mrkt 486 exam 2
Undirected data mining
"unsupervised" *exploration of a dataset to see what can be learned *is about discovering new patterns in the data *the analyst isn't trying to predict/estimate some output *uses clustering/affinity-grouping techniques
customer service
the provision of service to customers before, during and after a purchase -all interactions between a customer and a product at the time of sale and thereafter
direct mail campaign management
many applications including lead generation, lead conversion, building awareness, up-selling and cross-selling, customer retention, database building or image enhancement *success depends on the target list, creative execution, the offer and timing
define the information requirements
common types of customer information: contact data, contact history, transaction history, current pipeline, opportunities, product history, communication preferences
managing content risk
Make a single individual to be responsible for official organizational SM interactions. Create a process to monitor and manage SM interactions. Allows the organization to have a clear, coordinated, and consistent message.
incentive management (SFA)
incentive management is an issue for sales managers who use commissions to lift, direct and reward sales reps' efforts *incentive management models that consider quotas, sales volumes, customer profitability, customer satisfaction, customer retention, net promoter scores and other performance criteria can be created.
marketing optimization
allow companies to: A. select an overall goal, such as sales or profit margin maximization, and specify all of the constraints of a marketing campaign strategy B.Determine which customers should get which offer through which channel to ensure the campaign objectives are met
data integration
challenge of integrating data from several sources into a coherent single view of the customer Data integration requires the customer's identity to be traceable in all interactions with the firm, and that any anomalies between the records in various databases are identified and resolved Major CRM vendors offer solutions to this problem
sales funnel
lead generation->lead qualification->needs assessment->proposal->sale
Two Paradoxes
1. "Take no action" paradox. -Privacy risks directly impact many consumers, most take virtually no action to protect their privacy-instead placing the onus on government and business. 2."social sharing" paradox -users of social media sites claim they value privacy, yet freely share large quantities of personal information-despite lacking confidence in institutions to protect that information
Intel Social media policy
1. Disclose-be transparent, be truthful, be yourself 2. Protect-don't tell secrets, don't slam the competition, don't overshare 3. Use common sense-add value, keep it cool, admit mistakes.
get started engaging with customers
1. start monitoring what your customers are saying across social media 2.search out and join relevant specialist forums 3.set up google alerts and twitter searches to ensure you're one of the first to hear about new issues 4.Have a policy for how your people should engage over social media 5.decide what you will measure 6.dedicate resources to your social customer service 7.find ways to ensure your people have access to the right internal expertise to answer customer queries fast
privacy plan
1.Conduct a privacy audit-understand what data your business needs, what data it's collecting and how data is being stored and secured. 2.Collect and store only the data you need to deliver your products/services 3.secure the data you keep4.post a privacy policy 4.communicate with customers 5.give consumers a choice to opt out 6.provide a forum for complaints
value of social capital
Adds value in four ways: 1.information 2.influence 3.social credentials 4.personal reinforcement Determined by: *number of relationships in the network *strength of those relationships *resources controlled by those related
privacy and CRM
CRM benefits to customers and companies require the flow of a lot of information. Much of that information is private to customers. Customers who feel that they are losing control over personal information will become concerned about privacy. Those concerns (internal or external)lead to the breakdown of trust and the flow of CRM information.
Leave it
Can be the best response if the problematic content represents reasonable criticism of the organization's products or services. Shows that the site contains legitimate user content-not just the company's PR story. Can help development and customer service teams to understand how to improve.
