Newsletter, October 2009 - IDRBT
Newsletter, October 2009 - IDRBT
Newsletter, October 2009 - IDRBT
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Fast Forward<br />
<strong>October</strong> <strong>2009</strong><br />
Assess affinity to a product, service or<br />
message<br />
Learn how frequently to contact each<br />
customer<br />
Market basket analysis (cross-sell/up-sell)<br />
Multiple campaign response models<br />
Customer growth and profitability growth<br />
models<br />
Churn models<br />
Customer lifetime value<br />
Credit risk scoring<br />
Analytical CRM<br />
The data collected in operational management is<br />
analyzed to segment customers using various old<br />
and sophisticated data mining analytics. Analytical<br />
CRM is composed of the following components<br />
(i) Pattern discovery (ii) Product and customer<br />
analysis (iii) Multitude (iv) Sorting and customer<br />
fractionation and (v) Customer value evaluation.<br />
Thus, in a broad sense, data warehousing, online<br />
analytical processing, data mining and marketing<br />
constitute a CRM solution<br />
loyalty. It allows a company to synchronize and<br />
manage efficient, productive interaction with<br />
customers, prospects, partners and internal<br />
associates across all communication channels.<br />
The customers' viewpoint is taken care of at every<br />
transaction level thus enabling better service to the<br />
customer. Collaborative CRM also reduces web<br />
service costs by enabling web collaboration.<br />
Implementation of CRM<br />
To implement CRM, following factors need to be<br />
accorded due consideration:<br />
Interaction between customers and<br />
company should be made easy, which in<br />
turn enhances quick response to<br />
customers' request and suggestions<br />
Information about company like content<br />
of customisation, advantages of the<br />
company, benefits doled out to the<br />
customers should be given easy access.<br />
This establishes profitable relationships<br />
with the customers based on mutual trust<br />
and respect.<br />
A b u n d a n t s u p p l y o f c u s t o m e r<br />
information, which is integrated from<br />
different channels<br />
Analytical solutions provided for most companies<br />
are an integrated view of customer across all<br />
channels and applications such as campaign<br />
performance analysis, customer profitability<br />
analysis, cross selling and up-selling<br />
Customers' data should be updated along<br />
with passage of time.<br />
Having cordial relationship with other<br />
companies targeting the same customer<br />
Collaborative CRM<br />
segment. Thus, giving relevant solution to<br />
customers' need and increasing<br />
Collaborative CRM proposes the collaboration of acknowledgement to customers<br />
results obtained from various departments of<br />
enterprise like sales, technical support and Customers' data must be segmented for<br />
marketing and shares the information collected customization thereby tailoring the<br />
about customers. The objective is to improve the<br />
quality of customer service and increase customer<br />
company's product and services<br />
accordingly<br />
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