This document discusses the evolution of marketing from motivational research and product marketing to more targeted approaches like relationship marketing and CRM initiatives. It outlines several CRM strategies including cross-selling, up-selling, customer retention, behavior prediction, and personalization. The document also discusses how tools like campaign management, clickstream analysis, and event-based marketing can enhance CRM. Finally, it provides examples of how companies like Eddie Bauer have successfully implemented CRM to improve customer relationships and business performance.
CRM involves developing and maintaining long-term, mutually beneficial relationships with strategically important customers. It is based on trust and value and aims to deliver superior customer value over time. Relationships develop through different stages from initial interactions to long-term partnerships. Salespeople play a key role in building and promoting relationships by understanding customer needs and adding value at each stage of development. The goal of CRM is turning prospects into loyal, profitable customers through effective relationship management.
Analytical CRM will enhance customers' experiences through intelligent decision making and analytics. It provides advanced analytics, information management, and marketing automation capabilities. These capabilities are embedded into industry-specific contact center outsourcing solutions to optimize interactions, drive growth, and increase customer loyalty through personalized experiences and recommendations. Pricing is typically $0.5M-$1.5M annually based on customization level and data needs.
Analytical CRM involves analyzing customer data from various sources to gain insights into customer needs, behaviors, and preferences. This allows companies to design targeted marketing campaigns, customer retention strategies, and make management decisions. Analytical CRM uses data mining and predictive modeling to segment customers, identify the most profitable, and optimize cross-selling and upselling opportunities. When implemented effectively over time, analytical CRM can help companies acquire new customers, improve relationships with existing customers, increase loyalty, and reduce customer churn.
Customer relationship management (CRM) refers to the principles, practices and guidelines that an organization follows when interacting with its customers. CRM involves compiling customer data, analyzing customer behavior, and developing customized communications to retain and attract customers. The goal of CRM is to improve customer service, increase customer retention and loyalty, and maximize profits.
CRM is a business strategy that aims to understand, anticipate, manage, and personalize customer needs to attract new customers, generate more business from existing customers, and retain profitable customers. It requires integrating customer data across systems to provide better customer service, retention, and satisfaction. The case study of Bharti Airtel describes how implementing an Oracle CRM platform improved customer issue resolution from 40% to 90% by allowing customers to access services anywhere and providing customized schemes based on usage.
This document provides an overview of customer relationship management (CRM) implementation. It discusses:
1. The 8 steps to developing a CRM roadmap: gaining sponsorship, gathering information, assessing the current and future states, identifying value opportunities, linking opportunities to capabilities, defining projects/requirements, developing business cases, and creating a rollout strategy.
2. Emerging trends in CRM like near-field communication, location-based services, augmented reality, social media on mobile as a customer service channel, and next-generation mobile apps.
3. The "4Ps" of CRM roadblocks: process issues around modifying business processes, perception challenges of viewing CRM as enabling rather than mandatory, privacy concerns
CRM involves developing long-term mutually beneficial relationships with customers through open communication and customized products and services. It is based on trust and providing superior value compared to competitors. Customer relationships progress through different stages from basic interactions to long-term partnerships. Global salespeople play a key role in building and promoting customer relationships by understanding customer needs, providing quality service, and enhancing loyalty over time. The goal of CRM is to turn prospects into loyal, long-term partners through ongoing value creation.
Customer relationship management (CRM) involves tracking customer interactions to improve customer service and target marketing. CRM software supports these processes by allowing customer data to be entered, stored, and accessed across departments. While CRM generally refers to software, vendors emphasize a holistic approach is also needed for success.
CRM involves developing and maintaining long-term, mutually beneficial relationships with strategically important customers. It is based on trust and value and aims to deliver superior customer value over time. Relationships develop through different stages from initial interactions to long-term partnerships. Salespeople play a key role in building and promoting relationships by understanding customer needs and adding value at each stage of development. The goal of CRM is turning prospects into loyal, profitable customers through effective relationship management.
Analytical CRM will enhance customers' experiences through intelligent decision making and analytics. It provides advanced analytics, information management, and marketing automation capabilities. These capabilities are embedded into industry-specific contact center outsourcing solutions to optimize interactions, drive growth, and increase customer loyalty through personalized experiences and recommendations. Pricing is typically $0.5M-$1.5M annually based on customization level and data needs.
Analytical CRM involves analyzing customer data from various sources to gain insights into customer needs, behaviors, and preferences. This allows companies to design targeted marketing campaigns, customer retention strategies, and make management decisions. Analytical CRM uses data mining and predictive modeling to segment customers, identify the most profitable, and optimize cross-selling and upselling opportunities. When implemented effectively over time, analytical CRM can help companies acquire new customers, improve relationships with existing customers, increase loyalty, and reduce customer churn.
Customer relationship management (CRM) refers to the principles, practices and guidelines that an organization follows when interacting with its customers. CRM involves compiling customer data, analyzing customer behavior, and developing customized communications to retain and attract customers. The goal of CRM is to improve customer service, increase customer retention and loyalty, and maximize profits.
CRM is a business strategy that aims to understand, anticipate, manage, and personalize customer needs to attract new customers, generate more business from existing customers, and retain profitable customers. It requires integrating customer data across systems to provide better customer service, retention, and satisfaction. The case study of Bharti Airtel describes how implementing an Oracle CRM platform improved customer issue resolution from 40% to 90% by allowing customers to access services anywhere and providing customized schemes based on usage.
This document provides an overview of customer relationship management (CRM) implementation. It discusses:
1. The 8 steps to developing a CRM roadmap: gaining sponsorship, gathering information, assessing the current and future states, identifying value opportunities, linking opportunities to capabilities, defining projects/requirements, developing business cases, and creating a rollout strategy.
2. Emerging trends in CRM like near-field communication, location-based services, augmented reality, social media on mobile as a customer service channel, and next-generation mobile apps.
3. The "4Ps" of CRM roadblocks: process issues around modifying business processes, perception challenges of viewing CRM as enabling rather than mandatory, privacy concerns
CRM involves developing long-term mutually beneficial relationships with customers through open communication and customized products and services. It is based on trust and providing superior value compared to competitors. Customer relationships progress through different stages from basic interactions to long-term partnerships. Global salespeople play a key role in building and promoting customer relationships by understanding customer needs, providing quality service, and enhancing loyalty over time. The goal of CRM is to turn prospects into loyal, long-term partners through ongoing value creation.
Customer relationship management (CRM) involves tracking customer interactions to improve customer service and target marketing. CRM software supports these processes by allowing customer data to be entered, stored, and accessed across departments. While CRM generally refers to software, vendors emphasize a holistic approach is also needed for success.