digital analytics
Digital Analytics -explore data generated by customer behavior in all interactive channels including online, mobile and social media -integration with enterprise business intelligence Web Analytics -focus on behavior of website visitors -still useful as subset of broader digital analytics or for smaller businesses
Getting Answers
Standard reports -generated automatically or on demand Database queries -SQL (standard query language) questions Data Mining -"the application of descriptive and predictive analytics to support the marketing, sales, and service functions"
tangible benefits
done well, social customer service has tangible benefits -increased customer satisfaction, happier with multiple ways to interact and solve problems -meet customer expectations, people now expect everything to be out in the open -intangible benefits for customers, feel more connected -increased loyalty -reduced cost of customer support
Directed data mining
"supervised/predictive/targeted data mining" *goal of predicting some future event or value *the analyst uses input data to predict a specified output *stresses classification, prediction and estimation
Sales force automation (SFA) functionality
*account management, activity management, contact management, contract management, document management, event management, incentive management, lead management, opportunity management, order management, pipeline management, product encyclopedias, product configuration, product visualization, proposal generation, quotation management, sales forecasting, sales management reporting, territory management, workflow development *primarily for sales representatives and managers *not all functionality in all SFA products
order management (SFA)
*allows reps to convert quotations and estimates into orders once a customer has agreed to buy *often includes a quotation engine, a pricing module, and a product configurator *accelerates the order-to-cash cycle by eliminating manual processing and errors and by quickly advancing the status of a sales quotation to approved order
online marketing components
*develop and manage online content *create a social media presence *create an engaging online customer experience *develop and promote apps *search engine optimization *keyword marketing *online advertising campaigns *do web analytics
populate the database
*get the data *wrangle it -verify that it is what you thought you were getting -validate data accuracy -fix data formats -clean up duplicates -decide what to do about missing information -decide what to do about "outliers" -fix problems when databases are merged
Lead management (SFA)
*helps companies to capture, score, assign, nurture and track sales leads *scores leads so the company can focus limited sales resources where they are likely to generate most return *allocates and routes leads to reps and account managers on the basis of role, territory, product expertise or other variables
Addressing social CRM risks
*need a social media policy *consider risks from non employee user-generated content *consider risks from employee use of social media
engaging with customers
*real-time social customer service *social self-service, helping customers to help themselves *reaching out, helping customers on third party forums
analytics for unstructured data
*unstructured data analytics not as well-defined *data includes things like tweets, PDFs, handwritten notes, and image, audio, video and multimedia data *reside outside the business in social media data repositories-can be huge *analytics for these types of data are still evolving
listening to customers
*you can't serve customers you don't know about *first task is to get an accurate picture of where to go to find your customers *are they asking for help on twitter or facebook *are they in specific Linkedin goups *are they on niche special interest forums
CRM strategy limited by operational capabilities
-SVOC integrates all customer data from sales, marketing and service accounts -operational CRM uses SVOC to improve customer experience -operational CRM capabilities are enhanced by investment in sales force automation, marketing automation and/or service automation
data warehousing
-companies get big -companies get more and more data -companies get a lot of databases -companies need access to all of that data -companies use data warehouses-facilities for managing BI data *Data warehouses provide a way to convert huge volumes of data into information that can be used for both operational and analytical purposes
internal drivers of customer privacy concerns
1.Collection-amount and way in which personal information is collected. 2.Control-degree of control over personal information 3.awareness-understanding of established conditions and actual practices 4.errors-protections against errors in personal information 5.improper access-access of unauthorized parties to personal information 6.unauthorized secondary use-usage of personal information for unauthorized purposes
external drivers of customer privacy concerns
1.Internet-amount and way in which personal information is collected 2.technology-smartphones, networks, more about security than privacy 3.media coverage of problems-three times more negative stories than positive ones 4.government regulations-lack of protective regulations, distrust of government use of information
"is customer service working?"
1.Traffic- check this for each contact point/method and try to understand what is working best then use it elsewhere 2.Influencers-are influential people reporting about you and commenting on your products and services? Do they allow you to engage with their followers? 3.Social Media activity-is your brand mentioned and discussed? Are the comments positive?
challenges of global CRM
Business -customers are different -customer expectations are different -employees are different -employee expectations are different -managers and management practices are different -laws are different Technology -providing 360 degree view everywhere in the world 24 hrs a day -integration of company and customer data across regions -localization of language and data -security and privacy -data availability and access
major trend in the future of CRM: "The Cloud"
Cloud computing provides the capability for global access, integration, security, and localization of CRM databases and activities. Major vendors have moved or are moving to cloud platforms. Provides scalability at low cost.
