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3e779 Module I
- 1. Module I Conceptual Foundation of CRM Evolution of CRM Benefits of CRM Schools of thought on CRM Different Definitions of CRM
- 2. Product marketing Direct Marketing Target Marketing Relationship Marketing MASS MARKET RELATIONSHIP MARKETING SEGMENTATION MARKETING ONE TO ONE MARKETING CUSTOMER RELATIONSHIP MANAGEMENT
- 4. More definition of CRM “ Process of creating and maintaining relationships with business customers or consumers”. “ A holistic process of identifying, attracting, differentiating, and retaining customers”. “ Integrating the firm’s value chain to create enhanced customer value at every step”. “ An integrated cross-functional focus on improving customer retention and profitability for the company.”
- 5. Online insurance company view on CRM: Motivating customers to initiate revenue generating contacts with us. A catalog retailer on CRM : Increasing the likelihood of the right response by a customer segment. A mid market financial institutions view on CRM: We want to attract customers both old and new through more personalized communications.
- 7. Business Strategy and CRM
- 16. Goal of CRM Increased Customer Loyalty = Increased Profits Integrated and personalized interaction that increases value to customers Data Enabled processes Integrated Customer Knowledge Customer Transaction Data Silos
- 18. THE CRM VALUE CHAIN Customer data Customer information Customer Knowledge Customer wisdom
- 19. CRM BUSINESS CYCLE 8. Retain valuable customers . 7. Acquire customers and prospective customers. 6. Deliver increased value to the customer . 5. Interact with customers and prospective customers . 4. Customize by customer segment. 3. Develop product services Channels to meet customer’s needs. 2. Differentiate based on customer needs, characteristics and behavior . 1. Understand customer’s needs CRM
- 20. CRM Concepts Customer Life Cycle The total time that the customer is engaged with your company from the customer’s experience and view point. Consider Purchase Set up Use Customer Asset Loyal customers continue to buy more as they perceive value in the relationship. Customer Information: It is a tangible company asset that can be inventoried and managed. Critical element for building loyalty. Customer Value: It is calculated on the basis of purchases made by an individual.
- 21. Information Technology Process People Components of CRM
- 29. CRM Architecture
- 32. Analytical CRM analyzes customer data for a variety of purposes: Design and execution of targeted marketing campaigns to optimize marketing effectiveness. Design and execution of specific customer campaigns, including customer acquisition, cross-selling, up-selling, retention. Analysis of customer behavior to aid product and service decision making (e.g. pricing, new product development etc.) Management decisions, e.g. financial forecasting and customer profitability analysis Prediction of the probability of customer defection (churn analysis) Analytical CRM generally makes heavy use of data mining..
- 38. Case Study-Right Number The “Say Cello not Hello” promotional scheme for cello thermoware which ran in Mumbai in the week beginning 14, seems to be one of those crazy ideas that make great marketing sense. The brain child of ad agency Situations, the scheme involved trained teams of callers ringing up 33,000 randomly chosen Mumbai telephone numbers. If the person who picked up the phone at the other end side”Cello” instead of “Hello” he or she became eligible for a a free cello Thermaware water jug worth Rs.111 information about the scheme had been disseminated widely through a highly visible ad campaign using press also banners, stickers and leaflets.
- 39. Says anjan Chatterjee, Managing Director of situations, “the idea was born in a hotel lounge in Bangalore. We were toying around with a headline that had proved rather popular :“Say hello to Cello”.Suddenly it struck us:why not call people at random all over Bangalore and tell them to say Cello instead of Hello”?. First tried out in Bangalore the scheme was a big success, achieving its aim of creating top of mind awareness of the product. Chatterjee claims that in Mumbai the scheme took the city’ s residents by storm. According to him the message on the telephone answering machines in house had been changed for the week to cello, just in case the call came through when no one was around. Over the week the schemes leased prizes were delivered to more than 3800 winners.As the ad for these schemes says:”Idea accha Hai”.
Notas del editor
- Marketing Orientation - means that the wholes organisation is focused upon the needs of customers. Customer needs are addressed by the Three Levels of a Product whereby the organisations not only supplies the actual, tangible product, but also the core product and its benefit, and also the augmented product such as a warranty and customer service. Marketing orientation will focus upon the needs of consumers for all three levels of a product. (N.B. 'market' orientation and 'marketing' orientation are not the same). Value Creation - centres on the generation of shareholder value based upon the satisfaction of customer needs (as with marketing orientation) and the delivery of a sustainable competitive advantage. Innovative IT - is exactly that - Information Technology must be up-to-date. It should be efficient, speedy and focus upon the needs of customers. Whilst IT and/or software are not the entire story for CRM, it is vital to its success. CRM software collects data on consumers and their transactions. Huge databases store data on individuals and groups of individuals. In some ways, CRM means that an organisation is dealing with a segment of one person, since every consumer displays different purchasing habits and preferences. Organisations will track individuals, and try to market products and services to them based upon similar buyer behaviour seen in other individuals (e.g. When Amazon tells you that customers that viewed/bought the same product as you, also bought another product).
- Customer Touch Points are vital since your business has a marketing orientation and focuses upon the customer and his or her current and future needs. This is the interface between your organisation and its customers. For example you buy a new car from a dealership, and you enter a showroom. The dealership is a contact point. You meet with a salesperson whom demonstrates the car. The salesperson is a contact point. You go home and look at the car manufacturer's website, and then send the company an e-mail. Both are contact points. Other contact points include 3G telephone, video conferencing, Interactive TV, telephone, and letters. Applications are essentially the software and programmes that support the process. Incidentally, this is what some would call CRM - but we know better. Applications serve Marketing (e.g. data mining software* and permission marketing**), Sales (e.g. monitoring Customer Touch Points), and Service (e.g. customer care). Data Stores contain data on every aspect of the customer, and the Customer Life Cycle (CLC). For example, an organisation keeps data on the products you buy, when you buy them, and where they are sent. Data is also kept on the web pages that you visit and the products that you consider, but then do not buy. Leads are stored here. Data on the life time value of individual customers is stored here, as well as details of how and when the customer was recruited, how - and for how long - individuals have been retained, and details of any products that have been extended to individuals are also stored. The data is analysed using Applications. *Data Mining is where an organisation evaluates large Data Stores for patterns, or relationships between groups or individuals (or segments). Applications present 'patterns' in a format that can be used for marketing decision-making.
- i.e. looks at the products or services that customers NEED throughout their lives. It is marketing orientated rather than product orientated, and embodies the marketing concept The problem here is that every organisation's product offering is different, which makes it impossible to draw out a single Life Cycle that is the same for every organisation.
- Let's consider an example from the Banking sector. HSBC has a number of products that it aims at its customers throughout their lifetime relationship with the company. Here we apply a CLC. You can start young when you want to save money. 11-15 year olds are targeted with the Livecash Account, and 16-17 year olds with the Right Track Account. Then when (or if) you begin College or University there are Student Loans, and when you qualify there are Recent Graduate Accounts. When you begin work there are many types of current and savings account, and you may wish to buy property, and so take out a mortgage. You could take out a car loan, to buy a vehicle to get you to work. It would also be advisable to take out a pension. As you progress through your career you begin your own family, and save for your own children's education. You embark upon a number of savings plans and schemes, and ultimately HSBC offer you pension planning (you may want to insure yourself for funeral expenses - although HSBC may not offer this!).