The document discusses customer relationship management (CRM) and its key aspects. It defines CRM as a business strategy and infrastructure that enables companies to increase customer value, loyalty, and retention by tracking and managing customer interactions. The document categorizes CRM into strategic, operational, analytical, and collaborative types and notes operational and analytical CRM focus on direct customer interactions and understanding customers respectively. It also outlines requirements for effective CRM software and discusses how CRM supports marketing, employee relationship management, and partner relationship management goals.
This document discusses customer relationship management (CRM). CRM is a strategy and business process for acquiring, managing, and retaining customers to maximize profitability, revenue, and loyalty. The benefits of CRM for marketers include improved sales, profits, reduced costs, and better customer satisfaction and retention. CRM also benefits customers through decreased costs, increased satisfaction, timely deliveries, and personalized services. There are three main types of CRM: operational, analytical, and collaborative. Key components and goals of implementing an effective CRM strategy are also outlined.
MIS 13 Customer Relationship ManagementTushar B Kute
The slides are created for 'Management Information System' subject of SEIT under University of Pune, INDIA.
Subject Teacher: Mr. Tushar B Kute,
Sandip Institute of Technology and Research Centre, Nashik.
This document discusses several models for customer relationship management (CRM). It describes the IDIC model which involves identifying customers, differentiating them, interacting with them, and customizing products/services for each customer. It also outlines the QCI model which examines how external environment, customer experience, infrastructure, and processes work together in customer management. Additionally, it summarizes the CRM value chain model which divides CRM into primary stages of analyzing customer portfolio, developing customer intimacy/networks, and managing the customer lifecycle, supported by leadership, technology, people and processes. The five step process model focuses on strategy development, value creation, multichannel integration, information management and performance assessment.
Customer Relationship Management (CRM) is a comprehensive strategy and process to acquire, retain, and partner with selective customers. It focuses on putting customers at the core of a company's processes and practices through strategic planning, marketing techniques, and relationship building. CRM uses technology to achieve ongoing dialogue with customers across all contact points and provide personalized treatment to valuable customers to increase retention and marketing effectiveness. It involves targeting, understanding, attracting, qualifying, and developing loyal customers over their lifetime with a company.
Customer Retention discusses customer relationship management (CRM). CRM involves creating and maintaining relationships to increase customer retention and profitability. It requires trust and value. CRM has four components: customers, relationships, management, and a cycle of customer identification, differentiation, interaction, and customization. Implementing CRM provides benefits like increased loyalty but requires cultural change. Programs that enhance loyalty include discounts and rewards. CRM is a strategy to turn prospects into loyal customers and partners through superior value.
This document discusses customer relationship management (CRM). It defines CRM as creating and enhancing individualized customer relationships to maximize lifetime customer value. CRM originated in the 1970s to deal with customer relationships beyond individual business transactions. The purpose of CRM is to create value for both customers and companies over the long term by providing good customer service and gaining a competitive advantage. CRM involves acquiring, retaining, understanding, and differentiating customers through interactions and delivering on their needs over the business cycle. The benefits of CRM include reduced costs, increased customer satisfaction and retention, and long term profitability.
What is Data Mining?
The process of determining useful patterns and relationships in big data through algorithms, to extract knowledge from data warehouses.
Role of Data Mining in CRM:
1. Get a holistic view of customer life-cycle
2. More data will result in accurate models
3. Leverage forecasting and descriptive modeling techniques
4. Have a proactive approach with predictive analytics
How will Data Mining Benefit my Business?
1. Conduct Basket Analysis for better stocking, store layout, and promotion strategies
2. Sales Forecasting to optimize your sales, supply chain and financial management
3. Predictive Lifecycle Management for each customer to segment them accordingly
4. Optimal Allocation of company’s resources for enhanced productivity and better ROI
5. Product Customization by predicting features that meet the customer’s demands
6. Database Marketing for a defined target market, personalized campaigns, and promotional offers
7. Predict Warranty Claims by the customers and their average cost to have efficient management of funds
8. Fraud detection by analyzing past fraudulent transactions and taking corrective measures
Techniques of Data Mining in CRM
1. Clustering – Identify similar data sets and understand both similarities and differences in data to increase conversion rates
2. Classification – Gather all information about a data set and classify it into proper categories.
3. Anomaly Detection – Information that does not match the expected behavior or projected pattern, providing actionable information
4. Association Rule Learning – Uncover hidden patterns from the data to better understand your customer’s habits and predict their decisions
5. Regression – Find dependency between different data items and map out the effect of variables on each other. It helps in determining customer satisfaction levels and its impact on customer loyalty
Read our entire blog here: https://www.rolustech.com/blog/data-mining-crm
The document provides an overview of customer relationship management (CRM). It discusses how CRM is a comprehensive strategy and process to acquire, retain and partner with selective customers to create value for both the company and customer. CRM leverages technology, strategic planning, marketing techniques and organizational development tools to build internal and external relationships that increase profits and productivity. It also examines the CRM lifecycle and different CRM programs focused on continuity marketing, one-to-one marketing, and partnering/co-marketing.
Customer relationship management unit 1 introductionGanesha Pandian
The document discusses customer relationship management (CRM). It defines CRM as a business strategy focused on identifying and building loyalty with profitable customers. CRM has evolved from functional approaches like sales automation to more strategic approaches. Relationship marketing aims to create long-term partnerships rather than isolated transactions. CRM provides benefits like increased revenue, customer retention, and knowledge. It requires organizational support and changes business processes to focus on customer needs.
CRM is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Samsung uses CRM to expand their global marketing programs and develop a digital network to improve compatibility between products and provide the best solutions for customers. Samsung places consumer needs as their top priority to build trust as a leading market company.
CRM and Marketing Strategy
CRM Marketing initiatives
Sales Force Automation
Campaign Management, Call Centers
Practice of CRM: CRM in Consumer Markets
CRM in Services Sector, CRM in Mass Markets
CRM in Manufacturing Sector
Customer Relationship Management Unit-4 IMBA Osmania University
EVOLUTION OF CUSTOMER RELATIONSHIP
CRM-Definition, emergence of CRM practice, factors responsible for CRM growth, CRM Process, framework of CRM, Benefits of CRM, Types of CRM, Scope of CRM, Customer Profitability, Future Trends in CRM, CRM and Cost-Benefit Analysis, CRM and Relationship Marketing, Customer Relationship Management Unit-1 IMBA Osmania University
CRM refers to Customer Relationship Management. It is a process that addresses all aspects of identifying customers, creating customer knowledge, building customer relationships and shaping their perceptions of the organization and its products. CRM aims to develop and maintain long-term relationships with strategically significant customers through an IT-enabled business strategy that optimizes profitability, revenue and customer satisfaction. Successful CRM requires gathering customer data from various touchpoints and analyzing it to gain insights to improve customer satisfaction and organizational performance.
