Customer relationship management
a company wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Customer Centric
an internal management philosophy similar to the marketing concept. Under this philosophy the company customized its product and service offering based on data generated through interactions between the customer and the company.
Knowledge Management
a process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization.
Interaction
occurs when a customer and a company representatives exchange information and develop learning relationships.
Touch Points
are all areas of a business where customers have contact with the company and data might be gathered.
Point of sale interactions
communication between customers and organizations that occur at the point of sale, normally in a store. (another touch point)
Data Warehouse
a central repository (database) for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business
Data Mining
used to find hidden patterns and relationships in the customer data stored in the data warehouse. Example: Albertson's supermarket use data mining to identify commonly purchased items that should be placed together on the shelves and to learn what soft dr
Campaign management
involves monitoring and leveraging customer interactions to sell a company's products and to increase customer service.
Retaining loyal customers
identify best customers and maintain and increase their loyalty
Cross Selling other products or services
they can cross sell customers products that match their demographic, lifestyle, or behavior characteristics.
Designing targeted marketing communications
Kraft foods teamed with Wegmans Supermarkets to determine which advertising campaigns were most effective for frequent buyers
Reinforcing Customer Purchase Decisions
offers marketers an excellent opportunity to reach out toe customers and help reinforce their decisions on purchases
Inducing Product trial by new customers
using a database can help pick out potential customers with similar interests.
Increasing effectiveness of distribution channel marketing
a business structure of interdependent organizations, such as wholesalers and retailers, that move a product from the producer to the ultimate consumer
Lifetime Value Analysis
a data manipulation technique that projects the future vale of the customer over a period of years using the assumption that marketing to repeat customers is more profitable than marketing to first-time buyers.
Advertising
Megaphone
Public Relations
Podium
Sales
Handshake
Sales Promotion
Coupon