The document discusses key concepts related to customer lifecycle and customer relationship management (CRM). It describes the stages a customer goes through from initial awareness of a product or service to loyalty. These stages include reach, acquire, develop, retain, and inspire. It also discusses measuring customer lifetime value (CLV) and the importance of customer lifecycle management (CLM) in optimizing CRM programs. Finally, it outlines some theories of consumer behavior that are relevant for understanding customers and implementing effective CRM strategies.
Customer Relationship Management. If you are a startup or business looking to buy a CRM software for your business this slide share will help you out immensely. 1Click team has spent time analyzing customers and CRM softwares to come up with this. SalesForce, Zoho, Microsoft... no matter which CRM you are evaluating for your business this you will find this immensely useful in decision making.
1Click live video chat, the best video chat solution for businesses and startups. 1click lets you have live conversations with visitors on your website. Our chat widget allows you to start video conversations with your customers or clients within seconds. No add-on, no plugin, no extension, your customers are truly one click away from having an audio or video conversation with you. 1Click live video chat allows multipoint face-to-face chat without any software installations, and perform cross-platform video conferencing; so that you need not worry what OS the visitor is using. Your customer can connect with your customer service representatives from anywhere, any device. Our live chat widget enables video, audio, and text on any website or mobile app. Further, our Wordpress live chat plugin, Shopify live chat plugin, Joomla live chat plugin, Drupal live chat plugin, blog live chat plugin and other similar live chat plugin will enables video and audio calling abilities on any website. Providing a live video customer support has never been easier before. Our customer support tool let's you make your customer go WOW.
With our SalesForce live chat plugin, Zoho live chat plugin, Jira live chat plugin, SugarCRM live chat plugin, and other similar live chat extensions you can start off every chat knowing whether there are any outstanding tickets, cases, or notes related to the customer. Similarly, you can create cases, notes or tickets for the customer anytime during the conversation. All the data on your 1Click live chat dashboard can be integrated with Salesforce, Zoho, Jira, SugarCRM or any other customer relationship management software you are using.
We know very that customer engagement is a team activity. 1Click live video chat widget lets you seamlessly chat with or transfer conversations to other agents. Our live chat widget comes with website statistics, and chat analytics available at your fingertips all the time. We take security very seriously. Enjoy secure encrypted chats on your SSL (https) web pages. All the video chats, audio chats, and text chats are 128 bit AES encrypted. We are developer friendly. Extend and customize the behavior of the widget. Be unique, and get creative with our Javascript APIs. Powered, and constantly upgraded with the latest web technologies such as webRTC we enable real-time communication over web (read browser). webRTC live chat, we believe will be the future of communication. 1Click live chat software will help you increase customer sastisfaction and multiply online sales.
http://1click.io
Customer Relationship Management. If you are a startup or business looking to buy a CRM software for your business this slide share will help you out immensely. 1Click team has spent time analyzing customers and CRM softwares to come up with this. SalesForce, Zoho, Microsoft... no matter which CRM you are evaluating for your business this you will find this immensely useful in decision making.
1Click live video chat, the best video chat solution for businesses and startups. 1click lets you have live conversations with visitors on your website. Our chat widget allows you to start video conversations with your customers or clients within seconds. No add-on, no plugin, no extension, your customers are truly one click away from having an audio or video conversation with you. 1Click live video chat allows multipoint face-to-face chat without any software installations, and perform cross-platform video conferencing; so that you need not worry what OS the visitor is using. Your customer can connect with your customer service representatives from anywhere, any device. Our live chat widget enables video, audio, and text on any website or mobile app. Further, our Wordpress live chat plugin, Shopify live chat plugin, Joomla live chat plugin, Drupal live chat plugin, blog live chat plugin and other similar live chat plugin will enables video and audio calling abilities on any website. Providing a live video customer support has never been easier before. Our customer support tool let's you make your customer go WOW.
With our SalesForce live chat plugin, Zoho live chat plugin, Jira live chat plugin, SugarCRM live chat plugin, and other similar live chat extensions you can start off every chat knowing whether there are any outstanding tickets, cases, or notes related to the customer. Similarly, you can create cases, notes or tickets for the customer anytime during the conversation. All the data on your 1Click live chat dashboard can be integrated with Salesforce, Zoho, Jira, SugarCRM or any other customer relationship management software you are using.
