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.
Dorset (/ˈdɔːrsɪt/; archaically: Dorsetshire) is a county in South West England on the English Channel coast. The ceremonial county comprises the unitary authority areas of Bournemouth, Christchurch and Poole and Dorset. Covering an area of 2,653 square kilometres (1,024 sq mi), Dorset borders Devon to the west, Somerset to the north-west, Wiltshire to the north-east, and Hampshire to the east. The county town is Dorchester which is in the south. After the reorganisation of local government in 1974, the county's border was extended eastward to incorporate the Hampshire towns of Bournemouth and Christchurch. Around half of the population lives in the South East Dorset conurbation, while the rest of the county is largely rural with a low population density.
The county has a long history of human settlement stretching back to the Neolithic era. The Romans conquered Dorset's indigenous Celtic tribe, and during the Early Middle Ages, the Saxons settled the area and made Dorset a shire in the 7th century. The first recorded Viking raid on the British Isles occurred in Dorset during the eighth century, and the Black Death entered England at Melcombe Regis in 1348. Dorset has seen much civil unrest: in the English Civil War, an uprising of vigilantes was crushed by Oliver Cromwell's forces in a pitched battle near Shaftesbury; the doomed Monmouth Rebellion began at Lyme Regis; and a group of farm labourers from Tolpuddle were instrumental in the formation of the trade union movement. During the Second World War, Dorset was heavily involved in the preparations for the invasion of Normandy, and the large harbours of Portland and Poole were two of the main embarkation points. The former was the sailing venue in the 2012 Summer Olympics, and both have clubs or hire venues for sailing, Cornish pilot gig rowing, sea kayaking and powerboating.
Dorset has a varied landscape featuring broad elevated chalk downs, steep limestone ridges and low-lying clay valleys. Over half the county is designated as an Area of Outstanding Natural Beauty. Three-quarters of its coastline is part of the Jurassic Coast Natural World Heritage Site due to its geological and palaeontologic significance. It features notable landforms such as Lulworth Cove, the Isle of Portland, Chesil Beach and Durdle Door. Agriculture was traditionally the major industry of Dorset but is now in decline and tourism has become increasingly important to the economy. There are no motorways in Dorset but a network of A roads cross the county and two railway main lines connect to London. Dorset has ports at Poole, Weymouth and Portland, and an international airport near Bournemouth. The county has a variety of museums, theatres and festivals, and is host to the Great Dorset Steam Fair, one of the biggest events of its kind in Europe. It is the birthplace of Thomas Hardy, who used the county as the principal setting of his novels, and William Barnes, whose poetry celebrates the ancient Dorset dialect.