Respond to it
DANGER! *response can be seen as patronizing or insulting to the content contributor *can enrage the community and generate a strong backlash *if the response appears defensive, it can become a PR nightmare *can be a great way to deal with the problem if the problematic content has caused the organization to do something positive as a result
text analytics
Extract relevant information from unstructured text files, and transforms it into structured information. Unstructured textual data is found in: *call center agent notes, emails, documents on the web, instant messages, blogs, tweets, customer, etc.
solution to external drivers of customer privacy concerns
Individual companies can't control external drivers of privacy concerns. They can take steps to mitigate privacy concerns related to company policies and procedures. An important starting point is understanding customer motivations and concerns
operational CRM
Involves the application of technologies to support customer-facing processes in selling, marketing and customer service operations. Operations exposes the real differences between the traditional company view of CRM(eCRM) and the emerging social customer view
customer privacy
Involves the handling and protection of sensitive personal information that individuals provide in the course of everyday transactions. Involves the exchange or use of data electronically or by any other means, including phone, email, written correspondence
redefining customer service
Personalized customer service used to mean having call center operators take customer calls in real time -measured service level by how fast calls were answered Social customer era has turned customer service upside down Social customers now expect far more CRM now provides 360 degree view of customers
B2B CRM and the sales force
Sales force is entrusted with the seller's most important asset: the customers. Task is to effectively and efficiently manage relationships with customer organization's buyers-to win over and maintain satisfied customers while keeping costs down. Made possible through sales force automation (SFA)
Problem
Sheer volume of data and growing dependence on real-time analytics and operational information are driving these questions for information systems managers
Delete it
Should be reserved for contributions that have nothing to do with the site, or contain obscene or other inappropriate content. Deleting legitimate negative comments can result in a strong user backlash.
the future of CRM
Social Mobile-customers are mobile, CRM needs to mobilize Global-this is about applying everything we've learned about CRM in companies with operations and/or customers in multiple countries around the world.
is it time to upgrade to a database?
The differences between a database and a spreadsheet are subtle but important. A database stores far more than numbers, it can hold text, codes and images. A database follows certain logical patterns in organizing that information, it has rules. Because of these rules, it's able to find relationships between data, update information automatically across multiple departments, and allow queries to be made against that data. A database can do all of this in real time.
Customers and value
The goal of any business, large or small, is to create and deliver value while capturing profit. Marketing is about creating, delivering and communicating value. This requires the creation and delivery of value to individual customers based on their own needs and participation in value creation. The only value you can ever create must come from customers.
data mining
The process of searching large repositories of data (bit data) to discover patterns and trends: -explore data in search of consistent patterns and/or systematic relationships between variables -validate the findings by applying the detected patterns to new subsets of data *data->data mining->patters*
privacy laws
The right not to be subjected to unsanctioned invasion of privacy by the government, corporations, or individuals is protected by law in many countries. Privacy rights are in the constitutions of some countries
contract management (SFA)
To create, track, progress, accelerate, monitor and control contracts with customers *helps manage a contract's lifespan by shortening approval cycles for contracts, renewing contracts sooner and reducing administrative costs
risk of inappropriate content
User-generated content can create problems *junk and bizarre contributions *inappropriate content *unfavorable reviews
fundamental goals for any company
attracting and retaining customers *this is why companies are willing to invest in CRM and to build long term relationships with customers
analytics and the customer lifecycle
customer acquisition -lead scoring might take account of a wide range of market, organizational, personal, relational and behavioral attributes customer retention -identify which customers have highest future potential CLV Customer development -identify the next best offer to make the customer
social CRM characteristics
customer-defined process and control of dialogue -business focus on environments and experiences that engage and empower the customer -conversation centric/on going engagement -interaction /conversation focus -marketing focused on facilitating on going conversations and redirecting to meet customer needs -genuinely customer centric, outside in design process -community management focus -dynamic and evolving -complex relationship outcomes -primarily 'pull' communications -technology focused on operational/delivery and social dimensions of sales, marketing and service -technology enables customer to customer (C2C) interactions, content sharing, peer communities and conversations -content rich -mix of public and private interactions -resides in a customer ecosystem
