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MGT 4311 Exam 3

Terms in this set (24)

~CRM should mean implementing customer centric processes and also embracing customer driven processes [through enhanced customer engagement and introduction of mass personalization the customer can often drive the business]
~consumer touchpoints- all points at which brands touch consumers lives during the relationship [speak w/ one voice across all of these touchpoints and deliver a rewarding experience every time it interacts w/ its customers] [touchpoints can be brand initiated or customer initiated]
~customer touchpoints can be divided into phases- (1) pre purchase/pre usage [covers various ways brands and prospects interact before prospect decides to conduct business w/ company] [brands goals here are to gain customers, heighten brand awareness, shape brand perceptions, indicate how brand provides value and fulfills wants/needs, educate consumers about products and services] (2) purchase or usage [touchpoints where customer decides to purchase a product or initiates the brand-customer relationship] [goals here are to create confidence, deliver value, reinforce the purchase decision, heighten brand perceptions] (3) post purchase [covers all post sale interactions] [goals here are to develop relationship, maximize customer experience, deliver on brand promise, increase brand loyalty, remain top of mind, invite repeat purchases]
~main objective of CRM strategy is to gain customer loyalty over long term [loyalty is about acquiring and retaining customers who (1) have projected lifetime value that makes them valuable prospect to business (2) buy variety of products repeatedly during time of customer (3) share positive experience w/ others (4) provide honest feedback on products and experiences (5) collaborate w/ you on ways to improve experiences]
~data gathering begins before prospect becomes customer [matching prospects profile to product or offer is first step]
~Pareto principle- 80% of profits are delivered by 20% of customers [this means designing solutions w/ efforts directed at 20% of customers who generate the most profits]
~traditional CRM system data- data could include demographic details on potential leads/current leads, quotes/sales/purchase orders/invoices, psychographic data such as customer values/attitudes/interests, service and support records, customer reviews or satisfaction surveys, web registration data, shipping and fulfillment dates
~data mining- analyzed w/ algorithms that look for correlations [analytics data- captured through specialized analytics software packages] [social media monitoring data- quantitative data about number of fans etc or qualitative data about sentiment towards brand in social space]
~organizing data- most businesses have one or more databases, point of sale system where product purchase data is stored, various forms of web data, social media profiles
~how to keep data fresh- (1) continuously monitor trends and note what causes changes over time for generic data (2) facilitate regular dialogue w/ contacts on your database
~analyzing CRM data can aid marketing initiatives (1) campaign analytics [find out which marketing campaigns are leading to best returns] (2) personalization [customize communications to each customer] (3) event monitoring [tie offline events to your online interactions and sales] (4) predictive modeling [predict customers future behavior and meet this need at right time] (5) improved customer segmentation [customer lifetime value analysis, advanced customer profiles, customer prioritization, identifying brand influencers and advocates]
~CRM loyalty programs- loyalty programs are designed to develop and maintain customer relationships over sustained period of time by rewarding them for every interaction w/ the brand
~to create effective loyalty program- (1) carefully calculate earning and redemption rates of points (2) loyalty programs are about engagement (3) rewards are key to success (4) customer care is important (5) data is central to success (6) digital allows for innovation (7) trust is pivotal to success (8) loyalty programs are not quick wins
~effective CRM promises increased revenue and profitability, improved customer satisfaction and loyalty, improved service delivery and operational efficiencies, decreased acquisition costs [cost of acquiring new customer is generally higher than cost of maintaining existing customer relationship]
~CRM can be looked at from (1) marketing prospective [increasing number of people who know about your service or product] (2) cost perspective [decreasing amount of time you spend on customers] (3) sales perspective [turning people who know about service into people who have made purchase] (4) service prospective [ensuring people who have interacted w/ you are satisfied]
~relationship value=revenue generated by customer-cost
~CRM implementations- (1) marketing [conduct personalized targeting across range of marketing channels, place right mix of products in front of each customer at right time, understand what customers do and want matching that knowledge to product info and measuring success] (2) sales [ensure customer receives correct product, ensure sales related process are carried out within org (client or campaign management, sales configuration, call management, contact management, ad management, sales force automation, account and lead management systems), enable all parties in transaction to interact w/ one another, include systems that put sales reps directly in touch w/ customers at point of sale] (3) service fulfillment [improve service you give customer (email response mgmt, social media support systems, queue/workflow mgmt, interactive voice response and predictive dialing), include development of problem resolution systems/workflow automation/field service dispatch systems] (4) services invoked by customer [create systems that can be invoked by customer (web self service, search, email queries, browser and app sharing, conferencing, social media support, online forums)]
