4.4 Analyzing and Using Marketing Information Flashcards
What must be done with the marketing research information once it has been processed and and analyzed?
Once the information has been processed and analyzed, it must be made available to the right decision makers at the right time.
What is a customer touch point?
Customer touch point.
These touch points include customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, market research studies—every contact between a customer and a company.
Definition of Customer relationship management
Customer relationship management:
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
What are many companies turning to in order to organize information that may be scattered widely or baried deep in a separate company database?
To overcome such problems, many companies are now turning to customer relationship management (CRM) to manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty.
What does CRM consist of and what are some examples of companies that provide these tools?
CRM consists of sophisticated software and analysis tools from companies such as Salesforce.com, Oracle, Microsoft, and SAS that integrate customer and marketplace information from all sources, analyze it, and apply the results to build stronger customer relationships.
CRM integrates everything that a company’s sales, service, and marketing teams know about individual customers, providing a 360-degree view of the customer relationship.
What are some of the benifits of a company using CRM?
By using CRM to understand customers better, companies can provide higher levels of customer service and develop deeper customer relationships. They can use CRM to pinpoint high-value customers, target them more effectively, cross-sell the company’s products, and create offers tailored to specific customer requirements.
Definition of Marketing Analytics
Marketing analytics:
The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
Definition of Artifical Intelligence (AI)
Artificial intelligence (AI):
Technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.
The benefits of customer relationship management, big data analytics, and artificial intelligence don’t come without costs or risks.
What are some examples?
The most common mistake is to view CRM, marketing analytics, and AI as technology processes only. Managers get buried in the big data details and miss the big picture. Or they can let machines make decisions rather than putting on their own thinking caps.
What methods should be used when employing AI and Big data to optimize the benifits?
Marketers should start with the fundamentals of managing customer relationships and then employ high-tech data and analytics solutions.
They should focus first on the R—it’s the relationship that CRM is all about.
At what point does Marketing information obtain value?
Marketing information has no value until it is used to make better marketing decisions.
What is a company Intranet?
These systems provide ready access to research and intelligence information, customer transaction and experience information, shared reports and documents, and more.
What are extranets?
Companies are increasingly allowing key customers and value-network members to access account, product, and other data on demand through extranets.
