CRM Note 1

CRM Note 1 - CRM Course Note Set 1 Customer Relationship...

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Customer Relationship Management CRM Course – Note Set 1
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Example Average tenure of Chief Marketing Officers 2005: 22.9 Months 2010: 33 Months In comparison CEO tenure averages 4 to 5 years. Why?
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Basics: Introduction to CRM A Framework for CRM Ready for 1 to 1 Advanced: CRM and Marketing Marketing Assets Brand Equity versus Customer Equity Administration Course Structure
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CRM Basics
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CRM The infrastructure that enables the delineation of and increase in customer value, and the correct means by which to motivate valuable customers to remain loyal – indeed to buy again (Dyche – The CRM Handbook) The process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders (Kotler) A Business strategy which pro-actively builds a bias or preference for an organization with its individual employees, channels, and customers resulting in increased retention and increased performance (Carlson Marketing Group) Wikipedia http://en.wikipedia.org/wiki/Customer_relationship_management
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A Framework for CRM - Winer “The need to better understand customer behavior and the interest of many managers to focus on those customers who can deliver long-term profits has changed how marketers view the world.” Value of Best Customers 5% increase in retention can increase NPV by 95% Repeat customers generate 2X the gross income as new customers Loyal Customers Less price sensitive Less costly to serve Spend more Positive word of mouth effects
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A Framework for CRM - Winer 1. Create a Database l Transactions, contacts, demographics, response to stimuli l Amazon, PG (or Coke), GM 2. Analysis l Levels of segmentation l Prediction 3. Customer Selection 4. Customer Targeting l Direct marketing methods 5. Relationship Marketing l Exhibit 5: Service, LPs, Customization, Community Building 6. Privacy Issues 7. Metrics
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Ready for 1 to 1 – Peppers & Rogers Peppers and Rogers introduced the terminology of 1 to 1 marketing in the early 1990s. While they often get credit for CRM, the notion of optimizing the value of customers dates back to at least the 1950s “The idea is simple: one-to-one marketing means being willing to and able to change your behavior toward an individual customer based on what the customer tells you and whatever else you know about the customer.” (especially the valuable ones)
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This note was uploaded on 11/21/2011 for the course BUS 443 taught by Professor Michaellewis during the Spring '11 term at Emory.

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CRM Note 1 - CRM Course Note Set 1 Customer Relationship...

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