Customer relationship management (CRM) involves capturing, storing, and analyzing customer information to better manage relationships and meet customer needs. Electronic CRM (ECRM) uses internet, email, wireless technologies to contact customers, allowing for personalized experiences and more efficient marketing. While ECRM provides benefits like increased profits and loyalty, pitfalls include high costs and complexity. For ECRM projects to succeed, companies must develop customer-focused strategies, reengineer processes, provide training and security, and implement within 90 days.
Customer Relationship Management (Crm) By Ravinder TulsianiRavinder Tulsiani
CRM is a strategy for managing relationships with customers that involves integrating sales, marketing, customer service and other functions. It aims to understand customers' needs and provide personalized experiences across channels to acquire, retain and grow customers profitably. Key aspects of CRM include active CRM which stores centralized customer data, operational CRM which automates customer processes, collaborative CRM which enables direct customer communication, and analytical CRM which analyzes customer data. Successful CRM implementation requires aligning the strategy with business goals, implementing in stages, customizing to business needs, and gaining user adoption through training.
This document discusses building customer satisfaction and relationship management. It covers key topics such as the importance of customer satisfaction, tools and strategies for building strong customer relationships, measuring customer satisfaction through surveys and other methods, and defining and discussing customer relationship management. The overall goal is to understand how to create value for customers, maintain good customer relations, and ensure customer loyalty over time through effective relationship management strategies and practices.
This chapter covers the basic introduction to Customer Relationship Management. It provides a conceptual foundation to CRM practices and implementation of the CRM
The document discusses customer relationship management (CRM) processes. It defines CRM processes as groups of actions that help achieve operational goals effectively. The main goals of CRM processes are to retain customers, simplify marketing and sales, improve customer service, acquire new customers, and increase revenue. CRM processes provide benefits like retaining profitable customers, acquiring the right customers to drive growth, and increasing individual customer profits. The document then examines specific CRM processes in more detail.
This document discusses the evolution of customer relationship management (CRM) in marketing from the 1960s to present day. It begins with motivational research and product marketing in the 1960s when brand was most important. It moves to target marketing in the 1980s when customer data became as valuable as product data. Relationship marketing developed in the 1990s to focus on retaining individual customers. The document outlines various CRM marketing initiatives used today like cross-selling, up-selling, customer retention, behavior prediction, and personalization. It also discusses challenges like customer privacy and keys to successful CRM like understanding customer preferences.
The document discusses customer relationship management (CRM) and its key aspects. It defines CRM as a business strategy and infrastructure that enables companies to increase customer value, loyalty, and retention by tracking and managing customer interactions. The document categorizes CRM into strategic, operational, analytical, and collaborative types and notes operational and analytical CRM focus on direct customer interactions and understanding customers respectively. It also outlines requirements for effective CRM software and discusses how CRM supports marketing, employee relationship management, and partner relationship management goals.
This document discusses customer relationship management (CRM). CRM is a strategy and business process for acquiring, managing, and retaining customers to maximize profitability, revenue, and loyalty. The benefits of CRM for marketers include improved sales, profits, reduced costs, and better customer satisfaction and retention. CRM also benefits customers through decreased costs, increased satisfaction, timely deliveries, and personalized services. There are three main types of CRM: operational, analytical, and collaborative. Key components and goals of implementing an effective CRM strategy are also outlined.
MIS 13 Customer Relationship ManagementTushar B Kute
The slides are created for 'Management Information System' subject of SEIT under University of Pune, INDIA.
Subject Teacher: Mr. Tushar B Kute,
Sandip Institute of Technology and Research Centre, Nashik.
This document discusses several models for customer relationship management (CRM). It describes the IDIC model which involves identifying customers, differentiating them, interacting with them, and customizing products/services for each customer. It also outlines the QCI model which examines how external environment, customer experience, infrastructure, and processes work together in customer management. Additionally, it summarizes the CRM value chain model which divides CRM into primary stages of analyzing customer portfolio, developing customer intimacy/networks, and managing the customer lifecycle, supported by leadership, technology, people and processes. The five step process model focuses on strategy development, value creation, multichannel integration, information management and performance assessment.
Customer Relationship Management (CRM) is a comprehensive strategy and process to acquire, retain, and partner with selective customers. It focuses on putting customers at the core of a company's processes and practices through strategic planning, marketing techniques, and relationship building. CRM uses technology to achieve ongoing dialogue with customers across all contact points and provide personalized treatment to valuable customers to increase retention and marketing effectiveness. It involves targeting, understanding, attracting, qualifying, and developing loyal customers over their lifetime with a company.
Customer Retention discusses customer relationship management (CRM). CRM involves creating and maintaining relationships to increase customer retention and profitability. It requires trust and value. CRM has four components: customers, relationships, management, and a cycle of customer identification, differentiation, interaction, and customization. Implementing CRM provides benefits like increased loyalty but requires cultural change. Programs that enhance loyalty include discounts and rewards. CRM is a strategy to turn prospects into loyal customers and partners through superior value.
This document discusses customer relationship management (CRM). It defines CRM as creating and enhancing individualized customer relationships to maximize lifetime customer value. CRM originated in the 1970s to deal with customer relationships beyond individual business transactions. The purpose of CRM is to create value for both customers and companies over the long term by providing good customer service and gaining a competitive advantage. CRM involves acquiring, retaining, understanding, and differentiating customers through interactions and delivering on their needs over the business cycle. The benefits of CRM include reduced costs, increased customer satisfaction and retention, and long term profitability.
What is Data Mining?
The process of determining useful patterns and relationships in big data through algorithms, to extract knowledge from data warehouses.
Role of Data Mining in CRM:
1. Get a holistic view of customer life-cycle
2. More data will result in accurate models
3. Leverage forecasting and descriptive modeling techniques
4. Have a proactive approach with predictive analytics
How will Data Mining Benefit my Business?
