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modern technologies to increase the customer life time value and long term customer
relation ships.
m The companies must look to cultivate customers.
m Instead of innovating new ways to find a product companies should find new ways to
increase CLV.
m B2B companies uses key account managers and global accountant directors to
increase the CLV.
m TESCO has launched innovative clubcards and various other offers such as giving
coupons with diapers purchased to increase the CLV.
m AMERICAN EXPRESS uses data analysis and algorithm to find customers next new
product.
m The insurance and financial service companies are also launching various innovative
methods to cultivate customers.
m Change marketing department to customer department.
m Chief marketing officer can be replaced with chief customer officer.
m Around 300 companies today are using the concept of CCO.
m CCO should be given proper authority to report to the top
management.
m CCO should remove all the obstacles that stops the flow of
information related with customer.
m Tesco has started TWIST program me to know about their
customers.
m CCO has to play important role in assuring that all the customer
related information are properly utilized.
m CCO should try to remove silo mentalities.
m CCO is accountable to increase CLV.
m Transfer of authority from product manager to customer manager.
m PandG has got key account managers for Wal-Mart.
m B2C companies have put mangers in charge of wealthy customers.
m Product manager should support customer manager.
m Replace market department by customer department.
m Customer benefit should be a head of product benefit.
m 4ps should be designed to give more value to customers.
m Customer equity to be increased.
m Focus shifts from aggregate level to individual level.
m Every customer should be satisfied.
m Customer equity must be given equal importance to brand equity.
m One customer satisfied will create new customer through word of
mouth.
m It firms are using CRM to increase CLV.
m CRM as tool for gauging customer needs and
behaviour.
m Bringing CRM to customer department means
bringing IT skills as well.