How is the Information Analyzed Information is gathered in internal databases and through marketing intelligence Marketing research requires more analysis Managers need assistance to gain customer and market insights that will improve their marketing decisions ID: 588930
Download Presentation The PPT/PDF document "Analyzing and Using Marketing Informatio..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
Analyzing and Using Marketing InformationSlide2
How is the Information Analyzed???
Information is gathered in internal databases and through marketing intelligence.
Marketing research requires more analysis.
Managers need assistance to gain customer and market insights that will improve their marketing decisions.The application of analytical models may also be needed to help to help marketers make better decisions.Once the information is processed and analyzed it must be made available to the right decision makers at the right time. Slide3
What is Customer Relationship Management [CRM]???
CRM manages detailed information about a company’s customers.
It consists of sophisticated software and analytical tools that integrate customer information from all sources, analyze it in depth, and apply the results to build stronger customer relationships.
CRM incorporates everything a company sells, services, and marketing teams know about individual customers.Slide4
What does this slide represent?
Where does the data come from?Slide5Slide6
What’s the big deal with CRM???
Managing customer and market data is a challenge!!!
This problem is usually fueled by the fact that marketers are flooded with information about their customers trying to reach all the touch points.
Touch points include customer purchases, sales force contacts, service and support calls, website visits, satisfaction surveys, credit and payment interactions, and market research studies.
The information is usually very scattered. Slide7
CRM Provides a Central Location to Organize all the Data from the Different Touch PointsSlide8
Interesting Facts
By 2010 US companies will spend approximately 18 billion on Customer Relationship Management systems
Companies included in this statistic are Oracle, Microsoft, Salesforce.com, and SAS.Slide9
What do CRM analysts do?
Customer Relationship Management Analysts develop data warehouses
Data warehouses are companywide electronic databases of finely detailed customer information
Sophisticated data mining techniques are then used to deeper analyze the customer dataData warehouses are not only used to gather information, but it is also used to gather information into a central, accessible locationSlide10
The importance of Analyst Findings
An analysts findings can often lead to marketing opportunities
Companies can provide higher levels of customer service and develop deeper customer relationships
Analyst findings can also be used effectively to target high valued customers, and to create offers tailored to specific customer requirementsSlide11
Harrah’s Hits the CRM Jackpot
Harrah’s CRM relationship management system helps the company to focus its branding, marketing, and service development strategies on the needs of its most important customers
Harrah’s has become the model for good CRM due to the way it relates to customers and creates customer loyalty
Harrah’s Total Rewards programs allows customers to redeem points for cash, food, merchandise, rooms, and hotel-show tickets
More than 80% of Harrah’s customers worldwide use a Total Rewards card
That’s equivalent to 40 million people and 1 out of 6 adults Slide12
Distributing and Using Marketing Information
Marketing information must be available to customer service reps and decision makers.
This is usually done through regular performance reports, intelligence updates, and reports on the results of research studies.
Marketing managers may need nonroutine information for on-the-spot and special decisions.
Firms usually use intranet to help with this process
Intranets provide ready access to research information, stored reports, shared work documents, contact information for employees.Slide13
The Use of Extranets
Extranets may be used by suppliers, customers, resellers, and other network members to update their accounts, arrange purchases, and check orders against inventories to improve customer service.Slide14
Modern Technology & CRM
Modern technology allows marketers access to information at anytime from any location.
Can be accessed at a home office, a hotel room, or from a local café’s wireless network.
Modern technology gets managers necessary information directly and quickly to augment it for their own needs.
Information can be obtained from company or outside databases, can be analyzed using statistical software, managers can prepare reports and presentations, and communicate directly with others in the network.Slide15
CRM The Big Picture!!!
CRM is a technological process of organizing and storing huge amounts of customer and market data.
What is the goal of CRM?
To better manage customer relationships, discover opportunities, streamline the sales process, better target specific markets and pinpoint high valued customers in an effort to increase profitability.KEYS TO CRM SUCCESS