email campaign management
email is cheap, easy to use and ubiquitous *opt-in email marketing message usually contains text and a website link *open and click through rates provide insight about how an email message has performed
sales management reporting (SFA)
found in every sfa system *offers standardized reports to help sales managers evaluate and enhance the effectiveness and efficiency of sales teams *also allows creation of ad hoc reports on any variables maintained in the sales database
descriptive analytics
gathering,organizing, tabulating, describing Historical-focus on what happened "reporting"
responding to social CRM problems
if problematic content is found, organizations need to respond appropriately. 3 possibilities: leave it, delete it, respond to it
identify information sources
most CRM data is from internal sources-marketing, sales, service, logistics, finance, accounts Amount of information available about customers depends upon the amount of customer contact. External databases can add CRM value-data vendors, census data, modeled data
search engine optimization (SEO)
process of improving the quantity and quality of website traffic generated by search engines through higher rankings -higher ranking results that appear earlier in search listings generate more visitors
pipeline management (SFA)
process of managing the entire sales cycle from identifying prospects, estimating sales potential, managing leads, forecasting sales, initiating and maintaining customer relationships, right through to closure *well-defined sales pipeline helps minimize lost opportunities and breakdowns in the sales process. *universe, targets, suspects, prospects, proposals, wins
product encyclopedia
searchable electronic product catalogue- contains product names, stock numbers, images and specifications *can be stored on reps' computers and/or made available to customers online
Analytics and strategic CRM
strategic CRM focuses on how to create/deliver value better than competitors and do it cost effectively Analysis of customer related data can help answer crucial strategic CRM questions such as: -which customers should we serve -what is our share of customer spending on our category -what do our customers think and feel about their experience of doing business with us
structured or unstructured
structured -data stored in a fixed and named field in a record or file -structure is provided by a pre defined data model that specifies the data to be stored in each field, how that should be recorded and how the fields are related to each other Unstructured -data doesn't fit a pre defined data model -doesn't fit into relational databases very well
data warehouse attributes
subject-oriented -warehouse organizes data around the essential subjects of the business-customers and products-rather than around applications Integrated -consistent in the way that data from several sources is extracted and transformed Time-variant -Data organized by various time periods Non-volatile -warehouse's database not updated in real time, periodic bulk uploading of transactional and other data
database components
tables/files+relationships among rows in tables+ metadata = database
privacy
the ability of an individual or group to seclude themselves, or information about themselves, and thereby express themselves selectively. *boundaries and content of what is considered private differ among cultures and individuals, but share common themes. *When something is private to a person, it means that something is inherently special or sensitive to them.
marketing automation (MA)
the application of information systems to help marketers and marketing managers achieve their objectives
Social Capital
the collective value of all social networks and the amount of reciprocity, engagement and interaction that is involved in maintaining them.
privacy and security
the domain of privacy partially overlaps security, which can include the concepts of appropriate use, as well as protection of information.
Scarcest resource
the only value you can create must come from customers
analytical CRM
the process through which organizations transform customer related data into actionable insight for either strategic or tactical purposes
event management (SFA)
to plan, implement, control and evaluate events such as conferences, seminars, trade shows, exhibitions and webinars, whether run solo or jointly with customers or other partners. *functionality includes event calendaring, event website design, event marketing, integration with social media, online registration, contact management, online payment and refund, partner management tools, event reports and analytics, attendee communications and management tools
expanded scope of customer service
types of social customer service sites -self serve knowledge portals -community based sites -external customer review sites -voice of the customer platforms -social media *customers want to be able to communicate in the way they prefer at any given time or place. Has created demand for what are known as multi-channel support centers
predictive analytics
use data from the past to predict the future -identify associations among different variables -predict the likelihood of something happening on the basis of those relationships
