CheckPoint Customer Relationship Management
CheckPoint Customer Relationship Management
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Date Created: 11/13/15
Axia College Material Appendix D Customer Relationship Management CRM Review the examples of Customer Relationship Management CRM characteristics found in the table below In your own words describe at least three activities that represents each characteristic of a CRM plan share of customer lifetime value of a customer customer equity or highvalue customers Characteristic CRM Activity This CRM activity is used to keep existing customers This activity is achieved by offering incentives to keep the customer returning Such as coupons in the mail 500 off a set dollar amount Punch cards buy a certain amount and get either a free item or half off etc after filling up the punch card and special offers within the store for present and future purchasesblue light specials if you are in the store at a certain time you get a special deal The key is to increase sales without increasing operating costs Share of Customer Lifetime Value of Customer The lifetime value of a customer is important to a company You want the customer to continue coming back In order to ensure this customer service has to be a high priority One unhappy customer can cost a company not only that customer but also all the people that customer tells of the unhappy experience Availability of product is also essential in getting the customer to be a repeat customer Price of products is also important competition can take away customers The lifetime value of a customer is imperative to the success of a company For example if a customer only buys one brand of an item and continues to buy that brand their whole life and tells others about this brand business is generated and continues to grow and branch out to other customers In addition a customer who is aware of the product and how well it performs to their needs does not need as much time spent on them as a new customer who has to be sold on the item Course Number Customer Equity Customer equity involves the money put into enticing customers In order to get a customer s interest advertisement of the product set up of the product and ease of finding the product is all involved A customer is a financial asset because the customer is Who buys the products It takes spending money in ways to get the customers interest Competition is always present Companies use different methods to enhance their product Companies want customers to continue buying their products lifelong In order to achieve this money is invested to keep the interest of the customer This in turn gives the customer value as equity Kevin J Clancy and Peter Krieg talk about a book Driving Customer Equity How Customer Lifetime Value is Reshaping Corporate Strategy by Rust Zeithaml and Lemon in their article that states there are three drivers of customer equity 1 Value equity quotthe customer39s objective assessment of the utility of a brand based on the perceptions of what is given up for what is receivedquot 2 Brand equity quotthe customer39s subjective and intangible assessment of the brand above and beyond its objectively perceived valuequot 3 Retention equity quotthe tendency of the customer to stick with the brand above and beyond the customer39s objective and subjective assessments of the brand Krieg 2009 Focusing on HighValue Customers Customers have various incomes in order to achieve the interest of the different income levels the correct type of communications are needed Profiles are used to target each group correctly High volume sales are done on a more personal level Whereas low volume sales are done by mail and telemarketing to reach the customer For example Course Number jewelry stores are high value and a customer base list is kept by some stores This list is used to know whom to target on certain items In addition people are always looking for better service and a better product focusing on the needs of the different income people helps to keep the customer With the growing amount of people using the internet for banking to buying products it is important to know your customers because a customer can now close an account and move to another company with ease In addition and importantly these accounts can be closed other items bought and the customer do not have a person face to face to explain why This can lose valuable customers Follow ups need to be done to ensure that everything that could be done to satisfy the customer was done Reference Krieg K J 2009 Customer Equity Retrieved December 17 2009 from copernicusmarketing httpwwwcopernicusmarketingcomaboutcustomerequityshtm Course Number
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