We know very that customer engagement is a team activity. 1Click live video chat widget lets you seamlessly chat with or transfer conversations to other agents. Our live chat widget comes with website statistics, and chat analytics available at your fingertips all the time. We take security very seriously. Enjoy secure encrypted chats on your SSL (https) web pages. All the video chats, audio chats, and text chats are 128 bit AES encrypted. We are developer friendly. Extend and customize the behavior of the widget. Be unique, and get creative with our Javascript APIs. Powered, and constantly upgraded with the latest web technologies such as webRTC we enable real-time communication over web (read browser). webRTC live chat, we believe will be the future of communication. 1Click live chat software will help you increase customer sastisfaction and multiply online sales.
http://1click.io
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
Customer Relationship Management by Ravi KumudeshRavi Kumudesh
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”
CRM is a shift from traditional marketing as it focuses on the retention of customers in addition to the acquisition of new customers
“The expression Customer Relationship Management (CRM) is becoming standard terminology, replacing what is widely perceived to be a misleadingly narrow term, relationship marketing (RM)”
Planning for CRM
Steps in Planning
Building Customer Centricity
Setting CRM Objectives
Defining Data Requirements, Planning Desired Outputs
Relevant issues while planning the Outputs
Elements of CRM plan
CRM Strategy: The Strategy Development Process
Customer Strategy Grid
Customer Relationship Management Unit-3 IMBA Osmania University
Customer Relationship Management (CRM) is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Early in 2008 under the leadership of Barbara Canning Brown, Toys R Us began to shift customer marketing to becoming more customer centric and more integrated across marketing touchpoints. The real kickoff for this effort was in the August 2008 monthly CRM meeting where goals and objectives were reviewed against the general business goals set by Eleanor Hong and Greg Ahern.
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
Customer Relationship Management by Ravi KumudeshRavi Kumudesh
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”
CRM is a shift from traditional marketing as it focuses on the retention of customers in addition to the acquisition of new customers
“The expression Customer Relationship Management (CRM) is becoming standard terminology, replacing what is widely perceived to be a misleadingly narrow term, relationship marketing (RM)”
Planning for CRM
Steps in Planning
Building Customer Centricity
Setting CRM Objectives
Defining Data Requirements, Planning Desired Outputs
Relevant issues while planning the Outputs
Elements of CRM plan
CRM Strategy: The Strategy Development Process
Customer Strategy Grid
Customer Relationship Management Unit-3 IMBA Osmania University
Customer Relationship Management (CRM) is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Early in 2008 under the leadership of Barbara Canning Brown, Toys R Us began to shift customer marketing to becoming more customer centric and more integrated across marketing touchpoints. The real kickoff for this effort was in the August 2008 monthly CRM meeting where goals and objectives were reviewed against the general business goals set by Eleanor Hong and Greg Ahern.
Sebuah konsep tentang Customer Loyalty Ladder yang membagi tingkatan loyalitas konsumen sehingga pemasar bisa mengalokasikan sumber daya yang ada secara efektif di setiap tingkatan tersebut.
A concept about Customer Loyalty Ladder which divide the consumer's loyalty level so in the end, marketers can allocated their resources effectively for each of that level.
An Infographic that demonstrates how a customer relationship matures over time. Your customers must first generate brand trust, then you have an opportunity to create brand loyalty. Once you have established this relationship, you have can earn brand advocacy. The Brand advocate is one of the most valuable things your firm can invest in and technology is a key component of that formula.
High customer loyalty is one of the most important indicators of good performing companies. Since customer satisfaction is directly linked to customer loyalty it is evident`that measuring customer satisfaction without taking customer loyalty into account and vice versa would be misleading.
Customer Relationship Management (CRM): Theory and PracticeJ. Todd Bennett
Learn the basics of Customer Relationship Management (CRM) for continuing education and discover how to create an "information centered organization" resulting in better programs, more inquiries, increased revenue and repeat customers. From cutting-edge technologies to simple do-it-yourself tools, get practical tips for making the most of your marketing dollars.
Presentation slides from Customer Relationship Management (CRM) workshop as part of Destination Digital business support programme from Connecting Cambridgeshire.
Want more information? Small businesses across Cambridgeshire and Peterborough can currently get free business support on using digital technology until March 2015.
More information here: http://destinationdigital.info/advice/
AI and Machine Learning Demystified by Carol Smith at Midwest UX 2017Carol Smith
What is machine learning? Is UX relevant in the age of artificial intelligence (AI)? How can I take advantage of cognitive computing? Get answers to these questions and learn about the implications for your work in this session. Carol will help you understand at a basic level how these systems are built and what is required to get insights from them. Carol will present examples of how machine learning is already being used and explore the ethical challenges inherent in creating AI. You will walk away with an awareness of the weaknesses of AI and the knowledge of how these systems work.
these slides gives depth knowledge regarding consumer behavior. Marketing manager and students of Marketing can increase their knowledge regarding this aspect.