start by searching
use the kinds of phrases a customer looking for help would use *(your brand)+ problem *(your brand)+why can't *(your brand)+#fail -can make this more current by specifying responses from the last month only (or the last day if you think you have a crisis brewing right now) -can also get more granular by making the searches about individual products
integrated marketing management
wide-ranging functionality to support large organizations with 50 or more marketing practitioners Main role of IMM solutions is to help marketers align analysis, planning, implementation and control activities
How text analytics supports CRM
*Improves accuracy of predictive models *automatic routing (email forwarding, spam detection) *root cause analysis (customer service engagements) *trend analysis *sentiment analysis
social media profile optimization
-for twitter make sure sure your keyword phrase is in your bio -for facebook make sure your keyword phrase is in your page's category, short description, and long description, these can be edited on your page's "about" tab -for pinterest profiles make sure your keyword phrase is in your profile's about you box -for instagram profiles make sure your keyword phrase is in your bio -for linkedin profiles make sure that your keyword phrase is in your professional headline, current job title, summary, skills, and other applicable sections throughout your profile -for linkedin company pages make sure your keyword phrase is in your company description, company specialties, and company industry
operational CRM makes customer facing activities more efficient
-formalized and standardized -generates operational cost savings This requires investment in building a single view of the customer (SVOC)
marketing performance management
-lets companies measure marketing performance through analysis and reports as part of closed loop marketing -includes a data repository, business intelligence tools and analytical workbenches -advanced MPM provides role based access to information and KPI's through dashboards, visualization, point and click analysis, modeling, simulation and optimization
loyalty management functions
-set up loyalty programs -manage multiple targeted membership schemes -manage multiple tier models and classes and control all the aspects of tier management from the number of tiers and tier rewards to point expiration rules -set up partners, products, and services offered for accrual and redemptions including product catalogues -create and deploy targeted loyalty programs -set up and manage simple to complex accrual rules and promotions -define and manage redemption models using multiple payment modes and currencies -perform membership and partner administration tasks -run statements and manage member communications
database building schemes
1.Loyalty programs- enable companies to link purchasing behavioral to individual customers and segments. When joining a program, customers complete application forms, providing the company with personal, demographic and even lifestyle data. 2. Registrations-Customers are invited to register their purchase. This is so that they can be advised on product updates. 3.subscriptions-customers may be invited to subscribe to a newsletter/magazine, surrendering personal details 4. Contests-customers are invited to enter competitions of skill or lotteries. They surrender personal data on the entry forms.
maintain the database
1.be sure that data from all new transactions and communication is added immediately 2.wrangle regularly 3.audit data subsets at least annually to understand and fix sources of degradation 4.purge inactive customers 5.get customers to update their own data 6.Remove customer records when they request it 7.look for and fix new problems
remember social CRM
1.collect business data 2.monitor the social web by employees and with tools designed to pull data from social media 3.Integrate business data and social data 4.Use integrated (360 degree) data to make decisions about programs, campaigns, offers, up-selling 5.monitor results in real time and make adjustments
Building a CRM database
1.define the database functions 2.define the information requirements 3. identify the information sources 4.select the database technology and hardware platform 5.populate the database 6.maintain the database
Business Analytics
1.descriptive analytics involve gathering and describing data 2.Predictive analytics use the past to predict the future 3. Prescriptive analytics suggest a course of action
Social customer service focus
A. Listen -get to know your customers better -identify influencers, advocates and detractors -learn to spot a crisis when it's brewing B. Engage -decide the types of conversation that are relevant to you -respond in real time when customers need you to -be consistent C. Measure -adjust your strategy and tactics to what you discover D. Scale -expand activities as you learn what works
data and CRM
All forms of CRM-strategic, operational, analytic, and collaborative rely on data Customer related databases are the foundation for the execution of CRM strategy Proficiency at acquiring, wrangling, storing, distributing and using customer related data is critical to CRM performance
data or no data about the target?
Another condition must be met for directed data mining: there must be data on the target. It's not enough that the target information exist in principle; must also exist in the data. Acquiring data on the target often is a key data investment. It usually costs money to get that data.
