Term
What makes “social” CRM (or CRM 2.0) different from traditional CRM (CRM 1.0)? |
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Definition
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•Goal is to engage the customer in a collaborative conversation, providing a mutually beneficial value in a trusted and transparent business environment.
•It’s the company’s response to the customer’s ownership of the conversation
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Term
What makes Web 2.0 different
from Web 1.0? |
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Definition
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Web 2.0 = easy to use, efficient to navigate, self-generated content, driven by ad hoc & established communities of people with similar interests
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Term
Identify and discuss the five business goals driving social CRM |
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Definition
1. Profitability
2. Partnership
3. Customer Experience
4. Better Understanding the Customer
5. Rethinking "Value of Many |
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Term
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Definition
-Advocacy, not just hard money
-Balance short-term profit + long-term customer satisfaction. |
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Term
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Definition
Customer must value this kind of relationship |
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Term
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Definition
-Many customers experiences are out of firm's control
-Customers making buying decisions based on new set of criteria.
-Transparency, accountability, enablement, trust, sdfsfacilitation, feedback, respect |
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Term
Better Understanding of the Customer
(Goal of All Marketing) |
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Definition
-Firms work to let go of controlling customer relationship to get trust, value + loyalty in return |
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Term
Rethinking the
"Value of Many" |
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Definition
-Informed inputs of large, diverse groups of consumers will = better outcomes than leadership by "experts |
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Term
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Definition
1.0 2.0
Create Products + Aggregator of experiences,
Services for Customers products, services, tools, + asdfsdka knowledge for custoemers |
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Term
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Definition
Wiki: Collection of web pages designed to enable anyone who has access to it to contribute/modify content
-Enhance internal knowledge sharing (Content Mngmt.)
-Project Management (Collaboration)
-Collaboration between customers + employees to drive innovation
-Tap External resources for knowledge, insight |
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Term
Forresters Research's Approach |
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Definition
- Creators -Classifies People into how they use social media
- Conversationalists
- Critics -Can quantify # of online consumers within groups
- Collectors
- Joiners -By understanding where your customers fall within
- Spectators the ladder you can determine which sorts of
- Inactives strategies make sense to reach those customers
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Term
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Definition
Increase awareness + trust of 10-13 year old female market
-Minimally Branded
-Online Social Network |
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Term
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Definition
-# crunching we already have in a Database
-Marketing Automation |
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Term
What distinguishes data mining as an aid to managerial decision making
(hint: it’s nothing like making
decisions based on past experience and management “hunches”)? |
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Definition
Data Mining shows hard data about customer preferences and coorelations between the purchases |
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Term
What does
"Creating business rules that haven't been written yet"
mean? |
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Definition
Predictive Analytics
-Who's going to purchase this? (or not)
-Who's going to commit credit card fraud? (or not)
-Examples of customer scoring-- predicting behavior basen on discovered business rules |
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Term
| What kind of relationships in data would a data mining specialist be looking for? |
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Definition
-Finding associations between data
-Finding sequential patterns
-Developing classifications
-Heavy vs. light users
-Profitable vs. unprofitable customers
-Clustering like with like
-Making Predictions
-Furutre purchasing behavior
-CLV |
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Term
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Definition
Online Transaction Processing (OLTP): Operational data. Needs to be very accurate and up-to-date.
Online Analytical Processing (OLAP): Analytical data. Typically a summarized extract of the OLTP, enought to perform the analytical tasks. Might also draw in data from a number of internal and external sources |
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Term
Data Warehouse
(Think Hospital Patient Records) |
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Definition
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Subject-oriented
–The warehouse organizes data around the essential subjects of the business – customers and products - rather than around applications
•Integrated
–It is consistent in the way that data from several sources is extracted and transformed
•Time-variant
–Data are organized by various time periods (e.g. months)
•Non-volatile
–The warehouse’s database is not updated in real time. There is periodic bulk uploading of transactional and other data.
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Term
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Definition
-Grocery store point-of-sale (POS)
-Put combo items at different points in a store |
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Term
What can Evergreen learn from implememting CRM |
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Definition
Understand the correct tools that salespeople need to effectively opperate. |
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Term
Basic Building Block Elements of a CRM Business Case |
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Definition
Objective: Revenues (incremental revenue- incremental costs)
1) Develop CRM strategy
2) Build CRM project foundations
3) Needs specification & partner selection
4)Project implementation
5) Performance evaluation |
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Term
Urgency of Change Formula:
C = (D * V * F) > R
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Definition
C = (D * V * F) > R
Change
Dissatisfaction with the status quo
Vision of the future
First steps
Resistance
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Term
Kotter's 8-steps to managing change |
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Definition
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1.Create a sense of urgency so that that people begin to feel “we must do something.”
2.Put together a guiding team to drive the change effort
üLed by upper management, CRM program director
3.Get the vision right, and build supporting strategies
4.Communicate for buy-in
5.Empower action by removing organizational barriers to change
6.Produce short-term wins to diffuse cynicism, pessimism and skepticism
7.Don’t let up, but keep driving change and promoting the vision
8.Make change stick by reshaping organizational culture
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Term
John Mackey + Whole foods
(urgency of change formula) |
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Definition
Don't focus on "today tasks"; accept reality of today for what it is + focus on shared vision of future. "People find ways to carry out their plans if they have clear goals, the right people are in the room, and they take the whole ride together.
Key Principles
1) Right people in the room, cross section of whole organization
2) Create conditions where participants share one view of today's reality, vision for tomorrow
3) Seek + Build on common ground
4) Take responsibility for learning + action |
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Term
Christian Care +
"What Kills CRM Implementations" |
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Definition
-Christian Care had small IT staff that didn't want new CRM (Inflexibility)
-Decision makers saw it as a cost expense rather than a new rev. stream
-Couldn't relate revenue to expenses (poorly defined goals+ objectives) |
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Term
| Core Strategic Biz. Objectives for Evergreen as it transitioned to mobile CRM service |
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Definition
Help E's sales people better serve firm customers, making jobs easier |
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Term
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Definition
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Term
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Definition
Adjusting # of product catalogs mailed based on results from a previous catalog mailing |
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Term
NOT a benefit of
Marketing Automation |
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Definition
ability to develop sales forecast based on real-time tracking of sales pipeline |
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Term
NOT an advantage to
committed customers
(Hofmeyr) |
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Definition
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Term
NOT an important success
factor in Harrah's
Total Rewards Program |
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Definition
Card earned customers
discounts + benefits
much faster |
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