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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 Initiatives


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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


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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


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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?


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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


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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)


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CRM Marketing Initiatives

  • Customer value measurement is data-intensive

    • Value modeling is only as accurate as the customer data is rich


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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


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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


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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


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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


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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


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Eddie Bauer

  • Read the Case Study

    • P. 45-49 The CRM Handbook


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