Fundamentals of Marketing Mix- 4C’s for eCommerceeTailing India
Marketing mix 4c’s is one of the business tools that every internet marketer should learn. The 4Cs enables you to think in terms of your customers’ interests more than your own. It helps to develop customer-centric strategies from being business-oriented ones.
CRM, subject notes as per the syllabus of Osmania university, this notes are very useful for the students pursuing any subject of customer relationship management courses, this can also be used by practitioners in the file of service sector
Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, productivity, and more.
A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.
IMC assignment
3doodler (product launch)
Subject- IMC
MBA(Marketing Management)
The introduction, targeted customers, advertising, media, pricing and budgeting during a product launch of 3doodler pen.
Network topologies
Subject - Information Technology
MBA(Marketing Management)
Definition and types of Network Topology
Diagrammatic Representation of topology
Business Ethics
What is CSR?
Definition of CSR
CORPORATE SOCIAL RESPONSIBILITY
practices of Dr. DEVI SHETTY
(Chairman Narayana Hrudayalaya Group Of Hospitals, India)
Narayana Health Care University
Awards and Contributions of Dr. Shetty
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
Key Takeaways:
Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
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.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
Key Takeaways:
-Recognize the critical role of strategy in marketing
-Learn our approach for building an actionable, effective marketing strategy
-Receive templates and guides for developing a marketing strategy
Mastering Multi-Touchpoint Content Strategy: Navigate Fragmented User JourneysSearch Engine Journal
Digital platforms are constantly multiplying, and with that, user engagement is becoming more intricate and fragmented.
So how do you effectively navigate distributing and tailoring your content across these various touchpoints?
Watch this webinar as we dive into the evolving landscape of content strategy tailored for today's fragmented user journeys. Understanding how to deliver your content to your users is more crucial than ever, and we’ll provide actionable tips for navigating these intricate challenges.
You’ll learn:
- How today’s users engage with content across various channels and devices.
- The latest methodologies for identifying and addressing content gaps to keep your content strategy proactive and relevant.
- What digital shelf space is and how your content strategy needs to pivot.
With Wayne Cichanski, we’ll explore innovative strategies to map out and meet the diverse needs of your audience, ensuring every piece of content resonates and connects, regardless of where or how it is consumed.
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
The e-commerce sector is evolving rapidly, and businesses that effectively manage operational challenges and implement innovative strategies are best positioned for long-term success.
How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
The Secret to Engaging Modern Consumers: Journey Mapping and Personalization
In today's digital landscape, understanding the customer's journey and delivering personalized experiences are paramount. This masterclass delves into the art of consumer journey mapping, a powerful technique that visualizes the entire customer experience across touchpoints. Attendees will learn how to create detailed journey maps, identify pain points, and uncover opportunities for optimization. The presentation also explores personalization strategies that leverage data and technology to tailor content, products, and experiences to individual customers. From real-time personalization to predictive analytics, attendees will gain insights into cutting-edge approaches that drive engagement and loyalty.
Key Takeaways:
Current consumer landscape; Steps to mapping an effective consumer journey; Understanding the value of personalization; Integrating mapping and personalization for success; Brands that are getting It right!; Best Practices; Future Trends
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.
Top 3 Ways to Align Sales and Marketing Teams for Rapid GrowthDemandbase
In this session, Demandbase’s Stephanie Quinn, Sr. Director of Integrated and Digital Marketing, Devin Rosenberg, Director of Sales, and Kevin Rooney, Senior Director of Sales Development will share how sales and marketing shapes their day-to-day and what key areas are needed for true alignment.
2. Concept of Customer
Lifecycle
o In customer relationship management (CRM), customer life
cycle is a term used to describe the progression of steps a
customer goes through when considering, purchasing, using,
and maintaining loyalty to a product or service.
o The Customer Lifetime Value (CLV) is a prediction of the
total value (mostly expressed in net profit) generated by a
customer in the future across the entire customer life cycle.
o It is simply the behavior of a customer with your company
over time. Customers begin a relationship with you, and
over time, either decide to continue this relationship, or end
it. At any point in this LifeCycle, the customer is either
becoming more or less likely to continue doing business with
you, and demonstrates this likelihood through their
interactions with you.
5. Reach– Your content must be properly marketed in places where
people/businesses in your market will find your information. This way
they will become aware of your company’s existence.
