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Chapter 13 Instructor Shan A. Garib, Summer 2013 1 LO 1 ◦ Overall process of building and maintaining profitable customer relationships ◦ Delivering value and customer satisfaction is key ◦ Use of information technology and databases ◦ Attitude is as important as technology for an organization ◦ Large CRM systems can be tens of millions of dollars 2 LO 1 ◦ Access to customer information from any touch point ◦ Collected and stored for all employee access ◦ Customer Experience Management All touch points with brand are considered Gain insight into customer needs and behaviour 3 LO 2 ◦ ◦ ◦ ◦ Management must “walk the talk” Employees take ownership in everything they do Heightened sense of customer service responsibility A CRM culture does not come in a box of software 4 LO 4 ◦ Customer Acquisition ◦ Customer Retention ◦ Get customers and keep them: key to profitability 5 LO 4 ◦ Pareto’s Rule (80/20) Reward heavy users with special care ◦ Canadian Tire Money is oldest loyalty program in Canada ◦ The added value that differentiates ◦ Provide a wealth of information about customers 6 LO 5 Data Mining ◦ Efficient way to sort through information ◦ Identify relationships between variables ◦ Spot trends ◦ Loyalty programs provide a lot of this data Data Warehouse ◦ Electronic library of indexed information ◦ Mine the data to enhance strategic decisionmaking Outcome Better marketing decisions 7 LO 5 ◦ ◦ ◦ ◦ Each customer is an investment Enhance loyalty through service Improvement in customer value Increase in “share of wallet” 8 LO 6 ◦ Databases can be mined to segment customers based on value ◦ Strategically manage segments based on profitability ◦ Beware of potential competitor poaching of highvalue customers consider whether “firing” low value customers may present a risk 9 LO 6 ◦ Customer purchase data can be analyzed based on when they were made, and frequency of purchases ◦ Strategies enabled to reactivate before too late, ensuring lapsed customers become loyal customers ◦ Solving problems for lapsed customers can yield high customer loyalty 10