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102-11-172002••••644966961370113407364496676•wangjian@ibb.com.cn•http://www.ibb.com.cn/02-11-172002Discussion•Asacustomer,ifyouarenotsatisfiedwithproduct/service,whatwouldyouliketodo?•Asacustomer,ifyouarehappywithproduct/service,whatwouldyouliketodo?•Whichcostsmore?Retentionoracquisitionofacustomer?•Whichismore?Theswitchingcostofaweb-basedcustomeroraphysicalmarket-basedcustomer?202-11-172002AComparison•DissatisfiedCustomer–Only4%ofdissatisfiedcustomerscomplain,•SatisfiedCustomer–Customerretentioncostsone-sixthofacquisition•DissatisfiedCustomer–75%-90%ofunhappycustomerswontbeback•SatisfiedCustomer–Satisfiedcustomersarewillingtopaymore02-11-172002AComparison-cont•DissatisfiedCustomer–Eachdissatisfiedcustomertellsninemore•SatisfiedCustomer–Eachhappycustomerwilltellfiveotherpotentialcustomers•DatacollectedbyU.S.OfficeofConsumerAffairesin1992,reportedin199602-11-172002EmergenceofBusinessDrivers,1960-2000EraEmergentForces1960sNewproducts1970sLow-costmanufacturing1980sTotalqualitymanagement1990sCustomerrelationshipsandone-to-onemarketing2000sKnowledge-enabledrelationshipmanagementande-business302-11-172002E-business•E-business–Internet-facilitatedintegrationofprocesses,applications,andinformationsystemstofacilitaterapidcollaboration,coordination,andrelationshipformationacrosstraditionalorganizationalboundaries.Electroniccommerceisasubsetofe-business02-11-172002NewFaceofEconomy•Knowledgecentricity•Increasingreturnsandnetworkeffects•Acceleratedclockspeed•Transparency,informationsymmetry•Lowswitchingcosts,loyalty-lock-ins,andpricediscovery•Modularinnovationandrecombinations•Rapidandadhocalliances•Productsasexperiences02-11-172002Whatisknowledge?•Knowledgemanagementisthekey?402-11-172002CRM•CustomerRelationshipManagement:Theprocessofmanagingrelationshipswithexistingcustomerstomaximizetheirloyalty,increaserevenuesfromthem,andretainthemwileselectivelyattractingnewcustomers.02-11-172002CharacteristicsofCRM•CRMrepresentsaconcertedefforttoimprovecustomeridentification,conversion,acquisition,andretention•ThefocusofCRMistoimprovelevelsofcustomersatisfaction,boostcustomerloyalty,andincreaserevenuesfromexistingcustomersinthefaceofstiffcompetition,globalization,highcustomerturnover,andgrowingcustomeracquisitioncosts.02-11-172002CRMHistory•Before1993,CRMincludedtwomajormarkets[FinancialTimes,2000,p.25]:–1.SalesForceAutomation(SFA)and–2.CustomerServices(CS).502-11-172002CRMHistorycontinued02-11-172002CRMHistorycontinued02-11-172002CRMToday•Today,CRMincludesallcustomer-facingapplications,including:–SalesForceAutomation(SFA),–CustomerService(CS),–SalesandMarketingManagement(SMM),and–Contact&ActivityManagement[EmergingMarketTechnologies,2000].602-11-172002Whatdoesitmean?02-11-172002WhyCRM?•ByParetosPrinciple,itisassumedthat20%ofacompany'scustomersgenerate80%ofitsprofits.•Inindustrialsales,ittakesanaverageof8to10physicalcallsinpersontosellanewcustomer,2to3callstosellanexistingcustomer.•Itis5to10timesmoreexpensivetoacquireanewcustomerthanobtainrepeatbusinessfromanexistingcustomer.Forexample,–accordingtotheBostonConsultingGroup[Hildebrand,2000],thecoststomarkettoexistingWebcustomersis$6.80comparedto$34toacquireanewWebcustomers.•Atypicaldissatisfiedcustomertells8to10peopleabouthisorherexperience.•A5%increaseinretainingexistingcustomerstranslatesinto25%ormoreincreaseinprofitability.02-11-172002WhyCRMNow?•DeathoftheOldPsofMarketing–TheoldPsandtheirdigitalsuccessors•Productsv.s.customerexperience,customizedproducts,andindividualizedservices•Pricev.s.Dynamicmarketsandintelligentagent-baseddynamic,evenindividualized,pricing•Placev.s.Digitalmarketspacethatisnotassociatedwithanyspecificphysicallocation•Promotionv.s.Two-wayinteraction,masscustomization,andcustomerrelationships702-11-172002AnotherMarketingStrategy?•CRMrequires–organizationalandbusinesslevelapproaches–whicharecustomercentric–todoingbusinessratherthanasimplemarketingstrategy.02-11-172002MassMarketingvs.CRM•Selloneproducttomanycustomers;sellmanyproductstoonecustomer•Differentiateproducts;differentiatecustomers•Acquireaconstantstreamofnewcustomers;acquireaconstantstreamofnewbusinessfromexistingcustomers02-11-172002MassMarketingvs.CRM•Focusonproductfeatures;Focusoncustomervalue•Discontinuouscustomerinteraction;Continuouscustomerinteraction•Customerresearch;Customerparticipation•Physicalcollaborationwithsuppliers;Knowledgecollaborationwithsuppliers802-11-172002MassMarketingvs.CRM•Short-termfocus;Long-termfocus•Economiesofscale;Economiesofscope02-11-172002FourTenetsofCRM•Useexistingrelationshipstomaximizerevenue(good/badcustomers);•Usecustomerknowledge/technologytoconsistentlydeliverexcellentservice(increasingswitchingcostsforthecustomer);•Developrepeatablesalesprocesses(integratingKM);•Delivervalueanddevelopcustomerloyalty(resolveissuesbeforetheybecomeproblems)02-11-172002ThreePhasesofCRMEnhancementRetentionAcquisition902-11-172002Acquisition•Differentiateproduct/serviceaccordingtocustomerneeds•Offerunmatchedconveniencethroughcustomerknowledge•Backwithexcellentserviceandsupportandproa