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1
Q

B&S

A

Buying & Selling

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2
Q

RM

A

Relationship Marketing

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3
Q

CIMS

A

Customer Information Management Systems

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4
Q

CRM

A

Customer Relationship Management

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5
Q

e-CRM

A

A subset of CRM that focuses on enabling customer interactions via e-channels (The web, email, and wireless)

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6
Q

DEFINITIONS of CRM

A
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7
Q

UNDERPINNING THEORY

A
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8
Q

AN EXAMPLE of UNDERPINNING THEORY

A
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9
Q

POTENTIAL BENEFITS OF CRM

A

Customer retention
Share of customer or share of wallet
Cross-selling
Up-selling

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10
Q

Up-selling

A

Upselling is a sales strategy that involves encouraging customers to buy a higher-end version of a product than what they originally intended to purchase.

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11
Q

POTENTIAL COSTS OF CRM

A

IT infrastructure
Process change

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12
Q

BENEFITS OF CRM FOR CUSTOMERS

A

Continuity
A contact point
Personalisation

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13
Q

THREE PHASES OF CRM

A
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14
Q

STEPS TO IMPROVE CRM

A
  1. Build a database
  2. Analyse, define types, profitability
  3. Customer selection
  4. Activities to delight selected customers
    - discourage others
  5. Analyse again to see how we’re doing
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15
Q

WHAT SHOULD BE IN THE DATABASE

A

Demographics
 How do you get people to provide this?
History of contacts
Transaction history or summary
Response to marketing communications
 How did you hear about us (this offer?)

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16
Q

OLAP

A

Online analytical processing

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17
Q

CUSTOMER TYPES

A
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18
Q

ADVANTAGES OF CRM

A

While company is quickly growing, customers are more satisfied as well
Service provided in a better way, and a quicker way
Sales force automated
Integrated customer information
Certain processes eliminated
Operation cost cut, and time efficient
Brand names more quickly established
A central database so that everyone in your company can keep track of customer
contacts
Sales and marketing teams can benefit from having all this inside knowledge
about customers
Lets you set up rules for distributing work throughout your company
Lets you pick and choose the functionality that you want

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19
Q

TOP 10 GLOBAL CONSUMER TRENDS 2022

A

BACKUP PLANNERS

CLIMATE CHANGERS

DIGITAL SENIORS

FINANCIAL AFICIONADOS

THE GREAT LIFE REFRESH

THE METAVERSE MOVEMENT

PURSUIT OF PRELOVED

RURAL URBANITES

SELF-LOVE SEEKERS

THE SOCIALISATION PARADOX

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20
Q

HOW DO COMPANIES RESPOND TO CONSUMERS IN 2022?

A

*Businesses need to evolve quickly to keep up with changing consumer behavior.
*Successful businesses will develop deep, supportive connections with customers.
*The customer experience needs to be seamless and tailored.
*Sustainability is a renewed competitive advantage.
*Partnerships can help businesses expand their reach and achieve objectives beyond their current capabilities.

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21
Q

SOCIALISATION PARADOX

A

The Socialisation Paradox is a behavioural phase influencing consumer habits.

Consumers are approaching a return to pre-pandemic life in different ways based on their comfort levels. Certain consumes are eager, whilst others are hesitant, to resume their normal activities, creating The Socialisation Paradox.

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22
Q

SELF-LOVE SEEKERS

A

Consumers will focus on personal growth and acceptance, as uncertainty continues, but to varying degrees.

Acceptance, self-care and inclusion are at the forefront of consumer lifestyles. Self-Love Seekers prioritise their happiness, feeling comfortable in their own skin and indulging in goods and services that elevate their sense of self.

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23
Q

RURAL URBANITES

A

Consumers want safe, clean and green environments, whether in the city, suburbs or countryside. Spacious and sustainable communities will dictate where Rural Urbanites choose to live.

Suburban and rural communities offer more spacious housing and greener scenery, luring consumers out of the metropolitan area. City dwellers also want these benefits brought into their neighbourhoods.

