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4 - Customer Management > Day 3 + 4 > Flashcards

Day 3 + 4 Flashcards

1
Q

What is CRM?

A

Customer relationship management is a process in which a business administers its interactions with customers, typically using data analysis to study large amounts of information. The aim is to imimprove businesses through overall improvement of customers’ satisfaction and organizational performance. For example, by analyzing a customer’s habit, services can be personalized.

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2
Q

Benefits of CRM (3)

A

1) Ability to offer better customer service and develop deeper customer relationships.
2) Pinpoint and target high-value customers more effectively.
3) Enhances the firm’s ability to cross-sell products and develop offers tailored to customers

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3
Q

Which CRM Features are small businesses not taking advantage of?

A

1) Using CRM
2) Managing relationships instead of data
3) Benefiting more from integrated data and platforms
4) Leveraging AI to know more about customers
5) Taking advantage of training and best practices

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4
Q

1) Actually using CRM

A
  • CRM can offer bestter customer experiences but is still not used by many SMB
  • many manual processes could be eliminated
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5
Q

2) Automating important processes

A

-CRM shouldn´t be used manually
-look for options that enable users to be more effective at engaging customers and prospects by unifying contacts into a single system of record
-

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6
Q

3) Managing Relationships instead of data

A
  • companies manage a broad range of business relationships that are not captured in CRM
  • every relationship interaction and conversation needs to be captured as companies shift to build lasting relationships and repeat busines
  • data should be included automatically so that the sales staff can focus on what is important
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7
Q

4) Benefiting more from integrated data and platforms

A
  • businesses haven´t fully recognized the benefits of having all of their customer data on one platform
  • business is unified by affect all sales related business units (e.g. financing, customer, support, sales team)
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8
Q

5) Leveraging AI to know more about customers

A
  • deep and reliable data sets to gain meaningful insights
  • ai and machine learning are enabling companies to understand how users benefit from products
  • AI based lead-scoring has a huge impact -> automization
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9
Q

6) Taking advantage of training and best practice

A
  • CRM would be used more and more deeply if companies would train their workforce more
  • there are many resources available
  • companies aren´t aware of
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10
Q

What can the faster speed of 5G networks lead to?

A

1) higher degree of customer willingness to engage in e-commerce activities
2) higher degree of effectiveness of e-commerce vendors’ activities such as online advertising
3) higher degree of enjoyment (psychological or intangible benefits) when consumers engage in e-commerce activities

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11
Q

Why are the large file sizes of online video ads a problem?

A
  • loading video ads is more time consuming compared to text or photos
  • viewers strongly dislike ads and other contents that do not download quickly
  • > viewers stop watching or switch device
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12
Q

Name technologies that can be combined with 5G (4)

A

1) IoT
2) AI
3) Blockchain
4) Augmented reality and virtual reality

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13
Q

Give an example of combining 5G with IoT

A
  • improve customer experience
  • track inventory in real time
  • manage orders more efficiently
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14
Q

Give an example of combining 5G with AI

A
  • order products online
  • track orders
  • perform other e-commerce activities
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15
Q

Give an example of combining 5G with blockchain

A

-smart contracts can be used by online vendors to automate order fulfillment, supply-chain management, B2B e-commerce

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16
Q

Give an example of combining 5G with AR and VR

A

AR-enabled apps allow a potential customer to virtually place real products in a real setting to provide a clear visualization of the products’ use

17
Q

List the benefits of combining 5G with IT

A

-easier to transfer data created by IoT devices

18
Q

List the benefits of combining 5G with AI

A

-will make it possible to access additional information quicker and understand the environment and context better

19
Q

List the benefits of combining 5G with blockchain

A

-will address security issues and feed the information (for example, from IoT devices) required for a smart contract more efficiently

20
Q

List the benefits of combining 5G with AR and VR

A

5G networks have higher bandwidth, reduced latency, and a higher degree of uniformity to deal with the complex worlds and sophisticated inputs that require processing huge amounts of data

21
Q

Why is 5G so important for the development regarding IoT?

A
  • -IoT device produce huge amounts of ustructured data
  • amount of data created is growing twice as fast as available bandwidth
  • current 4G network is not capable of handling this growth
22
Q

Why is 5G so important for AI and VR technologies?

