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.
Northampton /nɔːrˈθæmptən/ (About this soundlisten) is a large market town and the county town of Northamptonshire in the East Midlands of England. It lies on the River Nene, 60 miles (97 km) north-west of London and 50 miles (80 km) south-east of Birmingham. One of the largest towns (as opposed to cities) in England, it had a population of 212,100 at the 2011 census (223,000 est. 2019).
Archaeological evidence of settlement in the area dates to the Bronze Age, Romans and Anglo-Saxons. In the Middle Ages, the town rose to national significance with the establishment of Northampton Castle, an occasional royal residence which regularly hosted the Parliament of England. Medieval Northampton had many churches, monasteries and the University of Northampton, all enclosed by the town walls. It was granted a town charter by Richard I in 1189 and a mayor was appointed by King John in 1215. The town was also the site of two medieval battles, in 1264 and 1460.
Northampton supported the Parliamentary Roundheads in the English Civil War, and Charles II ordered the destruction of the town walls and most of the castle. The Great Fire of Northampton in 1675 destroyed much of the town. It was soon rebuilt and grew rapidly with the industrial development of the 18th century. Northampton continued to grow with the arrival of the Grand Union Canal and the railways in the 19th century, becoming a centre for footwear and leather manufacture.
Northampton's growth was limited until it was designated as a New Town in 1968, accelerating development in the town. It unsuccessfully applied for city status in 2000.