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.
The London Borough of Croydon (audio speaker iconpronunciation (help·info)) is a London borough in south London, part of Outer London. It covers an area of 87 km2 (33.6 sq mi). It is the southernmost borough of London. At its centre is the historic town of Croydon from which the borough takes its name; while other urban centres include Coulsdon, Purley, South Norwood, Norbury, New Addington and Thornton Heath. Croydon is mentioned in Domesday Book, and from a small market town has expanded into one of the most populous areas on the fringe of London. The borough is now one of London's leading business, financial and cultural centres, and its influence in entertainment and the arts contribute to its status as a major metropolitan centre. Its population is 386,710, making it the second largest London borough and fifteenth largest English district.
The borough was formed in 1965 from the merger of the County Borough of Croydon with Coulsdon and Purley Urban District, both of which had been within Surrey. The local authority, Croydon London Borough Council, is now part of London Councils, the local government association for Greater London. The economic strength of Croydon dates back mainly to Croydon Airport which was a major factor in the development of Croydon as a business centre. Once London's main airport for all international flights to and from the capital, it was closed on 30 September 1959 due to the lack of expansion space needed for an airport to serve the growing city. It is now a Grade II listed building and tourist attraction. Croydon Council and its predecessor Croydon Corporation unsuccessfully applied for city status in 1954, 2000, 2002 and 2012. The area is currently going through a large regeneration project called Croydon Vision 2020 which is predicted to attract more businesses and tourists to the area as well as backing Croydon's bid to become "London's Third City" (after the City of London and Westminster). Croydon is mostly urban, though there are large suburban and rural uplands towards the south of the borough. Since 2003, Croydon has been certified as a Fairtrade borough by the Fairtrade Foundation. It was the first London borough to have Fairtrade status which is awarded on certain criteria.
The area is one of the hearts of culture in London and the South East of England. Institutions such as the major arts and entertainment centre Fairfield Halls add to the vibrancy of the borough. However, its famous fringe theatre, the Warehouse Theatre, went into administration in 2012 when the council withdrew funding, and the building itself was demolished in 2013. The Croydon Clocktower was opened by Queen Elizabeth II in 1994 as an arts venue featuring a library, the independent David Lean Cinema (closed by the council in 2011 after sixteen years of operating, but now partially reopened on a part-time and volunteer basis) and museum. From 2000 to 2010, Croydon staged an annual summer festival celebrating the area's black and Indian cultural diversity, with audiences reaching over 50,000 people.
Premier League football club Crystal Palace F.C. play at Selhurst Park in Selhurst, a stadium they have been based in since 1924. Other landmarks in the borough include Addington Palace, an eighteenth-century mansion which became the official second residence of six Archbishops of Canterbury, Shirley Windmill, one of the few surviving large windmills in Greater London built in the 1850s, and the BRIT School, a creative arts institute run by the BRIT Trust which has produced artists such as Adele, Amy Winehouse and Leona Lewis.