CRM in the B2B context
B2B CRM is the strategic process of strengthening relationships with business customers, especially important clients, beyond transactional relationships to increase the value of these buyer-seller relationships
analytics for structured data
CRM analytics for structured data well developed *As questions become more complex and shift from description to explanation or prediction, the analytical procedures required to generate answers also become more complex *database queries allow CRM users to drill down into the reasons why a particular piece of data is as it is *data mining tools draw on a well established array of statistical procedures, such as correlation, regression, decision tree and clustering routines
relational databases
CRM systems use relational databases *organize data into two dimensional tables, columns are fields, rows are records, keys define relationships A database is a collection of tables plus relationships among the rows in those tables plus special metadata that describes the structure of the database
Business Capital
Capital: resources invested for future wealth Drivers of success: *financial-to produce goods/services *knowledge-human knowledge/skills investment *social- social relations with expectation of marketplace returns
marketing automation benefits
Improved marketing efficiency *manual systems an ad hoc processes are inefficient *MA lets companies develop more cost efficient processes that can be operated by any marketing employee, whether experienced or new to role Greater marketing productivity *MA lets companies run dozens, even thousands of campaigns and events through multiple channels simultaneously *more effective marketing-allows marketers to use what is known as closed loop marketing (CLM) _plan,do,measure,learn,plan *more responsiveness -Traditional marketers created and implemented annual marketing plans with campaigns and promotions planned and scheduled many months ahead -MA allows marketers to respond instantly to opportunities even if not part of a plan -MA functionality lets companies do real-time marketing and respond immediately to identified opportunities *improved marketing intelligence -MA's embedded reporting and analytics functionality provides valuable management insights into markets, customers, campaigns, events *improved customer experience -Customers receive personalized, relevant communications and offers at appropriate time *improved customer engagement -customers develop a stronger sense of emotional and behavioral identification with the firm *improved accountability -MA provides better data and analysis for measuring the return on investment from marketing activities with improved transparency and faster information for management
finding customer-related data
In functional areas: -sales/marketing/service/logistics/accounts -each serving different operational purposes -each recording different customer related data opportunities, campaigns, enquiries, deliveries, billing In channel silos -company owned retail stores, third party retail outlets and online retail In product silos -different product managers might maintain their own customer related data In online sources
Spreadsheets
Many businesses are simple enough to use spreadsheets to keep track of data. But things become more complicated as businesses grow. Businesses need to keep track of multiple themes. There are potential problems, databases help.
SFA-Why bother?
Salespeople: shorter sales cycles, more closing opportunities, higher win rates Sales Managers: improved salesperson productivity, improved customer relationships, accurate reporting, reduced cost of sales Senior Management: improved visibility of the sales pipeline, reduced risk of unexpected variations from sales forecasts, accelerated cashflow, increased sales revenue, market share growth, improved profitability
map search info for your team
Searching will not only give you a better idea of what's happening with your customers but also precisely where they're going for help. From here you can begin to create a map of the places your customer service team will need to go to engage with customers and provide help
evolution
Traditional customer service provided a single point of contact for customers to gain assistance in troubleshooting, get answers to questions, and solve known problems . Service was delivered through the traditional methods of face to face, email, and phone/live chat. Customer service function has evolved from a controllable department to one that can damage reputations in a heartbeat
document management (SFA)
allows companies to manage sales-related documents, keep them current and ensure that they are always available to reps, managers and partners when needed. *many documents support the sale process-brochures, product specifications, installation instructions, user manuals, case studies, white papers, price lists, warranties, competitive comparisons, spreadsheets, email templates and templates for preparing quotations
quotation management (SFA)
allows sales reps to create, edit, approve, and produce costed, customized, proposals quickly and reliably *some SFA vendors enable users to create multimedia proposals with audio, animation and video
SVOC
an aggregated, consistent and holistic representation of the data known by an organization about its customers
analytics and operational CRM
analysis of customer related data can help answer crucial operational CRM questions: -Which channels should we use to communicate with our customers -what offers should we make, and when should we make them -how does our sales performance differ across territories
Product Configuration (SFA)
applications that allow salespeople or the customer themselves to design and price customized products, services or solutions. *useful when the product is complex or when customization is an important part of the value proposition
eCRM characteristics
company-defined process and control of dialogue -business focus on products/services that meet customer needs -process centric -company defined business hours -personalization driven by central, marketing database and transactional event -sales/transaction focus -marketing focused on highly targeted, specific, personalized (push) communications -business constrained, inside out design process -contact management focus -well defined and stable -simple transactional outcomes -technology focused on operational/delivery dimensions of sales, marketing and service -technology automates brand to consumer (B2C) interactions -data rich -private, closed loop interaction -resides in a customer focused business ecosystem
importance of customer related data
customer related data is anything related to the development and maintenance of customer relationships *can have a current, past or future perspective *can be about individual customers, customer cohorts, customer segments, market segments or entire markets *can contain product information, competitor information, regulatory data
campaign success
depends on reaching out to the right customer with the right offer at the right time through the right channels *right message to the right person at the rite time at the right price* 1. use KPIs and set them early on 2. match your KPIs to your campaign goals 3. understand which KPIs matter most 4. review your results 5. determine the ROI of your efforts
data
everywhere, more sources/types, more volume, bigger velocity, known as "big data"
proposal generation (SFA)
for creating customized branded proposals for customers -uses information from one or more databases to create proposals which may contain: cover page and letter, introduction, objectives, products, product features, services, benefits, etc.
