Ch 12 Customer Relationship Management – Flashcards
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Analytical CRM System
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CRM system that analyzes customer behavior and perceptions in order to provide actionable business intelligence; back-office support - no customer interaction
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Bundling
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A form of cross-selling where an enterprise sells a group of products or services together at a lower price than the combined individual price of the products
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Campaign management applications
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CRM applications that help organizations plan marketing campaigns that send the right messages to the right people through the right channels
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Collaborative CRM system
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a CRM where communications between the organization and its consumers are integrated across all aspects of marketing, sales and consumer support process
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Cross-selling
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the practice of marketing additional related products to customers based on a previous purchase
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Customer-facing CRM applications
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areas where customers directly interact with the organization, including customer service and support, sales force automation, marketing, and campaign management
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Customer interaction center (CIC)
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A CRM operation where organizational representatives use multiple communication channels to interact with customers in functions such as inbound teleservices and outbound telesales
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Customer relationship management (CRM)
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a customer-focused and customer-driven organizational strategy that concentrates on satisfying customers by addressing their requirements for products and services, and then by providing high-quality, responsive service
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Customer-touching CRM applications (or electronic CRM or e-CRM applications)
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applications and technologies with which customers interact and typically help themselves. Includes search & comparison tools, technical & information services, customized products & services, and loyalty programs
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Customer touch points
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any interactions between a customer and an organization
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Front-office processes
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Those processes that directly interact with customers including sales, marketing and services
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Loyalty programs
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programs that offer rewards to customer to influence future behavior
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Mobile CRM system
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an interactive CRM system where communications related to sales, marketing, and customer service activities are conducted through a mobile medium for the purpose of building and maintaining customer relationships between an organization and its customers
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On-demand CRM system
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a CRM system that is hosted by an external vendor in the vendor's data center which spares the organization the costs associated with purchasing the system, maintenance, and employees need to know only how to access and utilize it. Also known as utility computing or soft ware-as-a-service (SaaS).
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Open-source CRM system
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CRM software whose source code is available to developers and users at no cost
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Operational CRM systems
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components of CRM that support the front-office business processes that directly interact with customers (i.e. sales, marketing, and service) two components: 1. Customer-facing applicaiotions 2. Customer-touching applications
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Sales force automation
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the component of an operational CRM system that automatically record all the aspects in a sales transaction process
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Social CRM
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The use of social media technology and services to enable organizations to engage their customers in collaborative conversations in order to provide mutually beneficial value in a trusted transparent manner
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Upselling
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a sales strategy where by he organizational representative will provide to customers the opportunity to purchase higher-value related products or services as opposed to or along with the customers' initial product or service selection
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Data consolidation
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the organization's CRM systems must manage customer data effectively with modern interconnected systems built around a data warehouse to make all customer-related data available to every unit of the business
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360° Data View Customer
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complete data set on each customer that allows a company can enhance its relationship with its customers and ultimately make more productive and profitable decisions
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Contact Management System
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tracks all communications between the company and the customer, the purpose of each communication, and any necessary follow-up which eliminates duplicated contacts and redundancy, which in turn reduces the risk of irritating customers.
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Sales Lead Tracking System
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lists potential customers or customers who have purchased related products; that is, products similar to those that the salesperson is trying to sell to the customer.
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Sales Forecasting System
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a mathematical technique for estimating future sales.
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Product Knowledge System
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a comprehensive source of information regarding products and services
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Configurator
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an online product-building feature that enables customers to model the product to meet their specific needs.
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Customer Service and Support
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systems that automate service requests, complaints, product returns, and requests for information
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Call Center
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a centralized office set up to receive and transmit a large volume of requests by telephone
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Outbound Telesales
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the CIC generates a call list for the sales team, whose members contact sales prospects
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Inbound Tele-service
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customers communicate directly with the CIC to initiate a sales order, inquire about products and services before placing an order, and obtain information about a transaction they have already made
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Information Help Desk
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assists customers with their questions concerning products or services, and it also processes customer complaints. Live Chat: allows customers to connect to a company representative and conduct an instant messaging session enabling the participants to share documents and photos.
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Marketing
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CRM Marketing applications use data mining to sift through volumes of customer data
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Types of customer service & support:
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Customer interaction centers Call centers Outbound/inbound telesales Help desk Online chat - Live and automated
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Types of sales force automation
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Contact management Sales lead tracking Sales forecasting Product knowledge Customizers/configurators
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Data Mining
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develops a purchasing profile or snapshot of a consumer's buying habits that may lead to additional sales through cross-selling, upselling, and bundling.
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On-Premise CRM Systems
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systems are purchased from a vendor and then installed them on site.