~youtube- can promote video content through youtube or advertise next to (or during) content on youtube
~basic elements of blog post include author, title, tag (categories used to describe blog post), comment, trackback (notification of other blogs linking to post often displayed below blog post) [some other elements include RSS feed (allows readers to subscribe), categories, blogroll (collection of links to other blogs or websites frequently read or used by blogger), archives (previous posts remain available for people to search through)]
~corporate blog content should be industry relevant, appealing to target market, transparent and honest, personal and entertaining, related to whats going in, posted regularly
~using blog platform designed to be search engine friendly is crucial for SEO- (1) each blog post should be assigned unique page that can easily be accessed and indexed by search engines (2) should be possible to tag pages w/ keywords (3) post should be able to have its own unique metadata (4) social sharing and bookmarking functionality should be built in
~podcasts are a way of getting content to target markets w/o having to persuade media channel to carry it or pay huge advertising rates [podcasts are targetable, measurable, controllable, responsive, boundary free, relatively inexpensive, excellent quality, real and valuable
~bookmarking and aggregating- social bookmarking sites allow you to store links online, use tags to describe them and share these lists w/ other users
~cookie based tracking- (1) analyst adds page tag to every page of website (2) user accesses page using browser (3) when browser loads page it runs page tag code (4) tag sends array of information to third party server that stores and collates data (5) analyst accesses this data
~server based tracking- looking at log files (documents automatically created by servers that record all clicks that take place on server) [caching occurs when browser stores some info of web page so it can retrieve it more quickly when you return and opening cached page will not send request to server so visit wont show up in log files but will in page tags]
~cookie vs server- (1) cookie based [page tagging requires changes to websites, can be less accurate b/c if browser doesnt support javascript no info will be captured, proprietary to each vendor so switching can mean losing historical data, easier to capture more info, tracking can report on events, third party page tagging offers good level of support] (2) server based [log files are produced by web servers so data is readily available, very accurate, record visits from search engine spiders, are in standard format so can switch vendors, record failed page requests, can capture some detailed info but involves modifying URLs, cant report on events, analysis software is often managed in house]
~universal analytics- web analytics cant track individual people only individual browsers, cookies are on decline b/c devices cant execute them or can block them [this allows you to see how visitors behave depending on device they use, how visitor behavior changes the longer they are fan of brand, how often theyre really interacting w/ brand, what lifetime value and engagement is]
~web analytics metrics are divided into counts (raw figures) and ratios (interpretations of data counted) [metrics can be applied to 3 different groupings- aggregate (all traffic to website for defined period of time), segmented (subset of all traffic according to specific filter), individual (activity of single visitor for defined period of time)]
~each website needs to be analyzed based on its purpose- hit (one page load), page (unit of content), page views (number of times page was successfully requested), visit/session (interaction w/ website with page views in specified period of time), unique visitors (number of individual people visiting website in specified time where each individual is counted only once)
~visit characteristics- entry page (first page of visit), landing page (page intended to identify beginning of user experience resulting from defined marketing effort), exit page (last page of visit), visit duration (length of time in session), referrer (URL that originally generated request for current page) [internal referrer- URL that is part of same website, external referrer- URL outside of website, search referrer- URL that is generated by search function, visit referrer- URL that originated from particular visit, original referrer- URL that sent new visitor to website], clickthrough rate- number of times link was clicked divided by number of times it was seen, page views per visit- number of page views in reporting period divided by number of visits in that same period to get average of how many pages are being viewed per visit
~content characteristics- when visitor views page they have 2 options either leave the website or view another page on website [page exit ratio- number of exits from page divided by total number of page views of that page, single page visits- visits that consist of one page even if that page was viewed a number of times, bounces- visits consisting of single page view, bounce rate- single page view visits divided by entry pages]
~conversion metrics- event (recorded action that has specific time assigned to it by browser), conversion (visitor completing target action)
~mobile metrics- device category (whether visit comes from desktop, mobile or tablet), mobile device info (specific brand and make of mobile device), mobile input selector (main input method for device like touchscreen), operating system (OS that device runs)