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.
Nottingham (/ˈnɒtɪŋəm/ (About this soundlisten) NOT-ing-əm) is a city and unitary authority area in Nottinghamshire, England. Part of the East Midlands region, it is 128 miles (206 km) north of London and 45 miles (72 km) northeast of Birmingham. To the west lies Derby, separated by the M1 motorway.
Nottingham has links to the legend of Robin Hood and to the lace-making, bicycle (notably Raleigh bikes) and tobacco industries. It was granted its city charter in 1897, as part of Queen Victoria's Diamond Jubilee celebrations. Nottingham is a tourist destination; in 2018, the city received the second highest amount of overnight visitors in the Midlands and the highest amount in the East Midlands.
In 2017, Nottingham had an estimated population of 329,200. The population of the city proper, compared to its regional counterparts, has been attributed to its historical and tightly-drawn city boundaries. The wider conurbation, which includes many of the city's suburbs, has a population of 768,638. It is the largest urban area in the East Midlands and the second-largest in the Midlands. Its Functional Urban Area, also the largest in the East Midlands, has a population of 919,484. The population of the Nottingham/Derby metropolitan area is estimated to be 1,610,000.
Its metropolitan economy is the seventh largest in the United Kingdom with a GDP of $50.9bn (2014). The city was the first in the East Midlands to be ranked as a sufficiency-level world city by the Globalization and World Cities Research Network.
Nottingham's public transport system won awards prior to 2015, including the largest publicly owned bus network in England, and is also served by Nottingham railway station and the modern Nottingham Express Transit tram system.
It is also a major sporting centre and, in October 2015, was named 'Home of English Sport'. The National Ice Centre, Holme Pierrepont National Watersports Centre and Trent Bridge international cricket ground are all based in or around the city, which is also the home of two professional football teams; the former world's oldest professional league club Notts County and Nottingham Forest, famously two-time winners of the UEFA European Cup under Brian Clough and Peter Taylor in 1979 and 1980. The city also has professional rugby, ice hockey and cricket teams, and the Aegon Nottingham Open, an international tennis tournament on the ATP and WTA tours. This accolade came just over a year after Nottingham was named as the UK's first City of Football.
On 11 December 2015, Nottingham was named a "City of Literature" by UNESCO, joining Dublin, Edinburgh, Melbourne and Prague as one of only a handful in the world. The title reflects Nottingham's literary heritage, with Lord Byron, D. H. Lawrence and Alan Sillitoe having links to the city, as well as a contemporary literary community, a publishing industry and a poetry scene.
The city is served by three universities: the University of Nottingham, Nottingham Trent University and the University of Law; hosting the highest concentration of higher education providers in the East Midlands.