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24
Q

PURSUIT OF PRELOVED

A

Thrifting is trending. Consumers are moving from an owning to an experiencing mindset. Sustainability and individuality are removing the stigma associated with secondhand shopping and driving peer-to-peer commerce.

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25
Q

PURSUIT OF PRELOVED

A

Thrifting is trending. Consumers are moving from an owning to an experiencing mindset. Sustainability and individuality are removing the stigma associated with secondhand shopping and driving peer-to-peer commerce.

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26
Q

METAVERSE MOVEMENT

A

The digital world is evolving beyond virtual hangouts to immersive 3D realities. Consumers are embracing these digital spaces to socialise with communities.

inovative companies have already employed AR / VR applications in their business processes. Consumers using online games and video-first social media
for streaming and socialising are establishing the groundwork for The Metaverse Movement.

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27
Q

GREAT LIFE REFRESH

A

The pandemic triggered consumers to make The Great Life Refresh, resulting in drastic personal changes and a collective reboot of values, lifestyles and goals.

Consumers will continue to navigate the turbulence of the pandemic. Companies catering to The Great Life Refresh stand to be seen as partners, helping consumers adapt to a new way of life. Businesses should tailor marketing to acknowledge and support consumers’ decisions to take action.

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28
Q

FINANCIAL AFICIONADOS

A

Consumers are gaining confidence in investing and becoming savvy savers to strengthen financial security. Financial Aficionados take control of their money and use services to track their transactions.

Money management apps that are consumer-centric, digestible, educational and simple stand to benefit in this era of financial democratisation. These businesses will build customer loyalty at a time when trust in financial institutions is waning.

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29
Q

DIGITAL SENIORS

A

Older consumers were forced online as the world shut down. Now, familiar and comfortable with technology, Digital Seniors are empowered to make purchases and use services through this channel.

The pandemic broadened older consumers’ minds to the benefits of the digital world. As older consumers embrace technology, human interactions will remain a prevalent component of how they engage with brands.

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30
Q

CLIMATE CHANGERS

A

Green activism and low-carbon lifestyles are here to stay. Consumers expect brands to step up and are taking action through the products they purchase as concerns over the climate emergency escalate.

Digital innovation is reshaping how retailers, manufacturers and consumers transition to a new era of environmental transparency. Tech tools, such as digital product labelling and mobile tracking apps, help consumers trace ethical claims, their carbon footprint and recycling habits on their phones.

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31
Q

BACKUP PLANNERs

A

Faced with challenges in securing their usual or desired products and services, Backup Planners are looking
for ways to purchase similar items or finding creative solutions to obtain alternatives

By late 2022, supply chains should start to
stabilise and access to products should revert to pre-COVID-19 levels. Yet, new shopping habits will dictate how Backup Planners discover and select products, from locally sourced to direct-to-consumer brands to subscription services.

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32
Q

Convenience

A

Time is precious. Efficiency, immediacy, and simplicity are in demand as consumers seek convenience in every aspect of their lives. They expect access to everything anytime and anywhere, instant gratification with minimal effort, and seamless experiences without having to ask for it.

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33
Q

Digital Living: FOCUS AREAS FOR INNOVATION

A

Personalise without compromise
Everything on demand
Smarter homes
The metaverse

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34
Q

Convenience: FOCUS AREAS FOR INNOVATION

A

Pricing
Simple solutions
The right tools
Access and availability

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35
Q

Diversity and Inclusion

A

Consumers expect brands to take action and have a tangible impact. They demand authenticity and consistency.

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36
Q

experience more: FOCUS AREAS FOR INNOVATION

A

Less = more
Community and collaboration
Fun and functional

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37
Q

Experience More

A

You need to connect with your customers
in a meaningful way. Touchpoints should be intentional, and every stage of the user journey should be enhanced.

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38
Q

Diversity and Inclusion

A

A holistic approach
Brand purpose
Workplace culture
Outreach and advocacy

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39
Q

Personalisation

A

Brands are tasked with putting the “custom” in “customer.” You’ll want to offer solutions or deliver precision products that address certain concerns.

