1 review learning outcome customer relationship management lo i
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REVIEW LEARNING OUTCOMECustomer Relationship Management
LOI
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LO2
Customer-CentricCustomer-CentricThe company customizes its product and service offering based on data generated through interactions between the customer and the company.
Identify Customer Relationships
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LO2
LearningLearning
Identify Customer Relationships
An informal process of collecting customer data through customer comments and feedback on product or service performance.
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LO2
KnowledgeManagement
KnowledgeManagement
The process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization.
Identify Customer Relationships
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LO2 Knowledge Management
Qualitative facts Qualitative facts
Customer actionsCustomer actions
CommentsComments
Experiential observationsExperiential observations
CollectedInformation
Includes:
CollectedInformation
Includes:
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LO2
EmpowermentEmpowermentDelegation of authority to solve customers’ problems quickly—usually by the first person that the customer notifies regarding the problem.
Empowerment
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LO3
Requested Service
Channel PastRelationship
Currenttransaction
Interactions of the Current Customer Base
Customer
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LO3
Touch PointsTouch PointsAll possible areas of a business where customers communicate with that business.
All possible areas of a business where customers communicate with that business.
Point-of-SaleInteractions
Point-of-SaleInteractions
Communications between customers and organizations thatoccur at the point of sale, normally in a store.
Communications between customers and organizations thatoccur at the point of sale, normally in a store.
Interactions of the Current Customer Base
Online
http://www.bestbuy.com
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REVIEW LEARNING OUTCOMEInteractions with Current Customer BaseLO3
WebWeb
Point of SalePoint of Sale
KioskKiosk
Delivery, InstallationDelivery, Installation
SurveySurvey
Product RegistrationProduct Registration
Customer
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Capture Customer Data
LO4
Store visitsStore visits
Conversations with salespeopleConversations with salespeople
Interactions via the WebInteractions via the Web
Traditional phone conversationsTraditional phone conversations
Wireless communicationsWireless communications
Online
http://www.geico.com
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REVIEW LEARNING OUTCOMECapturing Customer Data
LO4
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REVIEW LEARNING OUTCOMEStore and Integrate Customer Data
LO5
DatabaseDatabase
Compiled listCompiled listResponse listResponse list
Data Warehouse
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LO6
DataMining
DataMining
A data analysis procedure that identifies significant patterns of variables and characteristics that pertain to particular customers or customer groups.
Identifying the Best Customers
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LO6
Data Mining
Identify and profile the best customers
Calculate their lifetime value
Predict purchasing behavior
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LO6
1. Identifies customers mostly like to purchase again
2. Identifies and ranks “best customers”
3. Identifies most profitable customers
Recency-Frequency-Monetary Analysis
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Explain the process of leveraging
customer information throughout the organization
Leverage Customer InformationLO7
CRM Marketing Database Applications
Campaign managementCampaign management
Retain loyalcustomers
Retain loyalcustomers
Cross-selling other products and servicesCross-selling other
products and services
Designing targetedmarketing communications
Designing targetedmarketing communications
Reinforcing customerpurchase decisions
Reinforcing customerpurchase decisions
Inducing product trialby new customers
Inducing product trialby new customers
Increasing effectivenessof distribution channel
marketing
Increasing effectivenessof distribution channel
marketing
Improving customer service
Improving customer service
LO7
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LO7 Campaign Management
CampaignManagement
CampaignManagement
Developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships.
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LO7 Retaining Loyal Customers
Loyalty programs reward loyal customers for making multiple purchases
Loyalty programs reward loyal customers for making multiple purchases
Retaining an additional 5 percent of customers increases profits by as much as 25 percent
Retaining an additional 5 percent of customers increases profits by as much as 25 percent
Improving customer retention by 2 percent candecrease costs by as much as 10 percent
Improving customer retention by 2 percent candecrease costs by as much as 10 percent
Loyalty programs provide information about customers and trends
Loyalty programs provide information about customers and trends
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Targeted Marketing Communications
LO7
InfrequentUsers
ModerateUsers
HeavyUsers
• Offer direct incentives, such as a price discount
• Offer more reinforcement of past purchase decisions
• Design around loyalty and reinforcement of purchase
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REVIEW LEARNING OUTCOME Leveraging Customer Information
LO7
Campaign management
Retaining loyal customers
Cross-selling other products
Designing targeted marketingcommunications
Reinforcing purchase decisions
Inducing product trial by new customers
Increasing effectiveness of distribution channel marketing
Improving customer service
Marketing Information
CRM Database
Applications