In the example above, we have two clusters. Cluster Record Factor Flow. It provides business insights that enable firms to offer specific, personalized services and products to their customers. Clustering is used in a commercial environment for Cross-marketing, cross-selling, deciding media, understanding other goals, etc. Record In a CRM database, a set of information stored in a row of the database and pertaining to one customer is called Record.
A customer record holds critical data about a customer including the standard data such as name, order data, billing information, and credit information. Factor In CRM, factors are agents or representatives that help in achieving organizational goals. People, processes, and technology are the three most important factors of CRM.
It is essential to ensure that the process is in place and accounts for the people involved in the organization before selecting the right technology. Flow In CRM, the flow starts from typically capturing new leads, and the sales team will then work on these new leads and try to close the deal.
It can be done by using CRM features like events, tasks, email marketing, reminder and quotes, etc. Upon close, the CRM flow then moves to projects and operations. It is an important metric used by marketing managers while making decisions regarding sales, marketing, product development, and customer support. Ideally, lifetime value should be greater than the cost of acquiring a customer. Customer Click-Through Value Customer Click Through Rate refers to the ratio of the number of customers exposed to a link on a specific website page or in an email who clicks the link and visits the advertisement of the product or service.
This technique is primarily used by digital marketers to quantify the success and effectiveness of an email or advertising campaign. Customer Referral Value The value that is obtained from a customer's positive word of mouth through which one can get an additional customers is called Customer Referral Value CRV.
CRV requires rigorous, time-intensive methodology, as it must be determined by how many referrals a customer will make when directly prompted, usually through incentive offered by the firm. CRV helps in determining which customers should be targeted for word of mouth and referral campaigns. Quality control management Total quality management Efficient customer feedback data mining.
List - I List - II Quality control management Quality control management is a process through which a business ensures that a quality of a product or service is maintained or improved. It requires an environment in which both management and employees strive for perfection.
It can be done by training personnel, creating benchmarks for product quality, and testing them to check for statistically important variations. Total quality management Total Quality Management TQM is an approach that organizations use to improve their internal processes and increase customer satisfaction.
When TQM is implemented properly, it can lead to decreased costs related to corrective or preventive maintenance, better overall performance, and an increased number of loyal customers. TQM places a strong focus on process improvement and controls as a means of continuous improvement. Efficient customer feedback Customer feedback refers to the insights, information, and input shared by the community about their experiences regarding a company's product or services.
Efficient customer feedback is used to know more about current and potential customers. Customer feedback aids in the improvement of the customer experience and can empower positive changes in the business. Data mining Data mining is a process used by companies to extract usable data from a larger set of raw data.
Businesses can learn more about their customers by using data mining software to develop more effective marketing strategies, increase sales and decrease costs. The steps in the CRM process are: Collection of customer data : CRM systems allow companies to interact effectively with customers , streamline marketing processes, and improve profitability.
Analyzing customer data : CRM analytics comprises all programming that analyzes data about customers and presents it to help facilitate and streamline better business decisions. Identify the target customers : After analyzing data about customers next step in the CRM process is to identify the target customers. Developing CRM programs : It refers to all strategies, techniques, tools, and technologies used by enterprises for developing, retaining, and acquiring customers.
The software gathers customer data from multiple channels. Implementing programs : Implementation is the process of installing CRM software so an organization can manage current and potential customer relationships. Successful CRM implementation can help businesses analyze customer interactions, efficiently track leads, and streamline processes. Therefore, option 2 is the correct answer. Answer Detailed Solution Below Option 1 : relationship marketing.
Explanation: Relationship marketing is a facet of customer relationship management CRM that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales. The goal of relationship marketing or customer relationship marketing is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion, and information from customers that can generate leads.
Social Marketing : Social marketing seeks to develop and integrate marketing concepts with other approaches to social change. Social marketing aims to influence behaviors that benefit individuals and communities for the greater social good. The goal is to deliver competition-sensitive and segmented social change programs that are effective, efficient, equitable, and sustainable.
Niche Marketing : Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.
Service Marketing : Services marketing typically refers to both business to consumer B2C and business-to-business B2B services, and includes marketing of services such as telecommunications services, financial services, all types of hospitality, tourism leisure and entertainment services, car rental services, health care services, and professional services and trade services.
Answer Detailed Solution Below Option 3 : 3. Customer Relationship Marketing CRM : Customer Relationship Marketing CRM refers to all marketing activities directed towards establishing, developing, and maintaining successful relationships with their customers. The theories and concepts of CRM draw upon a number of distinct areas including service quality, services marketing, customer retention economics, and issues related to interpersonal and social interaction.
