Information Systems: Week 3

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  • Created by: EvemChas
  • Created on: 23-01-23 15:40

Customer Relationship Management Systems: Part 1

eCRM

  • Firms use CRM systems help manage relationships with customers.
  • CRM systems provide info coordinate business processes deal customer sales, marketing + service optimise revenue.
  • Info helps firms identify, attract + retain most profitable customers.

Customer Examples

  • Telephone sales
  • Web sales
  • Retail store sales

Service Examples

  • Call centre data
  • Web self-service data
  • Wireless data
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Customer Relationship Management Systems: Part 2

The 4 classic Marketing activities of CRM

Customer Extension 

  • Cross-selling + Up-selling
  • Optimise service quality

Customer Retention

  • Understand individual needs
  • Relevant offers continued usage online services

Customer Selection

  • Who do we target?
  • What is their value?

Customer Aquisition 

  • Target right segments
  • Minimise aquisition costs
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Customer Relationship Management Systems: Part 3

Stage 1: Customer Acquisition: Includes promotion + other incentives to:

  • Acquire completely new customers
  • Entice exisitng customers move internet
  • Techniques: Obtaining customer email address

Stage 2: Customer Retention

  • Goals: One-time customers = repeat customers + Keep customers in on-line channel long possible.
  • Techniques: Personalisation (Helps create 'stickiness' + increases switching costs).

Stage 3: Customer Extension 

  • Concerned with maximising lifetime value customer.
  • Techniques: Personalised communications used encourage repeat cross-selling + up-selling.
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