Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
41 Cards in this Set
- Front
- Back
|
the 3 r's
|
recognition
relationship rewards |
|
|
recognition
|
knowing who your customers are
|
|
|
relationship
|
means keeping in contact with them over time
|
|
|
rewards
|
make relationships more valuable in consumers minds
|
|
|
database marketing
|
identifying customers and building relationships
|
|
|
data warehouse
|
holds all of the customer data
|
|
|
operational database
|
customer transactions
follows accounting rules |
|
|
marketing database
|
current customer information
former customer information prospect information |
|
|
lifetime value analysis
|
a figure that represents the profit revenue of a customer throughout the lifetime of a relationship
|
|
|
RFM analysis
|
recency
frequency monetary |
|
|
recency
|
notes the date of the last purchase
|
|
|
frequency
|
number of purchases within a specific time period
normally 1 year |
|
|
monetary
|
the monetary expenditures with a grim and is usually expressed as expenditures per year
|
|
|
data mining
|
building profiles of customer groups
preparing models that predict future purchase behavior |
|
|
why the internet is important in customer communications
|
low cost
24/7 metric analysis access to information build a bond |
|
|
metric analysis
|
if the message was read
time it was read how much time was spent |
|
|
database driven communications
|
identification codes
customer profile information in-bound telemarketing trawling lifetime value segments |
|
|
identification codes
|
codes that allow customization of persons page
hi dave |
|
|
customer profile information
|
send birthday greetings
tailor to the person |
|
|
in bound telemarketing
|
know who is calling
treat in a personnel way |
|
|
trawling
|
the process of searching the database for a specific piece of information for marketing purposes
look for people who recently moved anniversaries |
|
|
lifetime value segments
|
a group of individuals with a specific value to the firm
gold bronze silver |
|
|
permission marketing
|
promotional information is only sent to consumers who give the company permission to do so
incentive for volunteering offer and reinforce incentive increase the lvl of permission |
|
|
frequency/loyalty programs
|
when a company offers free merchandise or services for a series of purchases
frequent flyers |
|
|
principles frequency programs
|
enhance value of product
calculate full cost maximize customers motivation to purchase |
|
|
share of customer
|
a measure of a customers potential value
|
|
|
goals of frequency programs
|
loyalty
matching or preempting competition target higher income households |
|
|
customer relationship management
|
companies could use databases to customize products and communications to customers that would result in higher sales and profits
|
|
|
interact with customers
|
improve cost efficiency
enhance effectiveness of interaction |
|
|
CRM reasons for failure
|
implemented before strategy is created
doing before changing organization to match becoming tech driven customers feel stalked |
|
|
response lists
|
customers who have made purchases or responded to direct mail offers in the past
|
|
|
compiled list
|
provides information about consumers who meet specific demographic rules
|
|
|
digital direct to press
|
software program that instructs the computer to send a tailor made message
|
|
|
catalogs
|
long term
low pressure sales first stage in buying cucle database b2b |
|
|
direct response media
|
tv
radio magazines newspapers |
|
|
internet
|
direct response to ads
cost effective relationships personalization customization search engine ads |
|
|
package insert programs
|
materials placed in order fulfillment packages
|
|
|
ride along
|
materials that are placed with another company's catalog or direct mail piece
|
|
|
statement stuffers
|
direct mail offers place inside of a statement or bill
comcast |
|
|
card packs
|
deck of 20 to 50 business reply cards placed in a plastic pack
|
|
|
international implications
|
differences in tech
laws local customs infrastructure |
