Chapter 11 Flashcards
What is Customer Relationship Management (CRM)?
Essential part of the marketing strategy. Brands that systematically work on developing and maintaining relationships with individual customers based on customer data.
What is Customization?
Increasing customer revenue through the creation of tailor-made offers.
What is Customer Lifetime Value (CLV)?
Total of all future profits (revenue - cost) resulting from a customer. In other words, how much the customer is worth in the time they are customer.
What is Customer Equity?
All customer lifetime values of all customers for a specific organization.
What is Customer Engagement Value (CEV)?
A comprehensive term that measures the total value of the customer through capturing his transactional and non-transactional behaviors.
What is the CRM Process?
Adjusting the offers to the wants and needs of the customer based on customer data.
What is Personalization?
Personalized offer, value proposition and a customer experience that meets the customer’s wishes.
What is Individual Value Proposition?
A business or marketing statement that a company uses to summarize why a consumer should buy a product or use a service.
What is Basic Data?
Identification data that is essential to being able to recognize the customer for administrative, marketing and communication purposes.
What is Profile Data?
Additional, statistic data, used for compiling customer profiles and segments.
What is Behavioral Data?
Dynamic data that changes continuously as a result of the interaction between the digital provider and the customer.
What is Usage Data?
Dynamic data that also changes continuously, but this happens as a result of the interaction between the users and the products.
What are Digital Data Resources?
The multiple ways of retrieving valuable data.
What is First-Party Data?
Information that organizations directly collect from customers.
What are Third-Party Cookies?
Collecting data through cookies on websites, apps and other channels.
What is Customer Segmentation?
Segmenting customers based on customer value, interests, preferences, or willingness to enter relationships.
What is Target Segmentation Selection?
Identifying target segments for specific marketing activities.
What is Customer Profile Analysis?
Determining the characteristics of buyers of a specific product.
What is Response Analysis?
Identifying variables that predict the response to a marketing activity.
What are Acquisition Profiles?
Detecting promising prospects and predicting responses to promotional offers.
What are Predictive Analytics?
Predicting customer behavior, purchasing behavior, future customer revenues and opportunities for customer retention.
What are Retention Profiles?
Detecting potential defectors and predicting responses to churn reduction activities.
What is Ubiquitous CRM?
A synonym for this is omnipresent. Contextual customer data are automatically gathered.
What are Customer Groups?
Bringing together customers that are alike.