SE Chapter 10

what is Customer relationship management?

The process of tracking the customer's different contacts with the firm, and using these data to help improve sales as well as the customer's experience

What is cross-selling?

To sell related products

What is market penetration?

A strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base

What are the four steps to handing postsale problems?

1. prepare yourself and listen 2. Accurately reflect 3. Apologize and start generating solutions 4. Implement and follow up

What is up-selling?

selling additional accessories or higher-quality versions of the product at a higher cost

What are the steps in the "get customers" funnel for physical products?

- Awareness - Interest - Consideration - Purchase

What does the AIDA formula stand for?

- attention - interest - desire - action

What shows the proof of a CRM effort?

- higher levels of customer loyalty in existing customers - higher levels or purchasing from your existing customers - more tracked prospects making initial purchases from you

What are the types of media advertising in the PESO model?

- paid media - owned media - shared media - earned media

What are the types of promotional mix techniques?

- social media embassies - media partnerships - media integration - incentive media

What are the two steps to CRM?

1. Gather the data 2. analyze the data

What is currency?

A concept in public importance that alludes to the degree to which the issue is immediate to its impact

What is a good story?

A concept in public interest that alludes to an incident with good triumphing

What is cultural resonance?

A concept in public interest that alludes to events with a broad appeal within the market or population

What are famous faces?

A concept in public recognition that alluded to connections of your event or firm to individuals the general public would recognize

What is issue recognition?

A concept in public recognition that alluded to the extent to which the public is familiar with the issue or problem at hand

What is an influencer?

A customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices.

What is community service?

Activities undertaken to help support, repair or improve the community, its institutions, infrastructures, or people. Examples include clean up days, disaster relief, or helping-you-neighbor efforts, among others

What is cognitive dissonance?

Doubt that occurs after purchase has been made. An inconsistent between experience and belief

What is the promotional mix?

How much of each message conveyance you will use to sell your product as well as your objective in using each one

What are key performance indicators (KPIs)?

Measures or metrics that identify the outcomes that are most important to the success of a business. While outcomes like sales or products produced are KPIs, events leading up to these are also usually considered key, like customers coming to your store or website for sales, or number of products started

What is free ink?

Mentions of your company or products in the media for which your firm did not pay

What are donations?

Monetary or other gifts to organizations or people who are in need

What is a business directory site?

Online service that provides the equivalent of the old telephone directory, listing businesses, their websites, phone numbers, and other information for prospective customers.

What are user review sites?

Online sites where customers and users of products and services can post their opinions rating, and experiences for others to see. Smart companies track these sites and respond to customers' reviews.

What is affiliate marketing?

Partnerships between firms where a firm (often a content creator) mentions the product or service of another firm. That mention includes a link to purchase the product or service, and each time the link is clicked and produces the agreed-upon outcome the content creator gets paid by the other firm

What is organic traffic?

People who come to your website based o their own actions where you have not paid for the link. Also called unpaid search

What are sales leads?

People who receive a promotional impression and who give some thought to buying the product

What are prospects?

Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase

What is a virtuous cycle?

Situations where one good turn invites another one from someone else.

What is brand promise?

The gains provided or the help given by the product or service your firm offers

What is a brand?

The name a firm puts on itself and its products to differentiate them from competitors' offerings

What is a business profile kit?

The name for the media kit you create for your own business (to distinguish it in your mind from the media kits of other organizations)

What is media integration?

The overlap of paid and earned media is based on generating leads through three paid types of efforts: advertorials, lead generation purchases, and contests or sweepstakes

What is incentive media?

The overlap of paid and owned media reflects the partnerships where you are paying for connections useful to your business. This includes affiliate marketing, brand ambassadors, native advertising, and sponsored content

What is personal selling?

The process of selling your products and services; includes prospect and evaluate, prepare, present, close, and follow up

What is the marketing funnel?

The rule of thumb that it takes a large number of people to be made aware of your product in order to find a purchaser

What is co-branding?

When two competitors or brands combine to create a new product or service that combines both brands, such as Nike's LeBron sneakers.

What are the two steps in the "get customers" funnel for web/mobile procucts?

acquire and activate

What is shared media?

called word-of-mouth or referral advertising; promotional mentions of your brand, firm, product, services, or user experiences with them made by customer and others and posted or shared through their social media sites

What is native advertising?

forms of ads inserted into the regular flow of noncommercial web pages so that is appears to be "native" to the page. The FTC regulates that it carry an identifier to show it is an ad and not a statement by the page's content creator

What are the three goals of the customer development funnel for physical products?

get customers, keep customers, and grow customers

What are referrals?

getting customers to refer their friends to you

What is sponsored content?

material you develop or have developed to present to customers information about your company, brand, products, or services. Links to this material are placed on other people or brand websites or social media feeds, in hopes potential customers will click on the links and learn more about your offering

What does branding build from?

the value proposition, your competitive advantage, and what you want the firm to represent

What is an advertorial?

typically a paid advertisement from a company written in the form of an editorial, making the company's point about an issue, and published in the mass media

What is an impression?

when someone notices a promotional effort

What is a media content strategy plan?

