CRM in Marketing
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This document discusses various aspects of customer relationship management (CRM) in marketing. It describes target marketing, which involves promoting products or services to specific customer subsets defined by geographic, demographic, or other characteristics. It also discusses refining marketing campaigns, relationship marketing to understand customer preferences, campaign management through tailored creative messages and media selection, and closed-loop campaign management. Finally, it outlines several CRM marketing initiatives including cross-selling, customer retention, behavior prediction, and ensuring customer privacy.
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The document discusses customer relationship management (CRM) strategies and the use of data in CRM. It describes the C-MAT model for customer management, which involves understanding customer value, behavior and attitudes. It also discusses integrating customer data into CRM strategies using tools like data warehousing and data mining to collect and analyze large amounts of customer data. The document provides examples of how companies can use data mining techniques like correlation, segmentation and propensity analysis to gain insights into customers.
Customer Relationship Management (CRM)
Customer relationship management (CRM) involves using technology to manage a company's interactions with current and future customers. The goal of CRM is to create value for both customers and the company over the long term by gaining competitive advantage through sales strategies, promotions, improved customer service, and building long-term relationships. CRM uses technology to store customer data, track purchase histories, and target customers with personalized services to meet their needs. Key challenges for CRM include ensuring rich customer data, an integrated view of information, effective feedback mechanisms, intelligence at customer touchpoints, and consistent communication.
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Customer relationship management
Customer Relationship Management (CRM) is a strategy for managing a company's interactions and relationships with customers using technology to organize customer data. CRM aims to acquire new customers, enhance existing customer relationships through personalized service, and retain customers. It involves identifying the best customers, generating sales leads, and implementing targeted marketing campaigns. CRM software and tools help companies learn customer needs, build relationships, and provide customer service. The goal is to increase efficiency, minimize costs, and attract and retain customers.
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This document discusses customer relationship management (CRM) and its key elements and processes. It outlines the main components of CRM as customer knowledge, relationship strategy, communication, individual value proposition, and sales force automation. The core CRM processes include customer acquisition, interaction management, retention, attrition, and defection. It provides details on how each of these processes work and their importance for building and maintaining customer relationships.
Handbook on Customer Relationship Management
The book has been designed to serve as an essential insight
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that especially meets the requirements of T5 MBA students of KTU
specializing in marketing. Substantive coverage has been given to
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that especially meets the requirements of T5 MBA students of KTU
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topics like CRM technology, Sales Force Automations, Enterprise
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Final CRM Power Point for Project Management class
If you are a business owner or work in Customer Relations please watch this video my teammates and I made for our Project Management class. Send your ratings of it to me via private message. Here is what I need to have answered after you watch it:
Score one to five how effective you thought the presentation was
1 2 3 4 5
What was the most useful part of the presentation?
1 2 3 4 5
What was the least helpful?
1 2 3 4 5
What would you change about this presentation?
1 2 3 4 5
Overall how was the presentation experience?
1 2 3 4 5
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A framework for customer relationship management
1. Customer relationship management (CRM) involves using technology to organize sales, marketing, customer service and technical support to manage interactions with current and future customers.
2. Companies analyze customer purchase histories and characteristics stored in a customer information file to calculate customer lifetime value and identify the most profitable customers to target.
3. Relationship marketing programs like loyalty programs, customer satisfaction initiatives, and mass customization are used to increase customer retention, loyalty, and long-term profitability.
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This document provides an overview of customer relationship management (CRM) implementation. It discusses:
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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
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The document provides an overview of customer relationship management (CRM) and discusses various aspects of implementing a CRM solution. It explains that CRM involves tracking customer data and interactions across different departments to improve customer service and marketing. Successful implementation requires buy-in from employees, identifying customer touchpoints, and analyzing data to enhance the customer experience. Choosing the right software and ensuring collaboration between departments are also important for a successful CRM strategy.
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2. Advances in information technology, such as customer databases, data mining, and one-to-one marketing, have enabled firms to develop more personalized relationships with individual customers.
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CRM “is a business strategy that aims to understand, anticipate and manage the needs of an organisation’s current and potential customers”
It is a “comprehensive approach which provides seamless integration of every area of business that touches the customer- namely marketing, sales, customer services and field support through the integration of people, process and technology”
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“The expression Customer Relationship Management (CRM) is becoming standard terminology, replacing what is widely perceived to be a misleadingly narrow term, relationship marketing (RM)”
Final CRM Power Point for Project Management class
If you are a business owner or work in Customer Relations please watch this video my teammates and I made for our Project Management class. Send your ratings of it to me via private message. Here is what I need to have answered after you watch it:
Score one to five how effective you thought the presentation was
1 2 3 4 5
What was the most useful part of the presentation?