event based marketing
happens when an event triggers communication or an offer *"event" defined as a detectable change in an individual's circumstances that is relevant and important either in fact or in their mind *campaign very personalized-not just the same offer broadcast to some targets *requires data and analytics *types of events: triggers, simple events, significant events, behavioral events and lifecycle events
contact management (SFA)
includes tools for building, sharing, and updating contact lists, making appointments, time setting, and task, event and contact tracking. *contact data includes names, phone numbers, addresses, preference data and email addresses for people and companies, as well as a history of in-bound and out-bound communications
activity management (SFA)
keeps sales team aware of all activities, whether complete or pending, related to an account, contact or opportunity, by establishing to-do lists, setting priorities, monitoring progress and programming alerts. -includes things like preparation of quotations, scheduling of sales calls and following up enquiries
social media marketing components
listening, content strategy and marketing, engagement and community management, promotion and advertising, metrics, measurement and analytics
Opportunity Management (SFA)
opportunity-record of a potential sale or any other type of revenue generation *monitors progress of an opportunity against a predefined selling methodology to keep opportunities advancing towards closure
data marts
provide a solution -addresses a particular component or functional area of the business -a subset of a data warehouse -the access layer of the data warehouse environment that is used to get the data out to the users
account management (SFA)
provides a complete view of the customer relationship including contacts, contact history, completed transactions, current orders, shipments, enquiries, service history, opportunities and quotations -allows tracking of all obligations in every account, whether this is an opportunity to be closed, an order or a service enquiry
Keyword marketing
putting your message in front of people who are searching using particular keywords and phrases using: -webpage optimization -content topic development -social media profile optimization -guest post opportunity discovery -directory listing discovery -email subject line optimization
sales forecasting (SFA)
qualitative and quantitative tools to help forecast sales revenues and close rates *determine the use of the forecast, select the items to be forecast, determine the time horizon of the forecast, select the forecasting model(s), gather the data, make the forecast, validate and implement results
marketing campaign
series of activities used to market/promote a new or existing product/service using offline and online marketing channels *Goals include: identify prospective customers, acquire customers, retain and reward existing customers *channels can include phone, direct mail, web,etc
data warehouse
solution to the problem of storing data and making it available for reporting, queries, and analysis Simple concept-repositories of massive amounts of data about customers and operations Repository for data imported from other databases with a front end with procedures to make sense of the data and make sense of data queries
trigger marketing
something that happens that isn't very significant *results in automated action *examples:send new checks when penultimate one is used OR send message asking if customer forgot to check out when they leave something in their shopping cart
prescriptive analytics
suggest a course of action -understanding causation requires researchers to follow careful experimental protocols and manipulate variables-not based on observational studies alone
campaign management
technology enabled application of data driven strategies to select customers or prospects for customized communications and offers that vary at every stage of the customer lifecycle and buyer readiness *planning-strategic process by which decisions will be made, definition of purposes and objectives of the campaign *development-tactical process of developing the campaign workflow, creating the offer, choosing the design, choosing the media, selecting the customers and personalizing the campaign for them *execution-operational process of running the campaign in the media chosen and controlling all related aspects *analysis- evaluation process of the campaign results in light of the original objectives
