Week 1: Awareness

Question 1

Definition of Customer Relationship Management (CRM) - what is it, what is it used for, and what is it enabled by?

Answer 1

• CRM is a top down core business strategy focused on creating a customer centric organizational culture
• The goal is to foster loyal customers and employees by designing and delivering exceptional experiences
• It is grounded on high quality metrics and business sensors enabled by IT

Question 2

Who is involved in the CRM process?

Answer 2

Type: Humans vs. Technology
Control: Internal (within an organization) vs. External (outside an organization)

Question 3

Explain the customer relationship process from the customer POV.

Answer 3

- Awareness: When a customer realises they have a need or problem and requires a solution
- Intent: When a customer is actively looking for a solution
- Own: When a customer has already purchased your product or service and is using it
- Promote: When customers become advocates for your brand

Question 4

Identify and explain the 8 analytics capabilities in the analytics value curve.

Answer 4

- 01: OMG: Abundance of data
- 02: Data Fortress: Data is stored, secured and available
- 03: Basic Reporting
- 04: Business intelligence
- 05: Statistical Analysis: Project what happens if current trend continues
- 06: Predictive Models: Illuminate what will happen in the future
- 07: Prescriptive Models: Evaluate predicted future alternatives, recommend optimal actions
- 08: Process Optimization: transformation underway

Question 5

Explain what descriptive analytics is.

Answer 5

• Interpretation of historical data
• Quantitatively describes or summarizes a dataset
• Prepare the data for further analysis

Question 6

Name me the 4 stages in the DATA process.

Answer 6

• D: (Deduce) formulate concrete analytical questions
• A: (Acquire) get the best data available
• T: (Tidy) clean the dataset
• A: (Augment) add value to the dataset: categorize and transform

Question 7

Name and explain the 7 persuasion techniques

Answer 7

• Reciprocity: People repay in kind
• Scarcity: People want more of what they can have less of
• Authority: People defer to experts
• Consistency: People align with clear commitments e.g. getting site visitors to commit to something relatively small (and usually free), like a guide or whitepaper.
• Liking: People like those who like them e.g. sharing something similar or a more superficial interest, like physical attractiveness.
• Social Proof: People follow the lead of similar others
• Unity: Shared identity that both the influencer and influencee are part of. The more we perceive people are part of “us,” the more likely we are to be influenced by them.