However, the practice of relationship marketing is as old as marketing and selling. CRM, Customer Relationship Management is a business strategy that enables organizations to get closer with their customers , to better serve their needs, improve customer service, enhance customer satisfaction and thereby maximize customer loyalty and retention. Though all of the above options help to maintain good relationships with customers, the core of CRM lies in marketing activities a business undertakes like developing various promotional programs to attract and retain customers and meet the individual needs of valued customers.
Answer Detailed Solution Below Option 1 : building a dynamic relationship with the customer. Key Points Customer relationship management strategy needs to achieve the following: Govern how to satisfy customers beyond developing good products and services Help retain existing customers to maximize efficiencies and reduce the cost of acquisition Ensure customer needs, satisfaction and a memorable brand experience Improve the overall relationship between the business entity and specific audiences Concentrating on the individual needs of a specific customer segment required a different set of customer relationship values.
Customer satisfaction and loyalty are now the important business metrics, delivering products and services was now secondary to the customer experience. Answer Detailed Solution Below Option 4 : perceived value. Key Points Perceived Value: The perceived value of a product is the value that is determined by the customer's point of view.
Every customer has their own point of view for the product keeping in mind the advantages and features of the product, capacity to satisfy the needs, and other factors. This leads to a certain value being created in the mind of the customer. The customer assumes a certain price for the product. The perceived value of the product is usually created in the minds of the customers by comparing the substitute product.
The marketing professional tries to influence the perceived value of the product through different measures like describing the attributes of the product superior to that of the competitor.
If the firm clearly understands the perceived value, then the main purpose is achieved. The pricing decisions are often influenced by the perceived value of the product. In some cases, the price of a product or service may have more to do with its emotional appeal than with the actual cost of production. The marketing of a product or service involves attempting to influence and increase its perceived value, which can emphasize qualities such as its aesthetic design, accessibility, or convenience.
Additional Information Product Value: Product value is referred to the amount of benefit that a customer gets by the consumption of the product. It includes all the satisfaction derived by the use of the product after deducting the associated costs of the product.
Maximum Value: Maximum value of a product is referred to the maximum expected satisfaction derived by the use of the product. It is this value that the company tries to focus on. Minimum Value: The minimum value of a product is the least expectation that a customer possesses from a certain product. It is the lesser part of the expectations from a product that the customers have from a particular product. Effective use of feedback and other information to make effective decision.
Look for different ways to record customer feedback. Educate about the variety of products available. Communicate effectively with the customers. Key Points Identification of customer needs is one of the most important steps in customer relationship management. It is mandatory for firms to collect relevant data to analyze them and ultimately take a wise decision. There are many methods that can be employed to collect data about the customers.
Being customer-oriented helps in creating long-term relationships with the customers. There are various methods that are directly employed to identify customer needs: Conducting surveys and questionnaires- Firms create various surveys and questionnaires for the purpose of collecting data from the existing as well as prospective customers. It is a method that helps in getting to know the accurate picture of the firm in the economy.
The analysis done through surveys help businesses to get a picture of their position in the market in terms of fulfilling the needs of their target customers. Customer interviews- Interviewing the customers helps to directly understand the needs and expectations of the customers. This method also helps in interacting with the customers and collecting reliable data. It is the direct way of collecting customer inputs.
Firms can interact directly with customers who are using the product or who have chosen to buy it. It is considered to be reliable over other ways of acquiring inputs. This is done through the record keeping of all customer information in one easily accessible location.
You can also take advantage of goal tracking capabilities, meaning you get a real insight when making key marketing decisions. So, if you are a business that sells products and you get a lot of after-sales calls relating to a certain product, the CRM tools will highlight this to you so you can rectify the issue.
This includes capturing leads as well as organising and analysing information about customers. By tracking demographics or past buying histories, customers receive purchase transactions that are tailored to them, which encourages them to come back for more.
If your customers can easily manoeuvre through your automated system, they are more likely to become return customers. It may seem daunting, but there are many applications, both software and web-based, as well as CRM consultants that can help you find the right CRM solution for your business. A usual CRM system involves a combination of e-mails, snail mails, contact manager systems, sales tracking systems, marketing campaigns, voice mail systems and multi-media contact centers.
CRM helps your business in two primary ways: it gives you the ability to target your marketing, and it improves customer service. This is with the use of established systems, procedures and processes involving all sorts of interaction with them. It consists of evolving processes of the business based on client needs, employee training, IT systems and software, and other services. Search inside document. Sunil Kumar.
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