1. Conduct Basket Analysis for better stocking, store layout, and promotion strategies
2. Sales Forecasting to optimize your sales, supply chain and financial management
3. Predictive Lifecycle Management for each customer to segment them accordingly
4. Optimal Allocation of company’s resources for enhanced productivity and better ROI
5. Product Customization by predicting features that meet the customer’s demands
6. Database Marketing for a defined target market, personalized campaigns, and promotional offers
7. Predict Warranty Claims by the customers and their average cost to have efficient management of funds
8. Fraud detection by analyzing past fraudulent transactions and taking corrective measures
Techniques of Data Mining in CRM
1. Clustering – Identify similar data sets and understand both similarities and differences in data to increase conversion rates
2. Classification – Gather all information about a data set and classify it into proper categories.
3. Anomaly Detection – Information that does not match the expected behavior or projected pattern, providing actionable information
4. Association Rule Learning – Uncover hidden patterns from the data to better understand your customer’s habits and predict their decisions
5. Regression – Find dependency between different data items and map out the effect of variables on each other. It helps in determining customer satisfaction levels and its impact on customer loyalty
Read our entire blog here: https://www.rolustech.com/blog/data-mining-crm
The document provides an overview of customer relationship management (CRM). It discusses how CRM is a comprehensive strategy and process to acquire, retain and partner with selective customers to create value for both the company and customer. CRM leverages technology, strategic planning, marketing techniques and organizational development tools to build internal and external relationships that increase profits and productivity. It also examines the CRM lifecycle and different CRM programs focused on continuity marketing, one-to-one marketing, and partnering/co-marketing.
Customer relationship management unit 1 introductionGanesha Pandian
The document discusses customer relationship management (CRM). It defines CRM as a business strategy focused on identifying and building loyalty with profitable customers. CRM has evolved from functional approaches like sales automation to more strategic approaches. Relationship marketing aims to create long-term partnerships rather than isolated transactions. CRM provides benefits like increased revenue, customer retention, and knowledge. It requires organizational support and changes business processes to focus on customer needs.
CRM is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Samsung uses CRM to expand their global marketing programs and develop a digital network to improve compatibility between products and provide the best solutions for customers. Samsung places consumer needs as their top priority to build trust as a leading market company.
CRM and Marketing Strategy
CRM Marketing initiatives
Sales Force Automation
Campaign Management, Call Centers
Practice of CRM: CRM in Consumer Markets
CRM in Services Sector, CRM in Mass Markets
CRM in Manufacturing Sector
Customer Relationship Management Unit-4 IMBA Osmania University
EVOLUTION OF CUSTOMER RELATIONSHIP
CRM-Definition, emergence of CRM practice, factors responsible for CRM growth, CRM Process, framework of CRM, Benefits of CRM, Types of CRM, Scope of CRM, Customer Profitability, Future Trends in CRM, CRM and Cost-Benefit Analysis, CRM and Relationship Marketing, Customer Relationship Management Unit-1 IMBA Osmania University
CRM refers to Customer Relationship Management. It is a process that addresses all aspects of identifying customers, creating customer knowledge, building customer relationships and shaping their perceptions of the organization and its products. CRM aims to develop and maintain long-term relationships with strategically significant customers through an IT-enabled business strategy that optimizes profitability, revenue and customer satisfaction. Successful CRM requires gathering customer data from various touchpoints and analyzing it to gain insights to improve customer satisfaction and organizational performance.
Customer relationship management (CRM) involves capturing, storing, and analyzing customer information to better manage relationships and meet customer needs. Electronic CRM (ECRM) uses internet, email, wireless technologies to contact customers, allowing for personalized experiences and more efficient marketing. While ECRM provides benefits like increased profits and loyalty, pitfalls include high costs and complexity. For ECRM projects to succeed, companies must develop customer-focused strategies, reengineer processes, provide training and security, and implement within 90 days.
Customer Relationship Management (Crm) By Ravinder TulsianiRavinder Tulsiani
CRM is a strategy for managing relationships with customers that involves integrating sales, marketing, customer service and other functions. It aims to understand customers' needs and provide personalized experiences across channels to acquire, retain and grow customers profitably. Key aspects of CRM include active CRM which stores centralized customer data, operational CRM which automates customer processes, collaborative CRM which enables direct customer communication, and analytical CRM which analyzes customer data. Successful CRM implementation requires aligning the strategy with business goals, implementing in stages, customizing to business needs, and gaining user adoption through training.
This document discusses building customer satisfaction and relationship management. It covers key topics such as the importance of customer satisfaction, tools and strategies for building strong customer relationships, measuring customer satisfaction through surveys and other methods, and defining and discussing customer relationship management. The overall goal is to understand how to create value for customers, maintain good customer relations, and ensure customer loyalty over time through effective relationship management strategies and practices.
This chapter covers the basic introduction to Customer Relationship Management. It provides a conceptual foundation to CRM practices and implementation of the CRM
The document discusses customer relationship management (CRM) processes. It defines CRM processes as groups of actions that help achieve operational goals effectively. The main goals of CRM processes are to retain customers, simplify marketing and sales, improve customer service, acquire new customers, and increase revenue. CRM processes provide benefits like retaining profitable customers, acquiring the right customers to drive growth, and increasing individual customer profits. The document then examines specific CRM processes in more detail.
This document discusses the evolution of customer relationship management (CRM) in marketing from the 1960s to present day. It begins with motivational research and product marketing in the 1960s when brand was most important. It moves to target marketing in the 1980s when customer data became as valuable as product data. Relationship marketing developed in the 1990s to focus on retaining individual customers. The document outlines various CRM marketing initiatives used today like cross-selling, up-selling, customer retention, behavior prediction, and personalization. It also discusses challenges like customer privacy and keys to successful CRM like understanding customer preferences.
This document discusses customer relationship management (CRM) strategies used by retailers. It defines CRM as building relationships with customers to increase profitability by developing a base of loyal customers. The CRM process involves collecting customer data, analyzing it to identify best customers, developing CRM programs, and implementing programs. Key aspects covered include determining customer lifetime value, identifying most and least profitable customer segments, and approaches to retain best customers like loyalty programs and personalization while converting good customers and getting rid of unprofitable customers. The document also discusses privacy concerns and regulations around customer data collection and use.
The document discusses customer segmentation, which is the process of dividing customers into groups based on shared attributes. This allows companies to better understand their audiences and connect with different customer segments. The document outlines several types of segmentation approaches and bases that can be used, including demographic, behavioral, and needs-based segmentation. It also discusses the benefits of customer segmentation, such as improved targeting, customization, and profitability, as well as some potential drawbacks like increased costs and effort. Overall, the document promotes the use of customer segmentation to gain insights into customer journeys and needs.
Following Your Customers Purchasing Processpmmcleod
This white paper outlines why you need to
change your marketing behaviour so it
matches the purchasing behaviour of
your customer. Applying the the Marketing Lens approach will ensure that your brand is present where your customers are.
The document discusses how big data analytics can help retailers optimize their business operations and customer interactions. It explains that big data allows retailers to maintain a 360-degree view of each customer by understanding their preferences, behaviors, and attributes. This enables personalized engagement and targeted marketing. Big data also helps retailers optimize pricing by anticipating trends, streamline supply chain and inventory management, and enhance customer service by analyzing customer support interactions and feedback. Overall, the document outlines how big data is essential for retailers to target and retain customers while improving business decisions and reducing costs.