Acquire– You have to understand your potential customers
wants/needs so you can provide a product/service they will want to
purchase. Contact them directly with personalized communication in
order to convert them from potential leads to paying customers.
Develop– After the first purchase, keep in touch and build a
relationship with your customer. Ensure they are fully satisfied with
their purchase.
Retain– One time customers will become repeat customers as long as
you are satisfying their needs. Care for them and continue to cultivate
a relationship with them. Do not be afraid to ask for feedback. They
will be happy you care about their opinion and you can use their
comments to improve your product/services. Make them feel a part
of the process.
Inspire– If your customers are truly satisfied, they will become brand
advocates. This will spread awareness within their social circles and
the cycle will come full cycle when you reach potential new customers
due to your existing customers.
6. Customer Lifecycle
Management
o Customer Lifecycle Management (CLM) is simply the
measurement of your CRM program's success over time -
providing you have CLM metrics from before and after your
CRM implementation.
o CLM (Customer Lifecycle Management)however is a static
entity, and is more based upon a single measurement (which
incorporates multiple metrics) than a philosophy. Without
practicing CRM whatsoever, a company can take various
measurements of its customer lifecycles and find ways to
improve, or 'manage' them better.
o Customer Lifecycle Management has the potential to turn
your business on it’s head, focusing on customer needs first,
and delivering profits for the long term.
8. Customer Lifetime Value
Assessment
Customer Lifetime Value can be explained as profits
that the customers contribute to the organization
during the entire lifetime.
This is the Net Present Value (NPV) of the expected
value of the profit on sales accrued from the customer
during the lifetime.
CLV is a way to know how valuable a customer is going
to be to you over some period of time.
CLV includes :
Value – customers’ assessment of utility
Brand – customers’ assessment of image
Relationship - customers’ willingness to stay with
brand
9. Advantages of CLV
o Management of customer relationship as an asset
o Monitoring the impact of management strategies and
marketing investments on the value of customer assets
o Determination of the optional level of investments in
marketing and sales activities
o Implementation of sensitivity analysis in order to
determinate getting impact by spending extra money
on each customer
o encourages marketers to focus on the long-term value
of customers instead of investing resources in acquiring
“cheap” customers with low total revenue value.
o Measurement of customer loyalty (proportion of
purchase, profitability of purchase and repurchase,
purchase frequency and sequence etc.)
10. Customer Product
Profitability Analysis
A customer profitability analysis is an evaluation
process that focuses on assigning costs and revenues to
segments of the customer base, instead of assigning
revenues and costs to the actual products, or the units
or departments that compose the corporate structure
of the producer.
According to Philip Kotler, “A profitable customer is a
person, household or a company that overtime, yields a
revenue stream that exceeds by an acceptable amount
the company's cost stream of attracting, selling and
servicing the customer“.
11.
12. • Customers are arrayed along the columns and products
along the rows. Each cell contains a symbol for the
profitability of selling that products to that customer.
• Customer1 is very profitable : he buys three profit
making products(P1,P2,and P4).
• Customer 2 yields a picture of mixed profitability :he
buys one profitable product and one unprofitable
product.
• Customer 3 is a losing customer because he buys one
profitable product and two unprofitable products.
• What can the company do about customers 2 and 3?
1) It can raise the price of its less profitable products or
eliminate them , or
2) It can try to sell them its profit making products.
13. Consumer Behavior
Theories and CRM
Consumer Behaviour is a branch which deals with
the various stages a consumer goes through
before purchasing products or services for his
end use.
Consumer behavior theories are used by
businesses in order to optimize their selling and
marketing strategies. These theories tend to
concentrate on how consumers spend money,
what causes them to spend more money, and
how the spending of consumer money should
impact the planning and strategies practiced by
businesses.
14. • Why do you think an individual buys a product ?
-Need
-Social Status
-Gifting Purpose
• Why do you think an individual does not buy a product
?
- No requirement
- Income/Budget/Financial constraints
- Taste
• When do you think consumers purchase products ?
- Festive season
- Birthday
-Anniversary
-Marriage or other special occasions
15. Importance of consumer
Behavior in CRM
• To design the best possible product or service that fully
satisfies consumer's needs and demands.
• To decide where the service or product would be made
available for easy access of consumers.
• To decide the price at which the consumers would be
ready to buy that product or service.
• To find out the best method of promotion that will prove
to be effective to attract customers to buy a product.
• To understand why, when, how, what and other factors
that influence buying decision of the consumers.