A
  • use of AR and VR is increasing heavily to improve customer experiences (e.g. VR apps for furnishings, AR shopping)
  • these huge amounts of processed data need the bandwith of 5G
  • data needs to be fed remotely
  • 5G is much faster and can enrich AR and VR experiences
23
Q

Why is 5G so important for blockchain?

A
  • smart contracts: automate fulfillment of orders for the delivery of digital products
  • blockchain can dress security issues in 5G: virtual identity encrypted and stored on blockchain
24
Q

Why is 5G so important for AI?

A
  • improve customer experience
  • AI based devices (as Google and Alexa) can access structured and unstructured information quicker and understand environment and context
25
Q

Name the first 5 questions to ask before selling internationally

A

Do you know your customers?
Do you understand your internal sales culture?
Do you even need to expand?
Do you understand the iternational environments in which you want to sell?
Will you need to alter your approach to account for these differences?

26
Q

Give details to the question “Do you know your customers?”

A
  • good CRM system that enables to segment customers and perform analytics to reveal needed demographic characteristics
  • determine how buyers tick
  • how is their purchaising behacvior -> orchestrate sales campaigns
27
Q

Give details to the question “Do you understand your internal sales culture?”

A
  • discuss all stages of sales cycle
  • what do you do and why? What are the values and approaches?
  • By understanding how you operate, you are more open to appreciating where differences might be when working internationally with other cultures
28
Q

Give details to the question “Do you even need to expand?”

A
  • companies should ask themselves whether they have saturated the domestic market enough to expand the business
  • use opportunities before investing into new ones
29
Q

Give details on the question “Do you understand the international environments in which you want to sell?”

A
  • identify potential customers with similar characteristics
  • which cultural values are important? preferences of of communications? business affecting religion?
  • how are sales being carried out in the targeted country?
  • salespeople need to adapt
30
Q

Give details on the question “Will you need to alter your approach to account for these differences?”

A
  • make sure you have some understanding of each customer base
  • understand cultural and regional characteristics
  • words, terms and positioning don´t always translate
  • be culturally respectfull
31
Q

Name the second 5 questions to ask before selling internationally

A
  1. WILL YOU NEED TO ALTER YOUR PRODUCTS OR SERVICES TO ACCOUNT FOR CULTURAL DIFFERENCES?
  2. ARE YOU MAKING THE BEST ALIGNMENTS FOR YOUR PRODUCTS AND SERVICES?
  3. DO YOU HAVE THE CAPACITY TO SELL INTERNATIONALLY?
  4. IS IT BETTER TO SELL DIRECT OR TO USE AN INTERMEDIARY BUSINESS PARTNER?
  5. WHERE DO YOU FIND THE RIGHT INTERNATIONAL BUSINESS PARTNERS?
32
Q

Give details on the question “Will you need to alter your products or services to account for cultural differences?”

A
  • -expanding to foreign markets might require companies to amend their product or service
  • e.g. to adhere to regulations (food safety, coca cola))
33
Q

Give details on the questions “Are you making the best alignments for your products and services?”

A
  • align with products and businesses in international markets that are complementary with your own products
  • e.g. partner with companies that sell complementary products (cars and tires)
  • > understand customers and their buying habits
34
Q

Give details on the question “Do you have the capacity to sell internationally?”

A
  • companies can get into trouble by trying to sell too much to fast
  • > hard to ensure good product or service performance
  • consumer confidence might erose when performance and quality aren´t consistent
  • are you robust and agile enough to produce at a consistent level abroad? is the supply chain sufficient?
35
Q

Give details on the question “Is it better to sell direct or use an intermediary business partner?”

A
  • local presence and awareness vs. higher profits and security of intellectual property
  • decision depends on target country -> understand how things are done in the target market
  • intermeiaries are usefull when companies are new to international market
  • also financial risk is lower
36
Q

Give details on the question “where do you find the right international business partners?”

A
  • don´t partner with the largest business partner
  • how well will a prospective partner be able to work with you customer persona?
  • does the partner have the technical and service expertise?
  • takes time to develop business partnerships

4 - Customer Management (5 decks)

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