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A Framework for Customer Relationship Management (CRM)

A Framework for Customer Relationship Management (CRM). Russell S. Winer. Katrina Goba Yanick Rossier Dorothea Maag Artemis Truffer. University of Bern Faculty of Business and Social Sciences Institute of Marketing and Management (IMU) Management Department. 1.

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A Framework for Customer Relationship Management (CRM)

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  1. A Framework for Customer Relationship Management (CRM) Russell S. Winer Katrina Goba Yanick Rossier Dorothea Maag Artemis Truffer University of Bern Faculty of Business and Social Sciences Institute of Marketing and Management (IMU) Management Department 1 Market Driven Organizations Fall 2010

  2. CRM Basic ModelData Base & Analysis Data Base How to create a database of furniture store clients? Data Analysis What does each customer deliver to the company in terms of profits? 2 Market Driven Organizations Fall 2010

  3. Market Driven Organizations Fall 2010 Customer Selection & Targeting Customer Selection Segmentation-type analysis for most desired customer segment (e.g. highest purchasing rates or greatest brand loyalty) Descriptor variables (e.g. age, preferences or industry type) provide information for deploying the marketing tool Build customer-based profitability through “lifetime customer value” (LCV) Example: Targeting the Customer “1-to-1” marketing to build individual relationship with the customer (e.g. email or SMS) Example: 3

  4. Relationship Marketing 4 Market Driven Organizations Fall 2010

  5. Privacy Issues & Metrics A CRM System takes adequate personal information for granted • May lead to privacy concerns Continuum of Privacy Concerns: (study by Forrester Research) “Simple irritation”  “Feelings of violation”  “Fear of harm”  “Nightmarish visions” 2 options to hold against privacy concerns: • “Opt-in” • “Opt-out” Metrics: Besides traditional metrics (profitability, market share…) CRM-based measures become more important (customer acquisition costs, retention/churn rates…) 5 Market Driven Organizations Fall 2010

  6. The Future of CRM The implementation of successful CRM System remains a challenge! Key (future) Factors for a successful CRM • Split the marketing manager job into 2 parts: Acquisition & Retention • Engage a chief customer officer (CCO) • Move from CRM to Customer Experience Management (CEM) 6 Market Driven Organizations Fall 2010

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