Chapter 9: Overview of CRM and Web Based Technologies

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Overview of CRM and

Web-based Technologies

The current business environment is a dynamic mix of growing competition, new and emerging channels, and changing consumer attitudes

Under the relationship marketing concept, focus has shifted from one-time transaction to ongoing relationships on a regular basis

TYPES OF RELATIONSHIP

Five different process involved in building customer relationship starting from no touch points to fully interactive marketing

Basic marketing

Reactive marketing

Accountable marketing

Pro-active marketing

Partnership marketing

RELATIONSHIP VALUES

The aim of relationship marketing is to yield high customer equity

Customer equity is the aggregate discounted lifetime values of all of the of firm’s customers

Three drivers of customer equity:

 value equity

 brand equity relationship equity

CUSTOMER RELATIONSHIP MANAGEMENT (CRM)

The process of managing detailed information about individual customers and carefully managing all the customer

‘touchpoints’ with the aim of maximising customer loyalty

CRM STRATEGY

CRM has been divided according to the functionality of software tools

Analytical CRM

Use of data modelling and profiling to accomplish

CRM goals

Collaborative CRM

Tools used to directly engage and interact with customers

Operational CRM

‘Back-end’ systems which unify the business and deliver products

THREE MAIN AREAS THAT CRM SYSTEMS FOCUS

Sales force automation

Customer service

Marketing automation

MARKETING AUTOMATION SYSTEM INCLUDES

Pool of Data-cleansing tools

Content-management applications

Campaign management systems

SIMPLE CRM-THE PRACTICAL CRM PACKAGE

In simple CRM, marketing and customer service share the same set of customer value metrics, making evaluation and accountability for customer retention and value a team effort

IMPORTANCE OF CUSTOMER DIVISIBILITY IN CRM

Evolving from customer segmentation to divisibility

CRM WEB-BASED TECHNOLOGIES

Web self-help technology overview

Communication technology overview

Technology management overview

Voice technology overview

BEST PRACTICES IN MARKETING TECHNOLOGY

When companies use new technology to its full potential, it can provide effective market research to establish consumer’s area of interest, as well as to gather electronic information at the point of sale (POS) that providers do not currently hold in a usable electronic format

To move towards a true market-led culture, providers should be proactive and establish their customer’s requirements

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