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Customer Lifecycle Management
Customer lifecycle management (CLM) is the measurement of multiple customer-related Performance metric, metrics, which, when analyzed for a period of time, indicate Business performance, performance of a business. The overall scope of the CLM implementation process encompasses all domains or departments of an organization, which generally brings all sources of static and dynamic data, marketing processes, and value-added services to a unified decision supporting platform through iterative phases of customer acquisition, Customer retention, retention, Cross-selling, cross- and upselling, and Customer attrition, lapsed customer win-back. Some detailed CLM models further break down these phases into acquisition, introduction to products, profiling (information science), profiling of customers, growth of customer base, cultivation of loyalty among customers, and termination of Customer relationship management, customer relationship. Any customer lifecycle management program would need ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer
In sales, commerce, and economics, a customer (sometimes known as a Client (business), client, buyer, or purchaser) is the recipient of a Good (economics), good, service (economics), service, product (business), product, or an Intellectual property, idea, obtained from a seller, vendor, or distribution (business), supplier via a financial transaction or exchange (economics), an exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, Employment agency, agencies such as law firms, film studios, and health care providers tend to prefer '':wikt:clien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Attrition
Customer attrition, also known as customer churn, customer turnover, or customer defection, is the loss of clients or customers. Companies often use customer attrition analysis and customer attrition rates as one of their key business metrics (along with cash flow, EBITDA, etc.) because the cost of retaining an existing customer is far less than the cost of acquiring a new one. Examples include banks, telephone service companies, internet service providers, pay TV companies, insurance firms, and alarm monitoring services. Companies from these sectors often have customer service branches which attempt to win back defecting clients, because recovered long-term customers can be worth much more to a company than newly recruited clients. Companies usually make a distinction between voluntary churn and involuntary churn. Voluntary churn occurs due to a decision by the customer to switch to another company or service provider, involuntary churn occurs due to circumstances such as a cust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ECRM
The eCRM or electronic customer relationship management encompasses all standard CRM functions with the use of the net environment i.e., intranet, extranet and internet. Electronic CRM concerns all forms of managing relationships with customers through the use of information technology ( IT). eCRM processes include data collection, data aggregation, and customer interaction. Compared to traditional CRM, the integrated information for eCRM intraorganizational collaboration can be more efficient to communicate with customers.Reponen, Tapio(2003) ''Information Technology-Enabled Global Customer Service'', p288 From RM to CRM The concept of relationship marketing (RM) was established by marketing professor Leonard Berry in 1983. He considered it to consist of attracting, maintaining and enhancing customer relationships within organizations. In the years that followed, companies were engaging more and more in a meaningful dialogue with individual customers. In doing so, new orga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Magazine
A magazine is a periodical literature, periodical publication, print or digital, produced on a regular schedule, that contains any of a variety of subject-oriented textual and visual content (media), content forms. Magazines are generally financed by advertising, newsagent's shop, purchase price, prepaid subscription business model, subscriptions, or by a combination of the three. They are categorised by their frequency of publication (i.e., as weeklies, monthlies, quarterlies, etc.), their target audiences (e.g., women's and trade magazines), their subjects of focus (e.g., popular science and religious), and their tones or approach (e.g., works of satire or humor). Appearance on the cover of print magazines has historically been understood to convey a place of honor or distinction to an individual or event. Term origin and definition Origin The etymology of the word "magazine" suggests derivation from the Arabic language, Arabic (), the broken plural of () meaning "depot, s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Relationship
Customer relationship management (CRM) is a strategic process that organizations use to manage, analyze, and improve their interactions with customers. By leveraging data-driven insights, CRM helps businesses optimize communication, enhance customer satisfaction, and drive sustainable growth. CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many services come with a softphone), email, live chat, marketing materials and more recently, social media. They allow businesses to learn more about their target audiences and how to better cater to their needs, thus retaining customers and driving sales growth. CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as CRM. This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Relationship Management
Customer relationship management (CRM) is a strategic process that organizations use to manage, analyze, and improve their interactions with customers. By leveraging data-driven insights, CRM helps businesses optimize communication, enhance customer satisfaction, and drive sustainable growth. CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many services come with a softphone), email, live chat, marketing materials and more recently, social media. They allow businesses to learn more about their target audiences and how to better cater to their needs, thus retaining customers and driving sales growth. CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as CRM. This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profiling (information Science)
In information science, profiling refers to the process of construction and application of user profiles generated by computerized data analysis. This is the use of algorithms or other mathematical techniques that allow the discovery of patterns or correlations in large quantities of data, aggregated in databases. When these patterns or correlations are used to identify or represent people, they can be called ''profiles''. Other than a discussion of profiling ''technologies'' or ''population profiling'', the notion of profiling in this sense is not just about the construction of profiles, but also concerns the ''application'' of group profiles to individuals, e. g., in the cases of credit scoring, price discrimination, or identification of security risks . Profiling is being used in fraud prevention, ambient intelligence, consumer analytics, and surveillance. Statistical methods of profiling include Knowledge Discovery in Databases (KDD). The profiling process Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Upselling
Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue. While it usually involves marketing more profitable services or products, it can be simply exposing the customer to other options that were perhaps not considered. It is distinct from cross-selling, in which a seller tries to sell something else. In practice, large businesses usually combine upselling and cross-selling to maximize revenue. Upselling vs cross-selling Upselling is the practice in which a business tries to motivate customers to purchase a higher-end product, an upgrade, or an additional item in order to make a more profitable sale. For instance, a salesperson may influence a customer into purchasing the newest version of an item, rather than the less-expensive current model, by pointing out its additional features. A similar marketing technique is cross-selling, where the salesperson suggests the purchase of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Metric
A performance indicator or key performance indicator (KPI) is a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most. Often success is simply the repeated, periodic achievement of some levels of operational goal (e.g. zero defects, 10/10 customer satisfaction), and sometimes success is defined in terms of making progress toward strategic goals. Accordingly, choosing the right KPIs relies upon a good understanding of what is important to the organization. What is deemed important often depends on the department measuring the performance – e.g. the KPIs useful to finance will differ from the KPIs assigned to sales. Since there is a need to understand well what is important, various technique ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross-selling
Cross-selling is a sales technique involving the selling of an additional product or service to an existing customer. In practice, businesses define cross-selling in many different ways. Elements that might influence the definition might include the size of the business, the industry sector it operates within and the financial motivations of those required to define the term. The objective of cross-selling can be either to increase the income derived from the client or to protect the relationship with the client or clients. The approach to the process of cross-selling can be varied to include two teams within the same organization or two organizations partnering to cross-sell or co-sell a client. Unlike the acquiring of new business, cross-selling involves an element of risk that could disrupt the relationship of existing clients. For that reason, it is important to ensure that the additional product or service being sold to the client or clients enhances the value the client ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Retention
Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace. Successful customer retention involves more than giving the customer what they expect. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