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40
Q

Personalisation: FOCUS AREAS FOR INNOVATION

A

Competitive advantage
Education and efficacy
Get ahead or get left behind

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41
Q

Premiumisation

A

Ingredients, materials, design, features—these are all aspects you can level up to improve your offer. Regardless, products that command a premium price point must help consumers achieve their lifestyles and align with their personal choices. Benefits need to be obvious and equate to the cost.

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42
Q

Premiumisation:fOCUS AREAS FOR INNOVATION

A

Services that add value
Positioning
A wellness lens
Digital capabilities

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43
Q

Pursuit of Value

A

consumers seek value in different ways. Stretching resources also means a shift towards conscious consumption and the need or desire to be less wasteful. Brands will need to cater to varying demands.

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44
Q

Pursuit of Value:FOCUS AREAS FOR INNOVATION

A

Value for money
Explicit benefits
Creative solutions

45
Q

Shopper Reinvented

A

Technology powers an enriched customer journey. Automation can improve efficiencies while AR and VR can elevate brand engagements. You can make use of digital tools to deliver a truly curated, consumer-centric experience.

46
Q

Shopper Reinvented:FOCUS AREAS FOR INNOVATION

A

Ubiquity - Retail operations need to be agile and adaptable to serve shoppers at any moment.

New selling models

Tech upgrades

47
Q

Sustainable Living

A

a big challenge remains: the price tag. Consumers aren’t typically willing (or even able) to pay a premium for these solutions. Brands will need to make the sustainable option an affordable one, too.

48
Q

Sustainable Living: FOCUS AREAS FOR

A

Commit to the cause

u can review all business functions like strategic partnerships or supply chain management and find opportunities to effect positive change.

Circularity

Affordable alternatives

49
Q

Wellness

A

Scientific developments and digital adoption will continue to expand market potential. Tech-enabled wellness creates precise, data- driven solutions and advanced diagnostics. Your products or services should help your customers achieve optimal health.

50
Q

Wellness: FOCUS AREAS FOR INNOVATION

A

Multiple dimensions->Physical and mental health

Reliable and credible products->real results

Precise data -> Consumers want accurate data to make informed decisions about their health

51
Q

Follow these four steps to incorporate megatrend analysis into your strategy.

A
  1. Identify and Prioritise
  2. Assess
  3. Build Your Innovation Pipeline
  4. Review and Evolve
52
Q

Identify and Prioritise

A

First, you need to identify which megatrends are the most relevant for your business.

Take Pursuit of Value

Keep your customer top of mind.

After you nail down your top ones, it’s time to prioritise.

53
Q

ASSESS

A

Next, evaluate the impact of each on your sectors or product categories

Begin to pinpoint specific consumer needs per megatrend that you can explore and look for relevant campaigns or case studies to see how each is materialising in the market.

54
Q

Build Your Innovation Pipeline

A

Once you have a clear vision of growth potential, divide opportunities into immediate and long-term timelines.

Put into motion the initiatives that your existing portfolio and capabilities can capitalise on with limited investment.

55
Q

Review and Evolve

A

Consumer behaviour and priorities change with the world around us, and your business strategy needs to do the same.

Don’t make this a one-time process. These developments shift over time as new milestones, technologies or events alter our habits.

56
Q

Differences between traditional marketing and Relationship marketing

A
57
Q

For relationship marketing, organizations

A

do NOT ONLY WANT TO SELL ONE but they also want customers to be delighted about their products and services and intent to sell more to the existing customers.

Thus, those type of organization target to not only sale but also a long-term and trust relationship with these customers in order to accompany them in a long journey and sell products and services during the long journey.

relationship marketing regards customers service a key component in the business chain

Relationship marketing has broader, longer-term goals than traditional marketing.

Some relationship marketing strategies including branding, customer service training, community and media relations, social media, newsletters, blogs, referral programs and frequent buyer incentives.

