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CRM in Marketing. CRM Initiatives. CRM Marketing Initiatives. Cross-Selling Selling a product or service to a customer as a result of another purchase Selling the right product to the right customer. CRM Marketing Initiatives. Cross-Selling (continued)

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crm in marketing

CRM in Marketing

CRM Initiatives

crm marketing initiatives
CRM Marketing Initiatives
  • Cross-Selling
    • Selling a product or service to a customer as a result of another purchase
    • Selling the right product to the right customer
crm marketing initiatives3
CRM Marketing Initiatives
  • Cross-Selling (continued)
    • Selling more products to a customer increases revenue from that customer and costs less than acquiring a new one
    • Not every customer is a good candidate
    • It is critical to understand the ways by which customers evaluate how and whether to respond to promotions
crm marketing initiatives4
CRM Marketing Initiatives
  • Up-Selling
    • Motivating customers to trade up to more profitable products
  • Customer Retention
    • Analyzing customer attrition
      • Understanding why customers have left
      • Understanding who
      • How do you keep them?
      • Churn prediction
        • What is CHURN?
crm marketing initiatives5
CRM Marketing Initiatives
  • Behavior Prediction
    • Using modeling and data mining techniques, including
      • Propensity to buy analysis
        • What product is a particular customer likely to buy next
      • Next sequential purchase
        • What product is a customer likely to buy next
      • Product affinity analysis
        • Which products will be purchased with other products
      • Price elasticity modeling and dynamic pricing
        • Determining the optimal price for a given product
crm marketing initiatives6
CRM Marketing Initiatives
  • Customer Profitability and Value Modeling
    • Can a customer be unprofitable but still considered valuable?
    • Customer Lifetime Value (LTV)
      • Potential value
      • Competitive value (wallet share)
crm marketing initiatives7
CRM Marketing Initiatives
  • Customer value measurement is data-intensive
    • Value modeling is only as accurate as the customer data is rich
crm marketing initiatives8
CRM Marketing Initiatives
  • Channel Optimization
    • Means optimizing a company’s “inbound” channels with its “outbound” means of customer interaction
    • Knowing how to choose the best approach for each
    • Understanding the channels through which specific customers prefer to interact with the company

AND

    • How best to communicate with your customers
crm marketing initiatives9
CRM Marketing Initiatives
  • Personalization
    • Customizing customer communication based on knowledge preferences and behaviors at the time of interaction
    • Online messages tailored to a particular customer or customer segment
    • In the B2C model, personalizaiton is based on the analysis of a customer’s clickstreams
crm marketing initiatives10
CRM Marketing Initiatives
  • Personalization
    • Clickstreams
      • A customers navigation path through a company’s Web site
      • A company can see not only what a customer purchased by how the customer reached the site in the first place
      • How he traveled through the site after he got there
      • How much time he spend on each page
      • Which products might have stimulated purchases of other products
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CRM Marketing Initiatives
  • What new tactics can analyzing clickstreams trigger?
    • Changes to Web images
    • Custom promotions or discounts
    • Customized Web pages according to the visitor’s use of the site
crm marketing initiatives12
CRM Marketing Initiatives
  • Event-Based Marketing
    • Time-sensitive marketing or sales communication reacting to a customer-specific event.
    • Also called event-driven marketing
    • Can apply to a segment of customers or to individual customers
    • This is what companies adopting CRM are striving for
crm marketing initiatives13
CRM Marketing Initiatives
  • Event-based marketing
    • Combine personalization techniques with process design to ensure that the right action targets the right customer at the right time
    • Ideal goal is to react to customers in near real-time
eddie bauer
Eddie Bauer
  • Read the Case Study
    • P. 45-49 The CRM Handbook
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