
Performance
Assessment
Process
Information Management Process
Multi-
channel
Integration
Process
32. Integrated Framework for CRM
Strategy Development
Strategy Development
Assessment of business strategy
Business strategy guides development of
customer strategy
33. Value Creation
Translates business and customer strategies into specific
value propositions for both customers and firm
- Customers benefit from priority, tiered services,
loyalty rewards and customization
- Company benefits from reduced customer
acquisition and retention costs, and increased
share-of-wallet
Dual creation of value: customers need to participate in
CRM to reap value from firm’s CRM initiatives
Integrated Framework for CRM
Strategy – Value Creation
34. Multi-channel Integration
Serve customers well across many potential
interfaces
Offer a unified interface that delivers
customization and personalization
Integrated Framework for CRM
Strategy – Multi-Channel Integration
35. Performance Assessment
Is CRM system creating value for key
stakeholders?
Are marketing and service standard
objectives being achieved?
Is CRM system meeting performance
standards?
Integrated Framework for CRM
Strategy – Performance Assessment
36. Information Management
Collect customer information from all channels
Integrate it with other relevant information
Make useful information available to the
frontline
Create and manage data repository, IT
systems, analytical tools, specific application
packages
Integrated Framework for CRM Strategy –
Information Management
37. Common Failures in CRM Implementation
Unfortunately, there is a high failure rate for CRM
implementations
Common reasons for failures
Viewing CRM as a technology Initiative
Lack of customer focus
Not enough understanding of customer lifetime value (CLV)
Inadequate support from top management
Lack of coordination
Failure to reengineer business processes
Underestimating the challenges in data integration
38. Key Issues in Defining a
Customer Relationship Strategy
How should our value proposition change to increase
customer loyalty?
How much customization or one-to-one marketing and
service delivery is appropriate and profitable?
What is the increase in profit from increasing share-of-
wallet with current customers? How much does this vary
by customer tier and/or segment?
How much time and resources can we provide to CRM
right now?
If we believe in customer relationship management, why
haven’t we taken more steps in that direction in past?
What can we do today to develop customer relationships
without spending on technology?
39. Summary of Chapter 12: Managing Relationships and
Building Loyalty (1)
Customer loyalty as an important driver of profitability for service
firms so firms need to
Assess value of loyal customer
Narrow gap between actual and potential customer value
Wheel of Loyalty shows how firms can:
Build a foundation of loyalty
Create loyalty bonds
Reduce churn drivers
Building a foundation of loyalty involves
Good fit between customer needs and capabilities
Searching for value, not just volume
Tiering services effectively
Obtaining customer satisfaction through service quality
40. Summary of Chapter 12: Managing Relationships and
Building Loyalty (2)
Customer loyalty bonds include
Reward-based bonds
Social bonds
Customization bonds
Structural bonds
Strategies for reducing customer defections include
Analyzing customer defections and monitoring declining accounts
Addressing key churn drivers
Implementing effective complaint-handling and service recovery
procedures
Increasing switching costs
41. Summary of Chapter 12: Managing Relationships And
Building Loyalty (3)
Customer relationship management (CRM) is a whole process by
which relations with customers are built and maintained.
An integrated CRM system includes
Strategy development process
Value creation process
Multichannel integration process
Performance assessment process
Cresting a successful CRM program requires understanding
common failures in CRM implementation and knowing how to get
it right