58
Q

SCRM stands for …

A

Customer Relationship Management software integrating with socialmedia
channels

59
Q

SCRM

A

allowing your teams t o leverage social informationt ounderstanda n dengagecustomers,
gain market insights, and provide better customer service

60
Q

Examples and benefits of social CRM

A
  • A business-or even a customer-creates a fan page for your company or product on Facebook. People who like your brand and the way you conduct business will sign up as fans, creating a venue for communication, marketing and networking.
    A business can quickly get information out to users who are interested in the company or its products.
  • A business can follow conversations about its brand for real-time market data and feedback.
  • A customer can easily tell a company -and evervone else-about their experiences with the company, whether those experiences are good or bad.
  • A business can respond very quickly to negative feedback; attend to customer problems; and maintain, regain or rebuild customer confidence.
  • A customer can use social networking sites to offer ideas for future products or tweaks to current ones.
61
Q

SCRM Metrics

A

Social CRM tools use the following metrics to measure the level of successful customer engagement:

Traffic
Engagement
level of followers
brand mentions

62
Q

Traffic

A

Social CRM measures traffic and conversion rates from social media platforms. This enables a business to see how many customers visit sites and how those clicks convert into value.

63
Q

Engagement

A

Social CRM enables you to measure not just clicks, but user engagement with the sites.

64
Q

Level of followers

A

Social CRM helps identify active followers and how they do or do not interact with the company’s content.

65
Q

Brand mentions

A

Social CRM helps measure how many followers are talking about a company or brand and if those customers are sharing their experiences via social media platforms.

66
Q

Disadvantages of CRM

A

-Organizational wise change of priority to customers.
- Significant investment of time and money
- Threatens management’s control/power struggle
- Heightens people’s resistance to change
- Inappropriate integration leads to disaster

67
Q

Relationship marketing is a modern concept

A

This concept focuses on developing, maintaining, and retaining long-term relationships with customers for the benefit of the organization.

68
Q

New Technology and Relationship Marketing

A

The concept of search engine optimization is the key to organization in the age of the internet. Blogs, video clips, social networks, etc. play an increasingly important role in relationship marketing. These mediums are interactive in nature and help companies maintain real-time relationships with consumers.

69
Q

Integrated Customer Approach

A

The field of information technology is going to be ever-changing and will become more sophisticated. But the key focus will remain on the relationship component by utilizing consumer experiences and ideas. As the sophistication of product and services increase, the basis of differentiation will reduce, thus customer experience and relationship will drive the value of satisfaction.

70
Q

Citizen relationship management

A

is a growing effort at all levels of government to respond quickly, succinctly and accurately to citizen requests or inquiries for answers to questions and general information about policies, practices, and procedures.

71
Q

Ultimately, the goal of both CRMs is to

A

foster closer, more effective and efficient working relationships, to better anticipate and meet customer/citizen needs and to develop a more detailed working understanding of what customers/citizens want, expect, and need from those who serve them.

72
Q

Government Services Administration’s (GSA) Services seeks to

A

provide rapid, accurate, and consistent information about how the government works, and to answer questions from citizens in similar fashion.

USA services provides a clearinghouse for misdirected phone calls and e- mails, and offers a contact center to provide IT specialists and automated responses to citizen inquires by phone and over the Internet.

Similar efforts are underway at state, county, and municipal levels, as governments seek to interact more effectively with the people they serve.

73
Q

PRM stands for …

A

Partner relationship management

74
Q

PRM

A

is a combination of the software, processes and strategies companies use to streamline business processes with partners who sell their products.

75
Q

PRM systems are often

A

web- or cloud-based and typically include a partner portal, customer database, and other tools that allow companies and partners to manage leads, revenues, opportunities and sales metrics. Partner relationship management systems also track inventory, pricing, discounting and operations.

76
Q

Benefits of PRM

A

Many companies rely on partner companies to sell products on their behalf as part of a channel strategy,

in addition to or instead of using a direct distribution channel.

