MRK 202 CH 14(1) - Tagged

Chapter 14: Sixth Canadian Callad Marketing

  • Importance of Relationships

    • Technology enhances business efficiency.

    • Small to mid-sized businesses prefer a personal touch.

    • Good customer relationship management strategy connects with clientele effectively.

Customer Relationship Management (CRM)

  • Overall process involves building and maintaining profitable customer relationships.

  • Key interactions: acquisition, retention, reacquisition.

Customer Satisfaction

  • Customer information used for marketing programs leading to satisfaction.

  • Successful CRM requires commitment and positive organizational culture.

  • Quote: "Relationships are the most important facet of a business."

Customer Experience Management (CEM)

  • Managing touchpoints to build brand equity and profitability.

  • Key touchpoints: human, interactive, static.

  • Focus on analyzing customer needs and behavior for improvement.

Cultural Changes

  • Data management is crucial, but organizational culture is more important.

  • Top management support influences employee behavior and values.

  • CRM should be a company strategy, not just a software project.

Social Media and CRM

  • Social media offers a platform for consumer voice and actionable insights.

  • Real-time feedback and valuable resource for marketers.

Customer Acquisition and Retention

  • Profiles of popular customers used to find prospective customers.

  • Shift from acquisition to retention for maintaining profitable relationships.

  • Importance of listening to customers.

Loyalty Programs

  • Designed for customer retention.

  • Examples: Air Miles, Canadian Tire money.

  • Pareto's Rule: 80% of sales come from 20% of customers.

Privacy

  • Canadian government extends privacy responsibilities.

  • Personal Information Protection and Electronic Documents Act (PIPEDA) regulates personal information handling.

  • Consent and protection are essential.

Database Marketing

  • Companies collect, process, and analyze customer information.

  • Data mining and data warehouse aid in recognizing customer needs.

Customer Lifetime Value

  • Value of a loyal customer over their lifetime.

  • Share of wallet indicates a company's percentage of customer purchases.

CRM and Customer Reacquisition

  • Losing a customer means