MANAGING CUSTOMER RELATIONSHIPS

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MANAGING CUSTOMER RELATIONSHIPS by Mind Map: MANAGING CUSTOMER RELATIONSHIPS

1. keep in mind: relationships can't be managed by a CRM-software - the software is only a part of CRM but in real life it's unfortunately often the only part

2. create must, should and nice to have requirements

3. using customer assessments of relationships to explain behaviour

3.1. cumulative satisfaction>satisfaction from recent events

3.2. when customer assessment reflects cognition it is difficult to predict customer retention

3.3. Challenges

3.3.1. customers revealing accurate/inaccurate information

3.3.2. carefull when using survey data

4. Creating value for customers

4.1. b2b relationship

4.1.1. most fruitful context for application of the principle of CRM

5. Value of customers to the firm

5.1. Customer Valuation

5.1.1. the revenue provided to the company less the company`s cost associated with maintaining a relationship with the customer

5.1.2. forcasting CLV by

5.1.2.1. customer acquisition

5.1.2.2. retention

5.1.2.3. gross margins

5.2. Forecasting Sources of CLV

5.2.1. estimates of the revenues sources of CLV should be broken down to the customer level rather than firm level

5.3. challenges

5.3.1. create database

5.3.2. segment based on customer needs and behaviour

5.3.3. forecast CLV

5.3.4. allocate resources

5.4. firm valuation

5.4.1. calculate the value of the firm's current and future customer base

6. managing sources of value

6.1. develop a good marketing strategy to get to know your customer behaviour

6.2. 6 marketing decision variables

6.2.1. price

6.2.2. service quality programs

6.2.3. direct marketing promotions

6.2.4. relationship marketing

6.2.5. advertising communications

6.2.6. distribution channels

6.3. customer acquisition

6.4. customer retention

6.4.1. manage sources of value by acquiring & retaining the most valuable customers

6.4.2. the higher the satisfaction level and prices, the longer the relationships will be

7. IMPLEMENTATION OF CRM

7.1. involving employees and future users