Customer Relationship Management (CRM)
Strategic CRM concentrates upon the development of a customer-centric business culture.
The focus of a business on being customer-centric (in design and implementation of their CRM strategy) will translate into an improved CLV.
The primary goal of CRM systems is integration and automation of sales, marketing, and customer support. Therefore, these systems typically have a dashboard that gives an overall view of the three functions on a single customer view, a single page for each customer that a company may have. The dashboard may provide client information, past sales, previous marketing efforts, and more, summarizing all of the relationships between the customer and the firm. Operational CRM is made up of 3 main components: sales force automation, marketing automation, and service automation.
Sales force automation works with all stages in the sales cycle, from initially entering contact information to converting a prospective client into an actual client. It implements sales promotion analysis, automates the tracking of a client's account history for repeated sales or future sales and coordinates sales, marketing, call centers, and retail outlets. It prevents duplicate efforts between a salesperson and a customer and also automatically tracks all contacts and follow-ups between both parties.
Marketing automation focuses on easing the overall marketing process to make it more effective and efficient. CRM tools with marketing automation capabilities can automate repeated tasks, for example, sending out automated marketing emails at certain times to customers, or posting marketing information on social media. The goal with marketing automation is to turn a sales lead into a full customer. CRM systems today also work on customer engagement through social media.
Service automation is the part of the CRM system that focuses on direct customer service technology. Through service automation, customers are supported through multiple channels such as phone, email, knowledge bases, ticketing portals, FAQs, and more.
The role of analytical CRM systems is to analyze customer data collected through multiple sources and present it so that business managers can make more informed decisions. Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze the customer data. These analytics help improve customer service by finding small problems which can be solved, perhaps by marketing to different parts of a consumer audience differently. For example, through the analysis of a customer base's buying behavior, a company might see that this customer base has not been buying a lot of products recently. After scanning through this data, the company might think to market to this subset of consumers differently, to best communicate how this company's products might benefit this group specifically.
The third primary aim of CRM systems is to incorporate external stakeholders such as suppliers, vendors, and distributors, and share customer information across groups/departments and organizations. For example, feedback can be collected from technical support calls, which could help provide direction for marketing products and services to that particular customer in the future.
Customer data platform
Main article: Customer data platform
A customer data platform (CDP) is a computer system used by marketing departments that assembles data about individual people from various sources into one database, with which other software systems can interact. As of February 2017 there were about twenty companies selling such systems and revenue for them was around US$300 million.
Basingstoke (/ˈbeɪzɪŋstoʊk/ BAY-zing-stohk) is the largest town in the county of Hampshire.[b] It is situated in south-central England and lies across a valley at the source of the River Loddon, at the far western edge of The North Downs. It is located 30 miles (48 km) north-east of Southampton, 48 miles (77 km) south-west of London, 27 miles (43 km) west of Guildford, 22 miles (35 km) south of Reading and 20 miles (32 km) north-east of the county town and former capital Winchester. According to the 2016 population estimate, the town had a population of 113,776.[c] It is part of the borough of Basingstoke and Deane and part of the parliamentary constituency of Basingstoke.
Basingstoke is an old market town expanded in the mid-1960s, as a result of an agreement between London County Council and Hampshire County Council. It was developed rapidly after the Second World War, along with various other towns in the United Kingdom, in order to accommodate part of the London 'overspill' as perceived under the Greater London Plan in 1944. Basingstoke market was mentioned in the Domesday Book of 1086 and it remained a small market town until the early 1960s. At the start of World War II, the population was little more than 13,000. It still has a regular market, but is now larger than Hampshire County Council's definition of a market town.
Basingstoke became an important economic centre during the second half of the 20th century and houses the locations of the UK headquarters of Motorola, The Automobile Association, De La Rue, Sun Life Financial, ST Ericsson, GAME, Barracuda Networks, Eli Lilly and Company, FCB Halesway part of FCB, BNP Paribas Leasing Solutions (the leasing arm of BNP Paribas in the UK) and Sony Professional Solutions. It is also the location of the European headquarters of the TaylorMade Golf Company. Other industries include IT, telecommunications, insurance and electronics.