Those indirect channels may include value-added resellers (VARs), retailers, consultants, managed service providers (MSPs), systems integrators (SIs), original equipment manufacturers (OEMs) or independent software vendors (ISVs).

Having a partner relationship management system in place helps channel managers streamline all of their partner sales processes and minimize duplication within the business.

77
Q

Differences between CRM and PRM

A

PRM is similar to customer relationship management (CRM) in that companies use CRM systems to monitor the marketing, sales and service process of customer relationships.

When working directly with a customer, a sales rep can target the consumer and work one-to-one with that potential customer.

While CRM does help with the relationship between a business and a customer, it’s much more focused on the C and M of CRM – once it converts a lead into a customer, it’s about managing that next purchase.

78
Q

PRM software

A

software is typically cloud-based and includes content management, lead distribution, deal registration, marketing development, promotions, pricing and sales analytics.

PRM apps also support customization, so companies can personalize their software for specific partners. In addition, PRM software should include:

79
Q

jei klaustu ar augo prm per pastaruosius 10 metu

A

The PRM market has expanded over the past 10 years, according to Gartner, providing more use and benefits for companies that rely on partner relationships. Channel sales managers need different tools to manage different styles of customers, and PRM software can help provide the necessary capabilities for partner sales.

Vendors large and small have moved to fill that space, including Salesforce, IBM and NetSuite (owned by Oracle), as well as PRM-specific vendors Allbound Inc., Impartner Inc., Magentrix Corp. and others.

80
Q

PRM software should include:

A
  • Partner portals for vendors to communicate and exchange data with their channel partners;
  • Access management features to control who can view what data;
  • Collaboration tools for vendor and partner employees to work together on business
    opportunities;
  • Dashboards with partner performance management tools to measure goals and monitor
    results using key performance indicators; and
  • Integration with business tools including contract management, content management
    systems, project management, time management, expenses, calendars and communication channels.
81
Q

PRM best practices

A

A successful PRM implementation fosters collaboration and profitable relationships between dealers, vendors, and channels. Invest in compatible software and provide necessary support and training.

Keep information updated in the PRM system to maintain expectations and target goals for effective partnership management.

82
Q

same Differences between CRM and PRM but shortly

A

*PRM (Partner Relationship Management) is similar to CRM (Customer Relationship Management).

*CRM systems are used to monitor marketing, sales, and service processes in customer relationships.

*Sales reps can use PRM to work directly with partners and target potential customers one-to-one.

*CRM is more focused on managing customer relationships after they have already made a purchase.

83
Q

Customer as Driving Force

A

The customers are going to be at the center of any strategy companies are going to develop. If a particular customer is currently generating a lower margin but has great future potential then it makes more sense for the company to develop strategies around that customer.

84
Q

Two types of distribution channels

A
85
Q

Customer Relationship Management (CRM)

A

A company-wide business strategy designed to optimize profitability and customer satisfaction by focusing on highly defined and precise customer groups.

86
Q

Focus of CRM:

A

➢Customers rather than products
➢Changes in processes, systems, and culture
➢All channels and media involved in the marketing effort, from the Internet to field sales.

87
Q

Company CRM Plan Evaluation

A

The evaluation is done simply using the advanced features mentioned as –

1.Contact management
2.Reporting and analytics
3.Process standardization
4.Pipeline management
5.Sales forecasting
6.Email tracking
7.Call recording

88
Q

Benefits of CRM to the Small Firm

A

Economic benefits of maintaining relationships with current customers:
◦ Acquisition costs for new customers are high.
◦ Long-time customers spend more money than new ones.
◦ Happy customers refer their friends and colleagues.
Economic benefits of maintaining relationships with current customers:
➢Order-processing costs are lower for established customers.
➢Current customers are willing to pay more for products.