1 2 3 4 5
What was the least helpful?
1 2 3 4 5
What would you change about this presentation?
1 2 3 4 5
Overall how was the presentation experience?
1 2 3 4 5
CRM trends
Learn more about the technological advancements in CRM and how it will help you deliver experiences and give your business an edge over competitors.
Stay updated with the Emerging CRM Trends:
https://www.officeclip.com/blog/post/2020/10/06/emerging-crm-trends
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The document proposes a unified promotion platform to address issues with customers receiving too many promotions through different channels, potentially leading to disinterest. The platform would allow businesses to submit promotions through an API and customers would only see promotions applicable to them when actively searching. This could create incentives for both merchants and customers while providing a better user experience through features like tracking spending by brand and customizing offers for loyal customers. The platform would also provide data and analytics to merchants on promotion performance and customer behavior.
CRMSession 1 - Introduction to Customer Relationship Management
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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.CRM Basics
CRM stands for customer relationship management. It is a business strategy that optimizes profitability, revenue and customer satisfaction by organizing around customer needs, fostering satisfying customer experiences, and implementing customer-centric processes. Implementing CRM requires redefining roles and reengineering work processes, and supporting these changes with appropriate technology. CRM should be viewed as a long-term business change program rather than a simple IT project.
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CRM has evolved from initial door-to-door sales forces to mass marketing and then targeted marketing using direct mail and telemarketing. The latest evolution is customer relationship management (CRM), which uses latest technologies to focus on managing the entire customer lifecycle from acquisition to retention. CRM involves understanding customers, applying that knowledge to marketing strategies, and differentiating customer treatment based on preferences. It promises to help companies get to know customers better in order to retain the right customers and maximize profit.
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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.
A framework for customer relationship management
1. Customer relationship management (CRM) involves using technology to organize sales, marketing, customer service and technical support to manage interactions with current and future customers.
2. Companies analyze customer purchase histories and characteristics stored in a customer information file to calculate customer lifetime value and identify the most profitable customers to target.
3. Relationship marketing programs like loyalty programs, customer satisfaction initiatives, and mass customization are used to increase customer retention, loyalty, and long-term profitability.
Analytical crm and social crm
Analytical CRM uses data and intelligence to provide a more customer-centric view of customers. It learns customer behaviors and relationships over time to improve marketing, sales, and customer support. Social CRM extends these capabilities by engaging customers through social media and online conversations. This transforms CRM strategies, operations, and organizational mindsets to focus on collaborative relationships and generate value through conversation rather than just transactions. Data mining is key to gaining customer insights from transaction and interaction data to improve business performance.
Consumer Behaviour
The document discusses creating customer-centric marketing strategies by understanding consumer behavior. It emphasizes the importance of market analysis and segmentation to select target customer groups and position the brand. The marketing mix strategies of product, price, place, and promotion are key to delivering superior value to customers. Customer loyalty and retention require ongoing customer relationship management through appropriate research, testing benefits, and following up to ensure programs are effective.
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This document provides an overview of customer relationship management (CRM) implementation. It discusses:
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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.
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The document provides an overview of customer relationship management (CRM) and discusses various aspects of implementing a CRM solution. It explains that CRM involves tracking customer data and interactions across different departments to improve customer service and marketing. Successful implementation requires buy-in from employees, identifying customer touchpoints, and analyzing data to enhance the customer experience. Choosing the right software and ensuring collaboration between departments are also important for a successful CRM strategy.
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The document discusses promotional campaigns and inbound vs outbound marketing. It defines what a campaign is and the typical process for developing one, including setting goals and objectives, defining metrics, developing strategy and themes, producing creative content, and rollout. It also discusses factors to consider like target audiences, message sources, structures, appeals, executions, and success measurements.
Jaiib marketing
This document provides an overview of key marketing concepts for banks and financial services. It discusses the marketing concept, types of markets, and the evolution of modern marketing. It defines marketing and differentiates it from selling. The document outlines the 4Ps of marketing (product, price, place, promotion), as well as people, process and physical evidence for services. It provides details on various product, pricing, placement and promotion strategies relevant for banks. It also discusses the role of marketing information systems and the types of information needed for effective marketing.