This document provides an overview of developing an effective customer marketing strategy. It discusses defining goals, understanding target audiences through customer personas and segmentation, mapping products to customer segments, and designing a demand generation strategy. The strategy aims to increase retention, cross-sell, and upsell existing customers by delivering personalized experiences across the customer lifecycle. An effective strategy requires alignment between various teams like marketing, sales, success, and understanding each customer's journey.
A Pinpoint Systems Corporation white paper discussing how companies must transform from being about them to being about the customer by:
-Committing to a philosophical and cultural shift
-Centralizing the 360° view of customer information
-Enabling intelligent outreach
-Enabling intelligent dialog
To support organizations in making the transformation from a product- and channel- focused organization to one focused on the customer, Pinpoint Systems has applied their expertise in the customer-centric space to create the Marketing System of Record solution, powered by the efficiency of the IBM Enterprise Marketing Management platform.
The tracking features of the solution allow analysts to complete these tasks:
• Attribute customer actions to specific campaigns and target cells.
• Use campaign and response history for audience selection and segmentation.
• Compute standard campaign performance metrics.
• Automatically report those metrics, as well as emerging sales trends, to product managers and other stakeholders.
This document provides definitions and explanations of key marketing concepts including the marketing mix (7Ps), types of marketing, and marketing definitions. It discusses the marketing mix elements of product, price, place, promotion, people, process, and physical evidence. It provides details on different pricing strategies, types of marketing like mass, direct, and internet marketing. Overall, the document serves as a comprehensive overview of fundamental marketing principles.
Unit 2 focuses on key CRM concepts like cross-selling, up-selling, customer retention, personalization, and data management. It discusses CRM applications in marketing, customer service, and data analysis. Customer relationship management aims to understand customer needs and provide personalized experiences through tools like collaborative filtering, clickstream analysis, and different types of data collection and analysis.
Lifecycle marketing is a customer-centric approach that leverages customer behavioral data and past purchase patterns to predict future behaviors and develop targeted communications. It aims to maximize customer lifetime value through relevant communications sent at key points in a customer's journey. The document discusses the foundation and benefits of lifecycle marketing, providing examples of how behavioral data can be used to incent desired purchases or re-engage lapsed customers. It also notes that lifecycle marketing works best for industries with frequent customer interactions and purchase data.
Marketing involves identifying and satisfying customer needs profitably. It encompasses the 7Ps - product, price, place, promotion, people, process, and physical evidence. Developing an effective marketing strategy requires understanding customers and coordinating the 7Ps through a planning process. The strategy is then implemented through a specific action plan that is constantly revised based on ongoing research and progress.
This document provides an overview of marketing concepts and the marketing process. It begins by defining the difference between needs and wants. It then discusses marketing research and the customer decision process. The document also outlines the key elements of a marketing strategy, including market segmentation, targeting, positioning, and the marketing mix of product, price, place, and promotion. It provides examples of various marketing mix tactics and emphasizes the importance of understanding customers to develop effective marketing strategies.
Retail Analytics Helps You Grow Your Sales (Everything You Should Know)Kavika Roy
With customers becoming increasingly flexible in their purchasing habits and switching seamlessly between in-store and online, knowledge and observations are becoming crucial to understanding essential business factors such as inventory, supply chain, demand for goods, customer behavior, etc. More than 35 percent of the top 5000 retail firms struggle to do so, according to some reports.
Retail analytics plays a vital role in this.
https://www.datatobiz.com/blog/ecommerce-retail-analytics-benefits-case-studies/
Reliance Retail has shifted its marketing strategy from smaller stores to larger hypermarkets ranging between 60,000-80,000 square feet that stock a wide variety of products from food to apparel to furniture. Customer relationships are important in the highly competitive retail industry, and retailers must focus on providing memorable customer experiences in order to retain customers and prevent them from defecting to competitors. People interaction is high in the retail sector, and customers expect offers and promotions from retailers.
Human: Thank you for the summary. Here is another document for you to summarize:
[DOCUMENT]:
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create
As 2023 proved, the next few years may be shaped by market volatility and artificial intelligence services such as OpenAI's ChatGPT and Perplexity.ai. Your brand will increasingly compete for attention with Google, Apple, OpenAI, and Amazon, and customers will expect a hyper-relevant and individualized experience from every business at any moment. New state-legislated data privacy laws and several FTC rules may challenge marketers to deliver contextually relevant customer experiences, much less reach unknown prospective buyers. Are you ready?Let's discuss the critical need for data governance and applied AI for your business rather than relying on public AI models. As AI permeates society and all industries, learn how to be future-ready, compliant, and confidentlyscaling growth.
Key Takeaways:
Primary Learning Objective
1: Grasp when artificial general intelligence (""AGI"") will arrive, and how your brand can navigate the consequences. Primary Learning Objective
2: Gain an accurate analysis of the continuously developing customer journey and business intelligence. Primary Learning Objective
3: Grow revenue at lower costs with more efficient marketing and business operations.
Mastering Local SEO for Service Businesses in the AI Era"" is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
In this humorous and data-heavy session, join us in a joyous celebration of life honoring the long list of SEO tactics and concepts we lost this year. Remember fondly the beautiful time you shared with defunct ideas like link building, keyword cannibalization, search volume as a value indicator, and even our most cherished of friends: the funnel. Make peace with their loss as you embrace a new paradigm for organic content: Pillar-Based Marketing. Along the way, discover that the results that old SEO and all its trappings brought you weren’t really very good at all, actually.
In this respectful and life-affirming service—erm, session—join Ryan Brock (Chief Solution Officer at DemandJump and author of Pillar-Based Marketing: A Data-Driven Methodology for SEO and Content that Actually Works) and leave with:
• Clear and compelling evidence that most legacy SEO metrics and tactics have slim to no impact on SEO outcomes
• A major mindset shift that eliminates most of the metrics and tactics associated with SEO in favor of a single metric that defines and drives organic ranking success
• Practical, step-by-step methodology for choosing SEO pillar topics and publishing content quickly that ranks fast
Build marketing products across the customer journey to grow your business and build a relationship with your customer. For example you can build graders, calculators, quizzes, recommendations, chatbots or AR apps. Things like Hubspot's free marketing grader, Moz's site analyzer, VenturePact's mobile app cost calculator, new york times's dialect quiz, Ikea's AR app, L'Oreal's AR app and Nike's fitness apps. All of these examples are free tools that help drive engagement with your brand, build an audience and generate leads for your core business by adding value to a customer during a micro-moment.
