CUSTOMER RELATIONSHIP MANAGEMENT

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Presentation transcript:

CUSTOMER RELATIONSHIP MANAGEMENT MARKET RELATING CUSTOMER RELATIONSHIP MANAGEMENT

Satisfaction Theory Satisfaction is determined by comparing expectations to performance When P > E, there is positive disconfirmation, or satisfaction When E > P, there is negative disconfirmation, or dissatisfaction Managerial implication? Satisfaction-dissatisfaction continuum

What else do we know about satisfaction?

What’s the answer?

Lifetime Customer Value Multiply a customer’s expected # of visits times the average amount of money spent per visit. Deduct costs of acquiring and servicing. Add in value of accounts the customer refers to you. Discount the sum appropriately for the time period being analyzed.

How LT Relationships Pay Off Price Premium Referrals Cost Savings Revenue Growth Base Profit Acquisition Cost 1 2 3 4 5 6 7

Building Relationships What are successful relationships built on? What kind of relationship will be most beneficial to firms?

Relationship Spectrum Transactional exchanges Value-adding exchanges Collaborative exchanges

Levels on Which Relationships are Formed Consumer-Product Bonds Consumer-Brand Bonds Consumer-Consumer Bonds Consumer-Firm Bonds

Who Needs CRM? III IV Airlines Packaged Goods Mfrs Pharmacies Computer Systems Cos. differentiated Uniform Highly CUSTOMER VALUATIONS II I Gas Stations Bookstores CUSTOMER NEED Highly differentiated Uniform

Devising a Relationship Strategy Create a database of customer knowledge

Analyze reasons for loyalty Create a database of customer knowledge Analyze reasons for loyalty and defection

Analyze reasons for loyalty Create a database of customer knowledge Analyze reasons for loyalty and defection Select customers to attract and retain

Design and implement programs focused on customer retention Create a database of customer knowledge Analyze reasons for defection and loyalty Select customers to target and retain Design and implement programs focused on customer retention

Monitor performance for continuous improvement Create a database of customer knowledge Analyze reasons for loyalty and defection Select customers to target and retain Design and implement program focused on customer retention Monitor performance for continuous improvement