18996124-CRM-in-Marketing

CRM in Marketing:

CRM in Marketing CRM Initiatives

CRM Marketing Initiatives:

CRM Marketing Initiatives Cross-Selling Selling a product or service to a customer as a result of another purchase Selling the right product to the right customer

CRM Marketing Initiatives:

CRM Marketing Initiatives Cross-Selling (continued) Selling more products to a customer increases revenue from that customer and costs less than acquiring a new one It is critical to understand the ways by which customers evaluate how and whether to respond to promotions

CRM Marketing Initiatives:

CRM Marketing Initiatives Up-Selling Motivating customers to trade up to more profitable products Customer Retention Analyzing customer attrition Understanding why customers have left Understanding who How do you keep them?

CRM Marketing Initiatives:

CRM Marketing Initiatives Behavior Prediction Using modeling and data mining techniques, including Propensity to buy analysis What product is a particular customer likely to buy next Next sequential purchase What product is a customer likely to buy next Product affinity analysis Which products will be purchased with other products Price elasticity modeling and dynamic pricing Determining the optimal price for a given product

CRM Marketing Initiatives:

CRM Marketing Initiatives Customer Profitability and Value Modeling Can a customer be unprofitable but still considered valuable? Customer Lifetime Value (LTV) Potential value Competitive value (wallet share)

CRM Marketing Initiatives:

CRM Marketing Initiatives Channel Optimization Means optimizing a company’s “inbound” channels with its “outbound” means of customer interaction Knowing how to choose the best approach for each Understanding the channels through which specific customers prefer to interact with the company AND How best to communicate with your customers

CRM Marketing Initiatives:

CRM Marketing Initiatives Personalization Customizing customer communication based on knowledge preferences and behaviors at the time of interaction Online messages to a particular customer or customer segment In the B2C model, personalizaiton is based on the analysis of a customer’s

CRM Marketing Initiatives:

CRM Marketing Initiatives What new tactics can analyzing clickstreams trigger? Changes to Web images Custom promotions or discounts Customized Web pages according to the visitor’s use of the site

CRM Marketing Initiatives:

CRM Marketing Initiatives Event-Based Marketing Time-sensitive marketing or sales communication reacting to a customer-specific event. Also called event-driven marketing Can apply to a segment of customers or to individual customers This is what companies adopting CRM are striving for

CRM Marketing Initiatives:

CRM Marketing Initiatives Event-based marketing Combine personalization techniques with process design to ensure that the right action targets the right customer at the right time Ideal goal is to react to customers in near real-time