Key Takeaways:
Learn how to use specific GPTs to help you Learn how to build your own marketing tools
Generate marketing ideas for your business How to think through and use AI in marketing
How AI changes the marketing game
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Gokila digital marketing| consultant| Coimbatoredmgokila
Myself Gokila digital marketing consultant located in Coimbatore other various types of digital marketing services such as SEM
SEO SMO SMM CAMPAIGNS content writing web design for all your business needs with affordable cost
Digital Marketing Services | Techvolt Software :
Digital Marketing is a latest method of Marketing techniques widely used across the Globe. Digital Marketing is an online marketing technique and methods used for all products and services through Search Engine and Social media advertisements. Previously the marketing techniques were used without using the internet via direct and indirect marketing strategies such as advertising through Telemarketing,Newspapers,Televisions,Posters etc.
List of Services offered in Digital Marketing |Techvolt Software :
Techvolt Software offers best Digital Marketing services for promoting your products and services through online platform on the below methods of Digital marketing
1. Search Engine Optimization (SEO)
2. Search Engine Marketing (SEM)
3. Social Media Optimization (SMO)
4. Social Media Marketing (SMM)
5. Campaigns
Importance | Need of Digital Marketing (Online Promotions) :
1. Quick Promotions through Online
2. Generation of More leads and Business Enquiries via Search Engine and Social Media Platform
3. Latest Technology development vs Business promotions
4. Creation of Social Branding
5. Promotion with less investment
Benefits Digital Marketing Services at Techvolt software :
1. Services offered with Affordable cost
2. Free Content writing
3. Free Dynamic Website design*
4. Best combo offers on website Hosting,design along with digital marketing services
5. Assured Lead Generation through Search Engine and Social Media
6. Online Maintenance Support
Free Website + Digital Marketing Services
Techvolt Software offers Free website design for all customer and clients who is availing the digital marketing services for a minimum period of 6 months.
With Regards
Gokila digital marketer
Coimbatore
Customer Experience is not only for B2C and big box brands. Embark on a transformative journey into the realm of B2B customer experience with our masterclass. In this dynamic session, we'll delve into the intricacies of designing and implementing seamless customer journeys that leave a lasting impression. Explore proven strategies and best practices tailored specifically for the B2B landscape, learning how to navigate complex decision-making processes and cultivate meaningful relationships with clients. From initial engagement to post-sale support, discover how to optimize every touchpoint to deliver exceptional experiences that drive loyalty and revenue growth. Join us and unlock the keys to unparalleled success in the B2B arena.
Key Takeaways:
1. Identify your customer journey and growth areas
2. Build a three-step customer experience strategy
3. Put your CX data to use and drive action in your organization
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
We’ve entered a new era in digital. Search and AI are colliding, in more ways than one. And they all have major implications for marketers.
• SEOs now use AI to optimize content.
• Google now uses AI to generate answers.
• Users are skipping search completely. They can now use AI to get answers. So AI has changed everything …or maybe not. Our audience hasn’t changed. Their information needs haven’t changed. Their perception of quality hasn’t changed. In reality, the most important things haven’t changed at all. In this session, you’ll learn the impact of AI. And you’ll learn ways that AI can make us better at the classic challenges: getting discovered, connecting through content and staying top of mind with the people who matter most. We’ll use timely tools to rebuild timeless foundations. We’ll do better basics, but with the most advanced techniques. Andy will share a set of frameworks, prompts and techniques for better digital basics, using the latest tools of today. And in the end, Andy will consider - in a brief glimpse - what might be the biggest change of all, and how to expand your footprint in the new digital landscape.
Key Takeaways:
How to use AI to optimize your content
How to find topics that algorithms love
How to get AI to mention your content and your brand
Efficient Website Management for Digital Marketing ProsLauren Polinsky
Learn how to optimize website projects, leverage SEO tactics effectively, and implement product-led marketing approaches for enhanced digital presence and ROI.
This session is your key to unlocking the secrets of successful digital marketing campaigns and maximizing your business's online potential.
Actionable tactics you can apply after this session:
- Streamlined Website Management: Discover techniques to streamline website development, manage day-to-day operations efficiently, and ensure smooth project execution.
- Effective SEO Practices: Gain valuable insights into optimizing your website for search engines, improving visibility, and driving organic traffic to your digital assets.
- Leverage Product-Led Marketing: Explore strategies for incorporating product-led marketing principles into your digital marketing efforts, enhancing user engagement and driving conversions.
Don't miss out on this opportunity to elevate your digital marketing game and achieve tangible results!
What’s “In” and “Out” for ABM in 2024: Plays That Help You Grow and Ones to L...Demandbase
Delve into essential ABM ‘plays' that propel success while identifying and leaving behind tactics that no longer yield results. Led by ABM Experts, Jon Barcellos, Head of Solutions at Postal and Tom Keefe, Principal GTM Expert at Demandbase.
This session will aim to comprehensively review the current state of artificial intelligence techniques for emotional recognition and their potential applications in optimizing digital advertising strategies. Key studies developing AI models for multimodal emotion recognition from videos, images, and neurophysiological signals were analyzed to build content for this session. The session delves deeper into the current challenges, opportunities to help realize the full benefits of emotion AI for personalized digital marketing.
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptxBoston SEO Services
From Hope to Despair: The Top 10 Reasons Businesses Ditch SEO Tactics
Are you tired of seeing your business's online visibility plummet from hope to despair? When it comes to SEO tactics, many businesses find themselves grappling with challenges that lead them to abandon their strategies altogether. In a digital landscape that's constantly evolving, staying on top of SEO best practices is crucial to maintaining a competitive edge.
In this blog, we delve deep into the top 10 reasons why businesses ditch SEO tactics, uncovering the pain points that may resonate with you:
1. Algorithm Changes: The ever-changing algorithms can leave businesses feeling like they're chasing a moving target. Search engines like Google frequently update their algorithms to improve user experience and provide more relevant search results. However, these updates can significantly impact your website's visibility and ranking if you're not prepared.
2. Lack of Results: Investing time and resources without seeing tangible results can be disheartening. The absence of immediate results often leads businesses to lose faith in their SEO strategies. It's important to remember that SEO is a long-term game that requires patience and consistent effort.
3. Technical Challenges: From site speed issues to complex metadata implementation, technical hurdles can be daunting. Overcoming these challenges is crucial for SEO success, as technical issues can hinder your website's performance and user experience.
4. Keyword Competition: Fierce competition for top keywords can make it hard to rank effectively. Businesses often struggle to find the right balance between targeting high-traffic keywords and finding less competitive, niche keywords that can still drive significant traffic.
5. Lack of Understanding of SEO Basics: Many businesses dive into the complex world of SEO without fully grasping the fundamental principles. This lack of understanding can lead to several issues:
Keyword Awareness: Failing to recognize the importance of keyword research and targeting the right keywords in content.