A document, for the manager and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audiences, distribution channels, keywords, content types, calendar, publishing procedures, action items, KPIs, and analytics across all the different types of marketing efforts the firm will attempt

What is customer retention?

Techniques that focus on efforts to promote satisfaction with and interest in the firm.

What are keyword and description tags?

Terms included in the hidden portion of a web page that are used by search engines such as Yahoo! and Google to describe you website and evaluate its focus and category placement

What are social media embassies?

These combine elements of owned and shared media and represent the social media platforms on which your brand, business, products, or services have a formal presence. The page belongs to you, but it exists on a media platform that you don't own or control

What are media partnerships?

These occur at the overlap of shared and earned media and represent the paid and unpaid arrangements made by your brand, company, product, or service with outside individuals or organizations to promote your brand to the public or their ow social media or public bases. These include influencer marketing, trade and professional organizational memberships, local organization memberships, sponsorships, co-branding, co-advertising, donations, and community service

What is search engine optimization (SEO)?

A general approach to website design intended to result in the site being displayed toward the beginning of a search engine's listing for that term

What is a trade association?

A group of people in the same industry who band together to gather and share information and present and represent the industry to the public and government

What is word of mouth?

A means of spreading information about your business through the comments friends and customers make to other potential customers

What is diversification?

A strategy whose goal is growth based on adding new products or services to the firm's existing collection of offerings

What is viral marketing?

Any electronic equivalent word-of-mouth advertising, in which the advertiser's message spread quickly and widely via email, website, blogs, and other online tools

What are newsworthy events?

To garner serious attention form the media and the public, a news story needs to deliver certain essentials that will hold their attention and keep your news in their thoughts. It should have public recognition, importance, and interest

What is advertising?

Often used to support the corporate identity and value propositions that are established through public relations efforts. Part of conveying your message to your customers, these outlets include newspapers, magazines, billboards, television, and internet banner ads.

What are OOH ad placements?

Stands for "out of home" and refers to advertising people will encounter when away from home. This includes posters, digital and print ads in transit shelters, at airports and venues with major foot traffic, and digital and conventional billboards and signage

What formula is used to write press releases?

the AIDA formula

What are the three steps to analyzing CRM data?

1. customer vector reports 2. sales process reports 3. sales outcome reports

What are the three factors of newsworthiness?

public recognition, public importance, and public interest

What is earned media?

public relations and press relations, or "free ink"; do it yourself efforts and paid efforts to get the message of your brand, business, product, or service out to the general public or the mass media in hopes it gets repeated by them

What are sales process reports?

summarize data based on where customers are in the sales process and what you have done with these individuals

What are sales outcome reports?

summarize issues around the actual sales, like the amount, how long it took from the first contact to completed sale and the eventual conversion rates

What is paid media?

you pay for ad placement

What is a brand ambassador?

A person who represents your brand, company, product, or service to others to increase brand awareness, sales, and positive attitudes among the public. They can be paid or volunteer. They often receive your products and services to use and show off to the public. Also called a spokesperson

What is product expansion?

A strategy whose goal is growth, based on selling existing customers a product or service they have never bought before.

What is market expansion?

A strategy whose goal is growth, based on selling in areas or to groups previously not served by the business

What is a hashtag?

A term developed to be easily searched in the internet. Words or multiword phrases preceded by a # sign that is associated with an idea, person, product, service, brand, firm, event, or the like

What is co-marketing?

A type of media partnership where two products jointly pay to advertise together. Usually this is when customers use the two products together, like chips and salsa

What is organizational identity?

your business/product/service name, including logos, symbols, characters, slogans, hashtags, uniforms, and packaging

What are the four forms of growing customer sales?

- unbundling - up-selling - cross-seling - referrals

What is unbundling?

to break apart a product or service into components

What is owned media?

- your website, newsletters, emails, signage, etc. - domain name, logo, phone line, business card, brochures, sales packet/marketing kit, online support material, sign packaging, and promotional novelties — all with a succinct message

What is a media kit?

A type of specialized web page or sales-material-based package sent to media outlets that is focused on telling them about your company and its story. These are often built around a press release for something of potential current interest to the media outlet. Also called a press kit

What is a customer vector report?

A type or CRM report that segments by customer (or customer group) on purchases or data of purchase

What is a press release?

A written announcement intended to draw news media attention to a specific event

What is a social media management platform?

An online service that captures and displays the feeds from your social media platforms and makes it easy to post across multiple platforms, schedule posts on different platforms, and help you see social media statistics. Free and freemium examples include Hootsuite, Buffer, etc.

What is lead generation?

The promotional technique of obtaining prospective customers through paid and unpaid efforts to obtain contact information from people with the plan to send these prospects advertisements or other messages in hopes of getting them to become customers.

What is domain name?

The specific name of an internet site, consisting of a name followed by .com, .net, or a similar code