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In conjunction with these factors there needs to be a continual focus on increasing the quality of service as well, often using metrics including Service Quality Index (SERVQUAL) to quantify the performance of customer loyalty programs over time.
At present the company being evaluated in terms of their use of customer loyalty is entirely focused on service lifecycle management and warranty cost management. They see customer loyalty purely from the standpoint of how to create ongoing sales, not necessarily increase customer lifetime value by motivating customers to return and purchase more. This has had a corresponding effect of creating attrition in the customer base over time and lost sales. What is needed is a concerted strategy that takes into account unmet needs of customers and responds to them innovatively with exciting products and services to drive up lifetime customer value over time.
Conclusion
CRM serves as a foundational series of strategies on which customer loyalty and many other programs rely on. The integration...
For the company being evaluated from this study, their need is to architect better, more efficient programs for translating lessons learned into more effective strategies for creating valuable experiences for their long-term customers. By focusing on their unmet needs and requirements will they be able to increase lifetime customer value (Schmitt, Skiera, Van den Bulte, 2011)
Reference
Marshall, N.. (2010). Commitment, Loyalty And Customer Lifetime Value: Investigating The Relationships Among Key Determinants. Journal of Business & Economics Research, 8(8), 67-84.
Wei-Ming Ou, Chia-Mei Shih, Chin-Yuan Chen, & Kuo-Chang Wang. (2011). Relationships among customer loyalty programs, service quality, relationship quality and loyalty. Chinese Management Studies, 5(2), 194-206.
Schmitt, P., Skiera, B., & Van den Bulte, C.. (2011). Referral Programs and Customer Value. Journal…
Reference
Marshall, N.. (2010). Commitment, Loyalty And Customer Lifetime Value: Investigating The Relationships Among Key Determinants. Journal of Business & Economics Research, 8(8), 67-84.
Wei-Ming Ou, Chia-Mei Shih, Chin-Yuan Chen, & Kuo-Chang Wang. (2011). Relationships among customer loyalty programs, service quality, relationship quality and loyalty. Chinese Management Studies, 5(2), 194-206.
Schmitt, P., Skiera, B., & Van den Bulte, C.. (2011). Referral Programs and Customer Value. Journal of Marketing, 75(1), 46.
The sales cycles of the enterprise software industry however are changing drastically due to Software-as-a-Service and Cincom's CRM systems are in the middle of a transition as the company seeks to stay competitive in 2010. Assessment of CRM at Cincom Systems The internal CRM system was initially called Quota, which was meant to connote the urgency of attaining sales quotes by the Cincom sales teams. Quota had the ability to track
Electronic Customer Relationship Management (eCRM) -- the application of Customer Relationship Management within electronic businesses Customer Data Integration (CDA) -- the process by which data is collected, assessed and integrated within the organization to maximize its chances of attaining its pre-established objectives Data mining -- the process by which a database is statistically assessed to identify customer patterns -- it transforms data into information Customer loyalty -- at a most simplistic level, a
Customer Relationship Management Over the last several years, customer relationship management (CRM) has become an area which is helping firms to reduce costs and increase productivity. This is because it is focusing on offering small, medium and large sized businesses with number of solutions to streamline their operations. While at the same time, they are utilizing technology to integrate various solutions together. The most notable include: technical support, sales, marketing and
The majority are in the Developing Phase (45%) with just 3% in Optimizing. This indicates that there is a strong need for greater integration of social networking, permission marketing and customer information management in many e-commerce strategies today. The results shown in Figure 3 also indicates there is significant upside potential for companies who attempt to grow quickly through the integration of social networking, trust-based permission marketing based on
The communication system may be able to facilitate the transfer of information, but an essential component of a CRM system is the transfer of responsibility. Somebody at the company must be responsible for every customer issue that arises. This is the only way that the company can ensure that its customers' needs are truly being met. Because of this need for responsibility, it is essential that customer relationship management
just an isolated or siloed strategy. Gartner's definition is shown in Figure 1. Figure 1: Gartner Group's Eight Levels of CRM Gartner has defined CRM using both purely technologically-based approaches and the processes that occur in any company looking to serve customers. Yet the most important area of this graphic is the interaction of the valued customer experience and organizational collaboration. At the store level of the example of the manager