week11&12.pptx - COIS 485 E-Marketing Strategies Customer Relationship Management Chapter Objectives \u2022 After reading this chapter you will be able

week11&12.pptx - COIS 485 E-Marketing Strategies Customer...

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Customer Relationship Management COIS 485: E-Marketing Strategies
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Chapter Objectives After reading this chapter, you will be able to: Define customer relationship management (CRM) and identify the major benefits to e-marketers. Outline the three pillars of relationship marketing for e- marketing. Describe social CRM and how it relates to traditional CRM. Discuss the nine major components needed for effective and efficient CRM in e-marketing. Highlight some of the company-side and client-side tools that e-marketers use to enhance their CRM processes. Differentiate CRM metrics by customer life cycle stage. 2
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Relationship Marketing Defined Relationship marketing is about establishing, maintaining, enhancing, and commercializing customer relationships through promise fulfillment. A firm using relationship marketing focuses more on wallet share, the amount of sales one customer can generate over time, than on market share. 4
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From Mass Marketing To Relationship Marketing 5
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Stakeholders The four stakeholders most affected by internet technologies include: Employees who need training and access to data and systems used for relationship management. Business customers in the supply chain. Lateral partners, such as other businesses, not-for-profit organizations, or governments. Consumers who are end users of products and services. 6
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3 pillars of relationship marketing 7
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Customer Relationship Management CRM is a philosophy, strategy, and process that includes all 3 pillars. The benefits of CRM 1.0 include: Increased revenue from better targeting. Increased wallet share with current customers. Longer retention of customers. The cost of acquiring a new customer is typically 5 to 7 times higher than the cost of retaining a current customer.
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