On-Page Optimization: Ignorance regarding crucial on-page elements such as meta tags, headers, and content structure.
Technical SEO Best Practices: Overlooking essential aspects like site speed, mobile responsiveness, and crawlability.
Backlinks: Not understanding the value of high-quality backlinks from reputable sources.
Analytics: Failing to track and analyze data prevents businesses from optimizing their SEO efforts effectively.
6. Unrealistic Expectations and Timeframe: Entrepreneurs often fall prey to the allure of quick fixes and overnight success. Unrealistic expectations can overshadow the reality of the time and effort needed to see tangible results in the highly competitive digital landscape. SEO is a long-term strategy, and setting realistic goals is crucial for success.
#SEO #DigitalMarketing #BusinessGrowth #OnlineVisibility #SEOChallenges #BostonSEO
Trust Element Assessment: How Your Online Presence Affects Outbound Lead Gene...Martal Group
Learn how your business's online presence affects outbound lead generation and what you can do to improve it with a complimentary 13-Point Trust Element Assessment.
Mastering Local SEO for Service Businesses in the AI Era"" is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
We will explore the transformative journey of American Bath Group as they transitioned from a traditional monolithic CMS to a dynamic, composable martech framework using Kontent.ai. Discover the strategic decisions, challenges, and key benefits realized through adopting a headless CMS approach. Learn how composable business models empower marketers with flexibility, speed, and integration capabilities, ultimately enhancing digital experiences and operational efficiency. This session is essential for marketers looking to understand the practical impacts and advantages of composable technology in today's digital landscape. Join us to gain valuable insights and actionable takeaways from a real-world implementation that redefines the boundaries of marketing technology.
Lily Ray - Optimize the Forest, Not the Trees: Move Beyond SEO Checklist - Mo...Amsive
Lily Ray, Vice President of SEO Strategy & Research at Amsive, explores optimizing strategies for sustainable growth and explores the impact of AI on the SEO landscape.
Lily Ray - Optimize the Forest, Not the Trees: Move Beyond SEO Checklist - Mo...
Crm chapter2
1. CRM in MarketingCRM in Marketing
Chapter 2Chapter 2
Curtis Adams
Jordan Burns
Lindsey Birmingham
Leah Barnhill
2. Motivational ResearchMotivational Research
-1960’s Practice
-Included everything from showing volunteers
a series of advertising to administering focus
groups
-Scope of these efforts remained unwavering
in product focus
-However with the customer acting as a
component of the purchase cycle…BRAND
WAS KING.
3. Product MarketingProduct Marketing
-Became a study within itself
-Part research…Part guessing game…part
leap of faith
-Predictable
-Product marketing campaigns were designed
to reach as many as possible
-Focused on all customers having the same
needs and wants and the actual pitch of the
product
4. Target MarketingTarget Marketing
Customer data as
important as the
product data
Sum of all the
customers to a
single individual
Segmenting
customers allowed
room for specialized
communication
Segmenting
customers based on
preferences can
reveal interesting
facts about
consumer behavior
5. Relationship MarketingRelationship Marketing
-Understanding their preferences…increasing the
odds of retaining them
-You are not trying to sell a single product to as
many customers as possible
-You are trying to sell a single customer as many
products as possible
-One to One means not only communicating with
customers as individuals but also developing
customer products and tailored messages based
on customers unspoken needs
-Relies heavily on customer’s experience of the
company as it does on the specific message
received
6. Campaign ManagementCampaign Management
-CRM is a necessity.
-Hard Labor in launching new marketing campaigns
-Conceive, plan, define the target audience,
determine channel of communication, launching the
promotion
-CRM products offering campaign management
present savings of time, labor and cost and
demonstrate quantitative ROI
-Proactive campaign management is like a good
wine…it gets better with age.
-Tracking campaign success results in higher
response rates and greater ROI
-Use of results of campaigns to refine future
campaigns has been acknowledged as the best CRM
practice.
7. CRM Marketing InitiativesCRM Marketing Initiatives
•Cross-selling and Up-Selling
•Customer Retention
•Behavior Prediction
•Customer Profitability and Value
Modeling
•Channel Optimization
•Personalization
•Event-Based Marketing
8. Cross Selling and Up SellingCross Selling and Up Selling
Cross-selling- the act of selling a product or
service to a customer as a result of another
purchase.
Example- New mothers buy clothes for their
babies and then themselves as well.
Up-selling- motivating current customers to trade
up to more profitable products.
Example- McDonalds super size option.
9. Cross Selling and Up Selling CtdCross Selling and Up Selling Ctd.
These two forms of selling are an art and knowing
which products will increase the customer’s
buying is the key.
Here are some things to think about:
Selling customers something they wouldn’t want
or need could cause them to buy less.
Not every customer is a good candidate for these
types of selling.
Understanding the ways how and whether the
customer responds to promotions
10. Customer RetentionCustomer Retention
Understanding why customers leave for
competitors is key to find ways to retain them in
the future.
Churn- the customers leaving one business for
its competitors.
When a customer leaves there is:
Loss of revenue
Loss of investment in acquiring them
11. Customer Retention Ctd.Customer Retention Ctd.
Loss of stable market for new products
Businesses have studied the characteristics of
those who have left their business to understand
why, to predict who might leave next, and to find
out who is desirable to keep.
They also are tying to find what method might
work best to keep these customers, such as
promotions or free stuff
12. Behavior PredictionBehavior Prediction
This uses past consumer behavior to foresee the
future behavior of their customers.
This analysis includes several variations.
1. Propensity-to-buy analysis- understanding what
a particular customer might buy.
2. Next Sequential Purchase- predicting the
customers next buy.
3. Product Affinity Analysis- Understanding which
products will be bought with others. Also known
as market basket analysis.
4. Price elasticity modeling and dynamic pricing-
determine the best price for a given product.
13. Behavior Predictions CtdBehavior Predictions Ctd..
The marketing decisions that come for this
analysis:
1. Preemptively offering discounts or fee waivers
to existing customers who are at risk of
churning.
2. Refining target marketing campaigns so
smaller customer segments or specific
products.
3. Packaging certain products together and fixed-
pricing them to sell more products and increase
their profitability.
4. Cross-selling products likely to be purchased
with other products.
14. Customer Profitability andCustomer Profitability and
Value ModelingValue Modeling
Customer Profitability- deals with the company’s
view of the possible profit to be made from its
customers.
Value Modeling –deals with the value of the
customer’s other features like ability to bring in
more profitable customers or the potential to be a
more profitable customer.
Value modeling is only as accurate as the
customer’s data is rich.