89
Q

Sources of the Next Sale

A
90
Q

Essential Materials of a Successful CRM Program

A
91
Q

Outstanding Customer Relationships through Extraordinary Service

A

Transactional Relationship
➢ An association between a business and a customer that relates to a purchase or a business deal
Beliefs about Exceptional Customer Service
➢ Small firms possess greater potential for providing superior customer service than large firms.
Beliefs about Exceptional Customer Service
➢ Superior service creates customer satisfaction.
➢ Customer satisfaction results in a positive transactional relationship.
➢ Positive relationships lead to increased firm profits.

92
Q

Managing Customer Satisfaction

A

➢Providing the most basic benefits of the product or service.
➢Offering general support services, such as customer assistance.
➢Setting up a system to counteract customers’ bad experiences.
➢Delivering extraordinary services that excel in meeting customers’ preferences and make the product and/or service seem customized.

93
Q

Extraordinary Service: Personal

A
94
Q

Customer Experience Management (CEM)

A

➢An approach that recognizes that with every interaction, customers learn something about a firm that will affect their desire to do business there in the future.
➢Having a positive experience with a business becomes part of the firm’s value equation.

95
Q

Customer Service Strategies

A

❖Provide an exceptional experience throughout every transaction
❖Provide sales materials that are clear and easy to understand
❖Respond promptly to customers’ requests and concerns
❖Listen to customers and respond accordingly
❖Stand behind products/services
❖Treat customers as family members and best friends
❖Stay in the hearts and minds of customers

96
Q

Using Technology to Support Customer Relationship Management

A
97
Q

Creating a CRM Database

A
98
Q

Customer Segmentation Strategy

A

A process of identifying customers that fit into smaller, more homogeneous groups.

99
Q

80/20 Principle

A

A principle that maintains that 80 percent of a firm’s sales will come from 20 percent of its customers.

100
Q

Recency-Frequency Monetary Analysis

A

An analysis that reveals customers most likely to buy from a firm in the future because they have made purchases recently, frequently, and in amounts exceeding an established minimum.

101
Q

Customer Lifetime Value (CLV)

A

The total profit expected from all future sales to a long-term customer

102
Q

Stage 1: Need Recognition

A
103
Q

Stage 2: Information Search and Evaluation

A
104
Q

Stage 3: Purchase Decision

A
105
Q

Stage 4: Post-Purchase Evaluation

A

➢Can be reduced by:
❖Reassurance by salespersons.
❖Guarantees and trial periods.
❖Customer follow-ups.
❖Confirming information from other users.

106
Q

IDIC model

A
107
Q

QCI model

A

Described as a customer management model rather than a customer relationship model, the
Quality Competitive Index model focuses on three main activities: acquisition, retention, and
penetration.
The QCI model starts with the customer’s external environment at the top—their pain points,
business goals, and other factors will affect whether they are ready to buy or interact with your
sales team, which in turn impacts the customer experience. The customer experience then affects
customer proposition (what you offer the customer) and customer management activities. As you
can see from the magnified version of the inner circle, many activities are involved to acquire
and retain customers.
The QCI model also considers the people and technology involved with keeping this whole
system going. Although QCI has replaced the word “relationship” in CRM, this model still starts
and ends with people.

108
Q

Payne’s Five Forces model

A

The Five Forces CRM model was developed by Adrian Payne and Pennie Frow. This model
emphasizes a cross-functional approach for effective CRM processes.
There are two main components to the model: cross-functional CRM processes and key elements
of CRM implementation.
Payne’s model outlines five processes:
1. Strategy development
2. Value creation
3. Multichannel integration
4. Information management
5. Performance assessment
There are four key elements necessary for a successful CRM implementation:
* CRM readiness
* CRM change management
* CRM project management
* Employee management

109
Q

CRM value chain

A

A value chain is a high-level model developed by Michael Porter that identifies the processes a
business uses to develop an end product or service for the customer. The goal of the value chain
model is to identify and prioritize the most valuable activities to the company and improve
processes to gain a competitive advantage.
The CRM value chain model applies this principle to customer relationships. This CRM model
observes all the stages and activities required to build a relationship with a customer.
These activities are divided into two stages: primary and support.

CRM (1 decks)

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