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NEW MARKETING
Relationship oriented Share of wallet oriented All customers are not equal Marketers manage demand Relationship marketing Individual marketing Manage customer experience Focus on existing customers Defensive Dialogue oriented Customer lifetime value
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Increasing market share should not be a companys goal. Rather, increasing share of the right kinds of customers should be the goal.
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Customers should be managed as important assets. Not all customers are equally desirable. Customers vary in their needs, preferences, and buying behavior. By better understanding their customers, companies can tailor their offerings to maximize their overall value.
Definition
Customer Relationship Management is the initiation, enhancement, and maintenance of mutually beneficial customer and partner longterm relationships through business intelligencegenerated strategies based on the capture, storing, and analysis of information gathered from all customer and partner touch points and transaction processing systems. Baran, Galka, Strunk
CRM Systems
Allow companies to ID and focus on their highprofit customers while enabling companies to transform low-value customers into higher-value ones.
Retail Banks Have Realized the Following Benefits from CRM Benefits
Increase in average products sold per customer over one year from 4.6 to 6.2 3-5 percent decrease in administrative costs 200 percent return on technology investment through cost reduction over one year 96 percent reduction in average time for a CCC agent to refer a customer to a branch loan office 83 percent decrease in average customer info retrieval time 15 percent increase in product revenue in one year
CRM Benefits
Benefits Realized in Retail Banking
Increase in average products sold per customer over one year from 4.6 to 6.2 3-5 percent decrease in administrative costs 200 percent return on technology investment through cost reduction over one year 96 percent reduction in average time for a CCC agent to refer a customer to a branch loan office 83 percent decrease in average customer info retrieval time 15 percent increase in product revenue in one year
Multichannel Marketing
Over half of all customers in certain industries (apparel and banking) are using multiple channels for shopping and purchasing: store, telephone, ATM/Kiosk, catalogue, online, etc.
Multiple channel users have two to four times more to spend. In retail banking they are 25-50 percent more profitable.
Questions?