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Customer Relationship Management

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Customer Relationship Management

Professor William Qualls University of Illinois

Balanced Scorecard
The concept originated with 12 companies in a study group lead by Robert Kaplan of Harvard University Used by a majority fortune 500, Government, non-profit enterprises Focuses on outcomes/results -not activities Looks at five performance areas rather than a single, traditional bottom line

5 primary areas of performance focus ...
Customer Management Perspective - “To achieve our vision, how must we look to our customers & constituents?” Internal Operations Perspective - “To satisfy our customers, what management processes must we excel at?” Organizational Learning and Innovation Perspective - “To achieve our vision, how must our university learn and improve?” Financial Management Perspective - “If we succeed, how will we look to our constituents?” Employee Empowerment & Management - “How will we reward performance and provide for learning?”

Benefits of A BALANCED SCORECARD
Clarifies a firm’s Vision Provides balanced assessment & accountability at all levels Creates alignment of strategic operating priorities with results Supplies strategic feedback & key learnings Links rewards to performance outcomes Accelerates organizational change

Customer Relationship Management (CRM)

CRM is a business strategy that an organization
performs to identify, select, acquire, develop, retain, and better serve customers A CRM strategy attempts to optimize a firms profitability, revenue and customer satisfaction by focusing on a customer centric process.

EVOLUTION OF CRM
DATABASE MARKETING 1980’S ?Focus on Data Mining and Direct Marketing was the outcome RELATIONSHIP MARKETING 1990’S ?Focus on loyalty programs

CUSTOMER RELATIONSHIP MARKETING

2000’S+

GOALS OF CRM
Provide better customer service Cross sell products more effectively Helps sales staff Simplify marketing and sales processes Discover new customers and new customer needs Increase customer revenue

CRM AND SRM

CRM

CRM

CRM

SUPPLIER

MANUFACTURER

DISTRIBUTOR

RETAILER

SRM

SRM

SRM

CRM and Analytics…
2. What’s Missing?
Who, what, why Robust qualitative: Hearing the “Consumer/Client Voice” Primary research customized to client’s real marketing and sales need True 360 degree analytic view of client General lack of understanding of client’s business and negligible insight delivery No way to do standard market driver protocols: tests, market measurement, satisfaction & loyalty assessment No guidance on what to do with all the data

1. Typically, CRM Analytics are …
Automated ‘alerts’ Automated scripts to assist Customer Service or Sales Automated data mining templates, very restrictive and inflexible

3. This leads to three areas of need… ? Deliver full faceted analytics ? Enrich customer understanding ? Optimize ‘CRM’ strategy and customer intelligence (data, customer understanding, and marketing driven solutions)

Full-Faceted CRM Analytics Are Needed…
1. 2. 3. 4. 5. Attitudes & Perception Customer Satisfaction Customer Propensity Branding & Awareness Segmentation (Values) Models 1. 2. 3. 4. 5. Automated Research Behavioral Data Prediction & Classification Rules /Flags/Scores Enriched database

Consumer Insight

Market Research

CRM Analytics and Data Mining

Attitudinal

Behavioral

Understanding of Customer Needs to be Enriched…

Attitudes Behavior
Transaction, Scanner CRM & Clickstream Data Perceptual Attitudinal Quali/quant Data

Demographics
and Third Party Data

Data Stream

SEGMENTING
? Cross Tables ? Cluster Analysis ? Correspondence Analy. ? Principal Components ? CART

PREDICTING
? Regression ? Neural Networks ? Genetic Algorithms ? CART ? Bayesian Choice

TESTING/MODELING
? Chi Square ? T-Tests/ANOVA ? Structural Modeling ? Data Modeling

Marketing Strategies, Responses, and Actions

CRM Strategy Has to be in Place and Optimized for Effectiveness…

Determine Business Drivers

Assess Customer Value

Develop, Test & Deploy CRM Value Propositions

Measure, Analyze & Refine CRM Processes

Quali/Quant Research

Test Levers Evaluate Models Measure Effectiveness Refine Solutions

Market Analysis Secondary Research Competitive Intelligence Segment/Profile

CRM Analytics Behavioral & Attitudinal Data ROI Customer Loyalty Customer Satisfaction




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