Advertising & salespromotion
The document discusses various aspects of integrated marketing communications including advertising, sales promotion, publicity and public relations, and personal selling. It covers objectives, decisions, and evaluation for each area. Key factors discussed are media selection, types, timing and allocation for advertising. Major decisions, tools, and impact evaluation are covered for sales promotion. The roles and major decisions for marketing PR are also summarized. Personal selling discusses designing the sales force, managing it, and principles of personal selling.
Similar to CRM in Marketing (20)
Chapter 1: CRM, Database Marketing and Customer Value
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A N I N T E G R A T E D C O M M U N I C A T I O N S P R O G R A M I N S ...
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The managers achieve organizational objectives by getting work from
others and not performing in the tasks themselves.
Management is an art and science of getting work done through people.
It is the process of giving direction and controlling the various activities
of the people to achieve the objectives of an organization Management is a universal process in all organized, social and economic activities. Wherever
there is human activity there is management.
Management is a vital aspect of the economic life of man, which is an organized group activity. A
central directing and controlling agency is indispensable for a business concern. The productive
resources –material, labour, capital etc. are entrusted to the organizing skill, administrative ability
and enterprising initiative of the management. Thus, management provides leadership to a
business enterprise. Without able managers and effective managerial leadership the resources of
production remain merely resources and never become production. Management occupies such an
important place in the modern world that the welfare of the people and the destiny of the country
are very much influenced by it.
1.2 MEANING OF MANAGEMENT
Management is a technique of extracting work from others in an integrated and co-ordinated
manner for realizing the specific objectives through productive use of material resources.
Mobilising the physical, human and financial resources and planning their utilization for business
operations in such a manner as to reach the defined goals can be benefited to as management.
1.3 DEFINITION OF MANAGEMENT
Management may be defined in many different ways. Many eminent authors on the subject have
defined the term "management". Some of these definitions are reproduced below:
In the words of George R Terry - "Management is a distinct process consisting of planning,
organising, actuating and controlling performed to determine and accomplish the objectives by the
use of people and resources".
According to James L Lundy - "Management is principally the task of planning, co¬ordinating,
motivating and controlling the efforts of others towards a specific objective",
In the words of Henry Fayol - "To manage is to forecast and to plan, to organise, to command, to
co-ordinate and to control".
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manages managers and manages worker and work".
In the words of J.N. Schulze - "Management is the force which leads, guides and directs an
organisation in the accomplishment of a pre-determined object".
In the words of Koontz and O'Donnel - "Management is defined as the creation and maintenance
of an internal environment in an enterprise where individuals working together in groups can
perform efficiently and effectively towards the attainment of group goals".
According to Ordway Tead - "Management is the process and agency which directs and guides the
operations of an organisation in realising of established aim
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CRM in Marketing
- 2. The Process of Product Marketing
- 3. Target Marketing Promoting a product or service to a subset of customers and properties Can range from sum of all cutomers to a single individual Target categories: Geographic/psychographic/HH demographics Firmographic Preferred sales channel Risk score Life stage etc
- 5. Relationship Marketing To get to know customers more intimately by understanding their preferences Helps in target marketing, cross-selling and customer loyalty programs Relationship marketing leads to one-to-one communication with customers for Developing custom products Tailored messages Permission marketing
- 7. Campaign Management Depends on creative message and choice of media Creative message directed to a target customer base Media choice is to reach the target customer base The need for data to make campaigns more effective Challenge is to launch new marketing campaigns directed towards increasing frequency of smaller, more targeted promotions
- 10. CRM Marketing Initiatives Cross-Selling and Up-Selling Customer Retention Behaviour Prediction Propensity to buy Next sequential purchase Product affinity analysis Price elasticity modeling and dynamic pricing Leading to Market-basket analysis
- 12. CRM Marketing Initiatives Customer Profitability and Value Modeling Channel Opmization Determine how a customers' interaction preferences evolve Optimize different channels company has to provide with prefered customer interaction (Banking Channels – next slide) Personalization Event-Based Marketing Sales communication reacting to a customer- specific event
- 16. Customer Privacy CRM technologies (data-mining engines and personilization tools) enable the companies to: Understand a customer's behaviour history and preferences Predict the what the customer might do next Can the company share customers' information without customers having a say? To assure customers of data security particularly if extensive web interaction exists Each customer's privacy preference to be solicited, incorporated and honored