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.
London is the capital and largest city of England and the United Kingdom. It stands on the River Thames in south-east England at the head of a 50-mile (80 km) estuary down to the North Sea, and has been a major settlement for two millennia. The City of London, its ancient core and financial centre, was founded by the Romans as Londinium and retains boundaries close to its medieval ones.[note 1] Since the 19th century, "London" has also referred to the metropolis around this core, historically split between the counties of Middlesex, Essex, Surrey, Kent, and Hertfordshire, which largely comprises Greater London, governed by the Greater London Authority.[note 2] The City of Westminster, to the west of the City of London, has for centuries held the national government and parliament.
London, as one of the world's global cities, exerts strong influence on its arts, commerce, education, entertainment, fashion, finance, health care, media, tourism, and communications, and therefore has sometimes been called the capital of the world. Its GDP (€801.66 billion in 2017) makes it the biggest urban economy in Europe, and it is one of the major financial centres in the world. In 2019 it had the second-highest number of ultra high-net-worth individuals in Europe after Paris and the second-highest number of billionaires of any city in Europe after Moscow. With Europe's largest concentration of higher education institutions, it includes Imperial College London in natural and applied sciences, the London School of Economics in social sciences, and the comprehensive University College London. The city is home to the most 5-star hotels of any city in the world. In 2012, London became the first city to host three Summer Olympic Games.
London's diverse cultures mean over 300 languages are spoken. The mid-2018 population of Greater London of about 9 million made it Europe's third-most populous city. It accounts for 13.4 per cent of the UK population. Greater London Built-up Area is the fourth-most populous in Europe, after Istanbul, Moscow and Paris, with 9,787,426 inhabitants at the 2011 census. The London metropolitan area is the third-most populous in Europe after Istanbul's and Moscow's, with 14,040,163 inhabitants in 2016.[note 3]
London has four World Heritage Sites: the Tower of London; Kew Gardens; the combined Palace of Westminster, Westminster Abbey, and St Margaret's Church; and also the historic settlement in Greenwich, where the Royal Observatory, Greenwich defines the Prime Meridian (0° longitude) and Greenwich Mean Time. Other landmarks include Buckingham Palace, the London Eye, Piccadilly Circus, St Paul's Cathedral, Tower Bridge and Trafalgar Square. It has numerous museums, galleries, libraries and sporting venues, including the British Museum, National Gallery, Natural History Museum, Tate Modern, British Library and West End theatres. The London Underground is the oldest rapid transit system in the world.