Chapter 11 Flashcards
(20 cards)
Customer Relationship Management
The transformation of the people, process, and technology required to become a customer-centric organization
CRM involves
acquiring, retaining, and partnering with selected customers to create superior value for both the company and its customers
CRM is about
building and maintaining profitable and long-term customer relationships beyond just one transaction
By: focusing on customer requirements, delivering products and services in a manner resulting in high levels of satisfaction
How: frequent communication, understanding their behaviors/requirements, building an efficient system to satisfy those requirements
Channels for selling
customer touch points that play an important role in the customer experience
several functions:
raising awareness among customers about a company’s products and services
helping customers evaluate companies value proposition
Traditional Channel
Brick & Mortar Store
E-Commerce
search catalogs and order online
Multichannel
Company doing business with different customer types independent of each other (wholesalers, retailers, business to business)
Omnichannel
integrated, seamless experience across multiple devices and touchpoints (buy online pickup instore)
Why do Companies need CRM
- Acquire new customers
- Retain existing customers
- Expand business with existing customers
- Meet the changing expectations of customers
Goals and Benefits of CRM
- Increased customer satisfaction
- Increased customer loyalty and retention
- Faster responses to customer inquiries
- Increased revenue
- Growth of customer base through referrals
- A simplified and more cost effective marketing and sales process
- Increased sales effectiveness
- Increased sales through cross-selling/upselling
- Access to updated customer information and personalized interactions
- Automation of repetitive tasks
Segmenting Customers
dividing a customer base into groups of individuals similar in ways relevant to customer
Target Marketing
a segment of customers that a company has decided to aim its marketing efforts and products/services toward
Event based marketing
a form of marketing that identifies key events in the customer and business life cycle
Order Management
the process of receiving and accepting customer orders and then ship, invoice and communicate order status to the customer
Field Service Management
involves setting up the company operations to allow customers to interact directly with the company’s service personnel
Sales Force Automation
Used for documenting field activities, communications with the home office, and retrieving sales history
Sales Activity Management
Tool offering sales reps a guided sequence of sales activities
Sales Territory Management
sales managers obtain information on each sales reps activities
Lead Management
Sales reps can follow perscribed tactics when dealing with prospects to aid in closing the deal
