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.
Bristol (/ˈbrɪstəl/ (About this soundlisten)) is a city, ceremonial county and unitary authority in England. Situated on the River Avon, it is bordered by the ceremonial counties of Gloucestershire, to the north; and Somerset, to the south. Bristol is the most populous city in South West England. The wider Bristol Built-up Area is the eleventh most populous urban area in the United Kingdom.
Iron Age hill forts and Roman villas were built near the confluence of the rivers Frome and Avon, and around the beginning of the 11th century, the settlement was known as Brycgstow (Old English "the place at the bridge"). Bristol received a royal charter in 1155 and was historically divided between Gloucestershire and Somerset until 1373 when it became a county of itself. From the 13th to the 18th century, Bristol was among the top three English cities, after London, in tax receipts; however, it was surpassed by the rapid rise of Birmingham, Manchester and Liverpool in the Industrial Revolution.
Bristol was a starting place for early voyages of exploration to the New World. On a ship out of Bristol in 1497 John Cabot, a Venetian, became the first European to land on mainland North America. In 1499 William Weston, a Bristol merchant, was the first Englishman to lead an exploration to North America. At the height of the Bristol slave trade, from 1700 to 1807, more than 2,000 slave ships carried an estimated 500,000 people from Africa to slavery in the Americas. The Port of Bristol has since moved from Bristol Harbour in the city centre to the Severn Estuary at Avonmouth and Royal Portbury Dock.
Bristol's modern economy is built on the creative media, electronics and aerospace industries, and the city-centre docks have been redeveloped as centres of heritage and culture. The city has the largest circulating community currency in the UK; the Bristol pound, which is pegged to the Pound sterling. The city has two universities, the University of Bristol and the University of the West of England, and a variety of artistic and sporting organisations and venues including the Royal West of England Academy, the Arnolfini, Spike Island, Ashton Gate and the Memorial Stadium. It is connected to London and other major UK cities by road and rail, and to the world by sea and air: road, by the M5 and M4 (which connect to the city centre by the Portway and M32); rail, via Bristol Temple Meads and Bristol Parkway mainline rail stations; and Bristol Airport.
One of the UK's most popular tourist destinations, Bristol was named the best city in Britain in which to live in 2014 and 2017, and won the European Green Capital Award in 2015.