Customer relationship management
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| Customer relationship management (CRM) | combination of policies, processes, and strategies implemented by a company that unify its customer interaction and provide a mechanism for tracking customer information.
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| Operational benefit of CRM |
Ensure customer satisfaction by integrating sales, marketing, and customer support
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| Analytical benefit of CRM | Use data to understand who the company’s core customers are, how they behave, what they are looking for, and how satisfied they are
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| Collaborative benefit of CRM | Work across teams and departments more effectively, including with suppliers and vendors
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| Customer life cycle | The customer life cycle describes the different steps in the organization’s relationship with the customer
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| Reach | getting a prospective customer’s attention- step 1 in customer life cycle
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| Acquisition | bringing a prospective customer into a sphere of influence- step 2 customer life cycle
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| Conversion | turning a prospect into a paying customer-step 3 customer life cycle
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| retention | engaging an existing customer to keep them-step 4 customer life cycle
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| loyalty and advocacy | turning a customer into an advocate for the company-step 5 customer life cycle process
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| Customer Lifetime value | also known as CLV, predicts how much profit is associated with a customer during the course of their lifetime relationship with a company.
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| CLV formula | (profit margin per customer x # of years customer is active) – cost of acquiring customer
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| Customer equity | combines customer lifetime values of all the company's customer
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| Three drivers to customer equity | value equity; brand equity; retention equity
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| value equity | how the customer assesses the value of the product or service provided by the company
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| brand equity | how the customer assesses the value of the brand, above its objective value
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| retention equity | the tendency of the customer to stick with the brand, even when it is priced higher than an otherwise equal product.
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| Customer satisfaction | "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals."
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| Permission marketing | a term that was created to suggest that marketers should always ask for permission to sell or to offer buyers marketing messages
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| Nondisclosure agreements (NDA) | specify what information is proprietary, or owned by the customer, and how, if at all, the seller can use that information.
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| B2B sales | Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers
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| Leads | Information about a potential customer
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| Prospect | A qualified and interested potential customer
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| CRM essential functions | capture internal data; provide business users with access to customer data; conduct data analysis and generate insights; deliver a marketing mix tailored to the needs of the target segment
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| Three benefits of CRM | Analytical benefits; operational benefits; collaborative benefits
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| Challenges of CRM | Concerns about data privacy; consumers are at risk of being ignored entirely if their needs differ from the majority; integration and compatibility of systems within organization to access customer data across departments
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| Customer satisfaction strategies | establish appropriate expectations; deliver on those expectations; ensure consistency; empower customer facing personnel
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| 4 fair information practice principles by FTC | Notice, Choice, Access, Security
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| Notice | Consumers should be given notice of a company’s information practices before any personal information is collected from them.
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| Choice | Consumers should be given options to control how their data is used by opting in or opting out.
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| Access | Consumer should have the ability to view the data collected and verify and contest its accuracy.
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| Security | Information collectors should ensure that the data they collect are accurate and secure.
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Created by:
mkale
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