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Relationships + Responsibility (Evolution of CRM to Social CRM (W/ the…
Relationships + Responsibility
Why build a relationship?
Transactional Paradigm:
Focus on the actual sales process for an item
Characteristics:
Market segment, transaction duration, margin, market share, mass market broadcast, passive consumers
Most appropriate for a one-time sale where a hard sell is necessary to close the deal
Relational Paradigm:
Attempts to create a relationship between the customer + the salesperson/business
Characteristics:
Individual customer, lifetime, most valued customers + customer share, dialogue + tailored communications, empowered clients
Necessary for repeat business situations
Customer Relationship Management Benefits
Targeting more cost effectively
Mass customisation of promotional marketing messages
Delivering loyalty programmes
Customer service quality + multichannel experience
Increased in-depth + breadth of information + improved nature of the relationship
Deeper customer understanding + more relevant communications can be delivered through a sense + respond approach
Customer Lifecycle Management
Describes the different stages customers go through when interacting w/ a brand, + the process of marketing to customers based on the stage they're in
Customer Selection
Who do we target?
What is their value?
What is their lifecycle?
Where do we reach them?
Customer Acquisiton
Target the right segments
Minimise acquisition costs
Optimise service quality
Use the right channels
Customer Retention
Understand individual needs
Relevant offers for continued usage of online services
Maximise service quality
Use the right channels
Customer Extension
'Sense + Respond'
Cross-selling + Upselling
Optimise service quality
Use the right channels
It is non-linear: customers can skip segments
Evolution of CRM to Social CRM
W/ the increased usage of the internet customer expectations are higher
Customers now want their issues to be sorted out within seconds
Social CRM is used to monitor conversations about the brand online. Companies use this to get closer to customers + capitalise on their talk about their products
Helps businesses turn their social media into a customer service touch point
Traditional CRM is managed via traditional channels, usually from the company's perspective, but social CRM has the customer in control
WHO:
CRM = Assigned Departments. SCRM = Everyone
WHAT:
CRM = Company Defined Process. SCRM = Customer Defined Process
WHEN:
CRM = Business Hours. SCRM = Customer sets the hours
WHERE:
CRM = Defined Channels. SCRM = Customer-driven Dynamic Channels
WHY:
CRM = Transaction. SCRM = Interaction
HOW:
CRM = Inside Out. SCRM = Outside In
Risk Analysis + Planning
Event:
Describe specific event, E.g Poor SET results in December
Probability:
How certain are you it will happen? E.g Low [experience, research, planning]
Impact:
What might it cost us? E.g Student performance in assessment; Performance review + promotion application
Timing:
When might it happen? E.g 13th December 2019
Management:
What will we do about minimising the risk? E.g Student interaction, Rapid + clear responses to enquiries etc
Contingency:
What will we do if it happens? E.g Supporting materials w/ lecture capture + guided reading
Ethics: It's Good Business
Ethical behaviour is the keystone for smooth, effective + efficient operation of business organisations
It's the basis of trust in business transactions
The long-term positive effects of ethical behaviour include trust, repetition, repeat business
Behaving ethically can be more costly in the short term, e.g adding safety equipment not by law. However, higher costs are incurred to do what the firm believes is right
Ethical Perspectives in Business
Employee-Employer Relations
Employer-Employee Relations
Company-Customer Relations
Customer-Company Relations
Company-Shareholder Relations
Company-Community Public Interest