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CRM: WEEK 4 (1/30 – 2/3)

In Week 4 of our CRM series (1/30–2/3), we focused on defining and leveraging relationship learning to build trust-based customer relationships. Key concepts included the IDIC model (Identify, Differentiate, Interact, Customize) and understanding the lifetime value (LTV) of customers. We explored methods for identifying the most valuable customers using RFM analysis (recency, frequency, monetary), and differentiated between operational and analytical CRM. Noteworthy activities involved understanding customer identification and needs differentiation to enhance customer value.

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CRM: WEEK 4 (1/30 – 2/3)

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  1. CRM: WEEK 4 (1/30 – 2/3) • Last Week Highlights: • Define and Leverage Relationship Learning • Building Trust Based Relationships • IDIC Model • Identify • Differentiate • Interact • Customize • Life Time Value of A Customer (LTV) • Identifying most valuable customers • RFM – recency, frequentcy, monetary • Operational vs. Analytical CRM definition • Marketing Automation

  2. CRM: WEEK 4 (1/30 – 2/3) • Monday (1/30) Objectives: • Review Identification Activities • Data Needed • Differentiating Customers • Based on Value • Future Oriented • Convergys Case • Managing Mix of Customers

  3. CRM: WEEK 4 (1/30 – 2/3) • Monday (1/30) Objectives: • Review Identification Activities • Customer data already collected • Get customers to identify themselves • BTB vs. BTC • Data Needed • Behavioral – matched with promo events • Attitudinal - AIO • Demographic – life stages

  4. CRM: WEEK 4 (1/30 – 2/3) • Monday (1/30) Objectives: • Differentiating Customers • Based on Value – current vs. potential • Future Oriented – LTV • Convergys Case – life stages • Managing Mix of Customers

  5. CRM: WEEK 4 (1/30 – 2/3) • Wednesday (2/1) Objectives: • Differentiating Customers Based on Needs • Leveraging Needs Differentiation to Build Customer Value • Case Analysis Process • Read Three Times • Case Brief Components

  6. CRM: WEEK 4 (1/30 – 2/3) • Wednesday (2/1) Objectives: • Differentiating Customers Based on Needs • Needs segmentation versus demographic • VALS • Leveraging Needs Differentiation to Build Customer Value • Customer portfolio: similar needs (demographic profile) • Monitor behavior relative to needs • Best Face Foreward

  7. CRM: WEEK 4 (1/30 – 2/3) • Case Analysis Process • Read Three Times • First: Quick read to determine key issues in case and gain overall understanding of contest: sketch out problems/issues facing management • Second: Detailed read to find relevant information to problems/issues and begin contemplating recommendations: revise problems/issues as needed, jot down relevant background, alternatives and final recommendation • Third: Quick read to determine the “fit” of your recommendations • Case Brief Components: (see handout)

  8. CRM: WEEK 4 (1/30 – 2/3) • Friday (2/3) Objectives: • NO CLASS FRIDAY (2/3)

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