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ANALYTICAL CRM
Design and execution of targeted marketing campaigns to optimize marketing effectiveness. Design and execution of specific customer campaigns, including customer acquisition, cross-selling, up-selling, retention. Analysis of customer behaviour to aid product and service decision making (e.g. pricing, new product development etc.) Management decisions, e.g. financial forecasting and customer profitability analysis. Prediction of the probability of customer defection (churn).
MORE DEFINITIONS
A bottom-up perspective, which focuses on the intelligent mining of customer data for strategic or tactical purposes. Refers to the information management processes that rotate around the collection, accumulation, and analysis of customer information from customer interfaces. Provides analysis of customer data and behavioral patterns to improve business decisions. This includes the underlying data warehouse architecture, customer profiling/segmentation systems, reporting, and analysis.
CUSTOMER KNOWLEDGE
Knowledge about customers, which includes knowledge about potential customers, customer segments and individual customers. Knowledge possessed by customers. Different from customer data and information. Customer knowledge can be explicit, the structured customer information in databases, or in tacit customer knowledge knowledge in mind of employees and customers.
IMPLEMENTATION
Analytical CRM is typically implemented as a combination of data-warehouse, business intelligence (OLAP) and data-mining systems. The data required for ACRM typically comes from data-warehouses which in turn consist of data extracted from transactional databases. The outputs are available for both strategic and operational CRM systems.
TECHNIQUES
GENETIC ALGORITHMS
Used generally as an optimization technique. Example Major airline looking to improving its customer experience needed a more efficient way to route customer comments.
To determine if a comment (from phone, comment card, or email inquiry) was a compliment or complaint.
SOME APPLICATIONS
ACRM technologies allow the organization to gain an insight into the behaviour of individual customers and, in turn to target and customize marketing communication and messages. In addition, these tools generate data that support the calculation of customer lifetime value for individual customers.
Profitability by customer and distribution channel. Cost to support by product and customer. Average order value by customer. Customer acquisition rate, customer defection rate, repeat customer rate, and customer satisfaction.
Segmenting target customer groups. Establishing criteria for measuring behaviour, monitoring and tracking behaviour changes, Generating behaviour patterns, and predicting possible future behaviour.
Purchasing behaviour. Contact behaviour. Retention behaviour. Response behaviour. Migration and defect behaviour.
REQUIREMENTS
Customer knowledge acquisition should be treated as a dynamic and continuous process, to collect information about existing customers, defecting customers and new customers. Knowledge about prospective customers and customers that are loyal to competitors should also be obtained.
Leaders
Challengers
Leaders
Oracle : DBMS is the strong point. IBM : Content analysis and packaged analytical applications, application server, portal and data integration capabilities. Does not support its own ETL and data quality software. Microsoft : SQL Server and nalytics, scorecards and dashboards built into SharePoint. Good corporate performance management and data integration SAS. SAP. Information Builders. Microstrategy. SAAS Open Source
CONCLUSION