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.
Sleaford (historically known as New Sleaford) is a market town and civil parish in Lincolnshire, England. Since 1973, the parish boundaries have included Quarrington to the south-west, Holdingham to the north and Old Sleaford to the east – contiguous settlements and former civil parishes which, with New Sleaford, had formed an Urban District. The town is on the edge of the fertile Fenlands, about 11 miles (18 kilometres) north-east of Grantham, 16 mi (26 km) west of Boston, and 17 mi (27 km) south of Lincoln. With a population of 17,671 at the 2011 Census, the town is the largest settlement in the North Kesteven district. Bypassed by the A17 and the A15, it is connected to Lincoln, Newark, Peterborough and King's Lynn. Sleaford railway station is on the Nottingham to Skegness (via Grantham) and Peterborough to Lincoln Lines.
The first settlement formed in the Iron Age where a prehistoric track crossed the River Slea. It was a tribal centre and home to a mint for the Corieltauvi in the 1st centuries BC and AD. Evidence of Roman and Anglo-Saxon settlement has been uncovered. In the medieval period, records differentiate between Old and New Sleaford, the latter emerging by the 12th century around the present-day market place and St Denys' Church; Sleaford Castle was also built at that time for the Bishops of Lincoln, who owned the manor. Granted the right to hold a market in the mid-12th century, New Sleaford developed into a market town and became locally important in the wool trade, while Old Sleaford declined.
From the 16th century, the landowners were the Carre family, who operated tight control over the town, and it grew little in the early modern period. The manor passed from the Carre family to the Hervey family by the marriage of Isabella Carre to John Hervey, 1st Earl of Bristol, in 1688. The town's common land and fields were legally enclosed by 1794, giving ownership mostly to the Hervey family; this coincided with the Slea's canalisation; the Sleaford Navigation brought economic growth until it was superseded by the railways in the mid-1850s. In the 20th century, the sale of farmland around Sleaford by Bristol Estates led to the development of large housing estates. The subsequent availability of affordable housing combined with the town's educational facilities and low crime rates made it an attractive destination for home-buyers. As a result, the town's population underwent the fastest growth of any town in the county in the 1990s.
Sleaford was primarily an agricultural town until the 20th century, supporting a cattle market, with seed companies, such as Hubbard and Phillips, and Sharpes International Seeds, being established in the late 19th century. The arrival of the railway made the town favourable for malting. Industry has declined, and in 2011 the most common occupations are in wholesale and retail trade, health and social care, public administration and defence and manufacturing. Regeneration of the town centre has led to the redevelopment of the old industrial areas, including the construction of the National Centre for Craft & Design on an old wharf.
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