15. Channel OptimizationChannel Optimization
Offering the right message to the right customer
at the right time.
Example: Customers who us Internet banking
services might prefer a new emailed offer with
their regular statement and a customer visiting a
branch office might prefer a cup of coffee along
with a brochure.
Once you understand the channels your
customers prefer to interact with your company
you must then decide what is the best way to
communicate with them.
16. PersonalizationPersonalization
This is the capability to customize customer
communication based on knowledge preferences
and behaviors at the time interaction.
Examples: a site you bought CD’s from greet you
and offers you CD’s that are of your favorite
artists when you enter the site or the home
shopping channel operator greets you on when
you call and helps you quickly purchase what you
need and all because you shopped there once
before.
17. Personalization CtdPersonalization Ctd
The first example used variable insertion to
personalize the site for the current customer because
it had information recorded from the last transaction.
Over time, the customer is more and more known to
the company through study of the customer’s profile:
data, past purchases, click stream data, and web
survey responses. Then the company knows what to
offer the customer to entice them to buy more or
keep them from churning.
Example: if a person responds to a discount on skis
then they might also buy cold weather apparel.
Using personalization can take out he guess work in
your business.
Personalization in the B2C space is based on
studying click stream data (one’s navigation path
through a company’s Website.
18. ClickstreamClickstream
Clickstream monitoring includes how customer:
Reached site
Traveled through site
Spent his time and how much did he spend
What was bought that stimulate buys of other
products
Analysis of clickstream can trigger new tactics in
companies. Examples:
Changes in Web impressions according to
customer’s clickstream
Custom promotions or discounts based on past
purchases of research.
Customized web pages according to the visitor’s use
of site.
19. Event Based MarketingEvent Based Marketing
This is a time sensitive marketing or sales
communication reacting to a customer-specific event.
Example: sending an application for collision
insurance to people who recently had a car accident.
Businesses today are to focus in on the individual
customer in a real time situation and get away from
the blank event-based marketing.
An example of this ideal goal of reacting to
customer’s event in near real time is: when a
customer receives coupons at the store, right after
their purchase, that they might be interested in.
20. Event Based Marketing Ctd.Event Based Marketing Ctd.
This kind of marketing requires solid process
automation and a well calibrated workflow to
be effective in influencing the customer’s
buying behavior.
The ultimate goal of a company, despite the
type of customer communication, is to get
them to visit the store or website to buy
products they are happy with.
21. Customer Privacy-Customer Privacy-
One-to-One’s Saboteur?One-to-One’s Saboteur?
Why is customer privacy a concern?Why is customer privacy a concern?
11.1.Excessive amounts of available customer
data- U.S. citizens can be uniquely identified by
their date of birth, gender, 5-digit zip code
2. Personalization tools enable users to understand
a consumer’s behavior history and share that
info. without consumer consent
3. Identity theft
4. Consumer harassment
22. Opt In Policy- policy that requires
companies to receive customer
permission to solicit personal data.
-This policy will require many
businesses to rethink they’re marketing
strategies and will result in millions
spent on process and technology
changes
23. In Order to obtain good CRM:In Order to obtain good CRM:
Know which marketing message and channel
to use
Know customers preferred interaction level
Individual customers have different wants and
needs, in order to reach these customers
different marketing channels and interaction
levels will be needed
24. Customer Privacy PreferencesCustomer Privacy Preferences
Keeping record of Customer Privacy
Preferences will help establish and
maintain good customer relationships
Unspoken needs can be observed
through past interactions
25. Successful marketing is a result of:
A sound marketing process
Industry specific marketing practices
Use of a variety of campaigns and
analysis of the results
Marketing AutomationMarketing Automation
Checklist for SuccessChecklist for Success
26. Questions asked by companiesQuestions asked by companies
focusing on CRM:focusing on CRM:
1. How do we focus our marketing campaigns
on customers with whom we’d like repeat
business?
2. How do we migrate customers to lower-cost
channels?
3. How do other organizations in the company
see customers differently than we do and
how does that influence our campaign
message?
27. Questions asked by companiesQuestions asked by companies
focusing on CRM:focusing on CRM:
4. How can we anticipate products and services
customer might want?
5. What is the best means of communicating with
customers on an ongoing basis?
6. What tactics do we use to entice prospects to
become customers?
7. How do we tie what we’ve learned about customers
to improving overall customer satisfaction?
8. What keeps our most loyal customers loyal?
28. Make it HappenMake it Happen
Customer Relationships are about more than just
understanding behaviors. They’re about making
them happen.
Eddie Bauer- customer service has been a
trademark since 1920 when the 1st
store opened.
500 stores and 49 states later Eddie Bauer still
concentrates on providing customers with the
merchandise they want in an optimal way.
29. Eddie BauerEddie Bauer
Eddie Bauer’s 3 channels:
1. Brick-and-mortar store
2. Catalog business
3. Internet site
Each channel thrives alone but together
they compliment each other
30. Eddie Bauer CtdEddie Bauer Ctd
Strategy implemented:
Eddie Bauer struggled in the mid-90’s because the
knowledge of its customers and its ability to respond
to their requests were lacking.
To fix this, the company began developing new
metrics for understanding customer behavior. The
new intelligence allowed the Eddie Bauer to examine
customer behavior and predict future behaviors
through its rapid modeling environment.
31. Eddie Bauer ResultsEddie Bauer Results
1. They can keep track of customer spending and
determine which customer’s use which channels and
develop more personalized offers for its customers.
2. Good communication with the customer requires
the right channel at the right time.
3. Sending the most valuable customers a broader
assortment of products pays off. (Customer
Retention)
32. CRM Never EndsCRM Never Ends
The never ending journey: (figure 2-9)
CRM is a constant cycle to build
customer value
It is a learning relationship between the
business and the customers
33. Manager’s Bottom LineManager’s Bottom Line
Before Implementing customer
Segmentation and CRM, plans MUST
BE in place, or….
CRM can do more harm than good.
34. CRM BenefitsCRM Benefits
CRM provides insight in:
Identifying high response campaigns
Understanding characteristics of high-value
and potentially high value customers, and
catering to them
Improves effectiveness of high-cost channels
(face-to-face)
Personalized Communications for specific
customer segments
Understanding of purchase patterns for future
maximum buying potential
35. GOAL of CRMGOAL of CRM
To ensure your company is ALWAYSTo ensure your company is ALWAYS
customer’s 1customer’s 1stst
choicechoice
This can be done by:
1. Moving “C” customers to “B” customers,
and to keep “A” customers at that level
2. Marketing Process should be well defined…
should act immediately
3. Marketing Department should not exist in a
vaccum…but should be linked to all other
business functions