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- CRM in Marketing
Curtis Adams
Jordan Burns
Lindsey Birmingham
Leah Barnhill
- Motivational Research
Motivational Research
-1960’s Practice
-Included everything from showing volunteers
a series of advertising to administering focus
groups
-Scope of these efforts remained unwavering
in product focus
-However with the customer acting as a
component of the purchase cycle…BRAND
WAS KING.
- Product Marketing
-Became a study within itself
-Part research…Part guessing game…part
leap of faith
-Predictable
-Product marketing campaigns were designed
to reach as many as possible
-Focused on all customers having the same
needs and wants and the actual pitch of the
product
- Target Marketing
Customer data as Segmenting
important as the customers allowed
product data room for specialized
communication
Sum of all the Segmenting
customers to a customers based on
single individual preferences can
reveal interesting
facts about
consumer behavior
- Relationship Marketing
-Understanding their preferences…increasing the
odds of retaining them
-You are not trying to sell a single product to as
many customers as possible
-You are trying to sell a single customer as many
products as possible
-One to One means not only communicating with
customers as individuals but also developing
customer products and tailored messages based
on customers unspoken needs
-Relies heavily on customer’s experience of the
company as it does on the specific message
received
- Campaign Management
-CRM is a necessity.
-Hard Labor in launching new marketing campaigns
-Conceive, plan, define the target audience,
determine channel of communication, launching the
promotion
-CRM products offering campaign management
present savings of time, labor and cost and
demonstrate quantitative ROI
-Proactive campaign management is like a good
wine…it gets better with age.
-Tracking campaign success results in higher
response rates and greater ROI
-Use of results of campaigns to refine future
campaigns has been acknowledged as the best CRM
practice.
- CRM Marketing Initiatives
•Cross-selling and Up-Selling
•Customer Retention
•Behavior Prediction
•Customer Profitability and Value
Modeling
•Channel Optimization
•Personalization
•Event-Based Marketing
- Cross Selling and Up Selling
Cross-selling- the act of selling a product or
service to a customer as a result of another
purchase.
Example- New mothers buy clothes for their
babies and then themselves as well.
Up-selling- motivating current customers to trade
up to more profitable products.
Example- McDonalds super size option.
- Cross Selling and Up Selling Ctd.
These two forms of selling are an art and knowing
which products will increase the customer’s
buying is the key.
Here are some things to think about:
Selling customers something they wouldn’t want
or need could cause them to buy less.
Not every customer is a good candidate for these
types of selling.
Understanding the ways how and whether the
customer responds to promotions
- Customer Retention
Understanding why customers leave for
competitors is key to find ways to retain them in
the future.
Churn- the customers leaving one business for
its competitors.
When a customer leaves there is:
Loss of revenue
Loss of investment in acquiring them
- Customer Retention Ctd.
Loss of stable market for new products
Businesses have studied the characteristics of
those who have left their business to understand
why, to predict who might leave next, and to find
out who is desirable to keep.
They also are tying to find what method might
work best to keep these customers, such as
promotions or free stuff
- Behavior Prediction
This uses past consumer behavior to foresee the
future behavior of their customers.
This analysis includes several variations.
1. Propensity-to-buy analysis- understanding what
a particular customer might buy.
2. Next Sequential Purchase- predicting the
customers next buy.
3. Product Affinity Analysis- Understanding which
products will be bought with others. Also known
as market basket analysis.
4. Price elasticity modeling and dynamic pricing-
determine the best price for a given product.
- Behavior Predictions Ctd.
The marketing decisions that come for this
analysis:
1. Preemptively offering discounts or fee waivers
to existing customers who are at risk of
churning.
2. Refining target marketing campaigns so
smaller customer segments or specific
products.
3. Packaging certain products together and fixed-
pricing them to sell more products and increase
their profitability.
4. Cross-selling products likely to be purchased
with other products.
- Customer Profitability and
Value Modeling
Customer Profitability- deals with the company’s
view of the possible profit to be made from its
customers.
Value Modeling –deals with the value of the
customer’s other features like ability to bring in
more profitable customers or the potential to be a
more profitable customer.
Value modeling is only as accurate as the
customer’s data is rich.
- Channel Optimization
Offering the right message to the right customer
at the right time.
Example: Customers who us Internet banking
services might prefer a new emailed offer with
their regular statement and a customer visiting a
branch office might prefer a cup of coffee along
with a brochure.
Once you understand the channels your
customers prefer to interact with your company
you must then decide what is the best way to
communicate with them.
- Personalization
This is the capability to customize customer
communication based on knowledge preferences
and behaviors at the time interaction.
Examples: a site you bought CD’s from greet you
and offers you CD’s that are of your favorite
artists when you enter the site or the home
shopping channel operator greets you on when
you call and helps you quickly purchase what
you need and all because you shopped there
once before.
- Personalization Ctd
The first example used variable insertion to
personalize the site for the current customer because
it had information recorded from the last transaction.
Over time, the customer is more and more known to
the company through study of the customer’s profile:
data, past purchases, click stream data, and web
survey responses. Then the company knows what to
offer the customer to entice them to buy more or
keep them from churning.
Example: if a person responds to a discount on skis
then they might also buy cold weather apparel.
Using personalization can take out he guess work in
your business.
Personalization in the B2C space is based on
studying click stream data (one’s navigation path
through a company’s Website.
- Clickstream
Clickstream monitoring includes how customer:
Reached site
Traveled through site
Spent his time and how much did he spend
What was bought that stimulate buys of other
products
Analysis of clickstream can trigger new tactics in
companies. Examples:
Changes in Web impressions according to
customer’s clickstream
Custom promotions or discounts based on past
purchases of research.
Customized web pages according to the visitor’s use
of site.
- Event Based Marketing
This is a time sensitive marketing or sales
communication reacting to a customer-specific event.
Example: sending an application for collision
insurance to people who recently had a car accident.
Businesses today are to focus in on the individual
customer in a real time situation and get away from
the blank event-based marketing.
An example of this ideal goal of reacting to
customer’s event in near real time is: when a
customer receives coupons at the store, right after
their purchase, that they might be interested in.
- Event Based Marketing Ctd.
This kind of marketing requires solid process
automation and a well calibrated workflow to
be effective in influencing the customer’s
buying behavior.
The ultimate goal of a company, despite the
type of customer communication, is to get
them to visit the store or website to buy
products they are happy with.
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