| eCRM
– Electronic customer relationship management
Do you know
who your best customers are?
All customers are not created equal. At most firms it is typical
for the top 20% of customers to account for upwards of 50% of revenue
and an even greater proportion of profitability. Electronic customer
relationship management (eCRM) is the process of building and managing
customer relationships online with a focus on maximizing customer
lifetime value (CLTV). The primary goal is to identify and retain
those best customers that account for a proportionately larger share
of the firm’s profitability. Maximize the
value of your customer relationships
eCRM establishes the framework for interaction between the firm
and its customers and impacts critical success factors such as customer
retention and average transaction size and frequency. The process
is designed to migrate customers through 4 stages, which are: Acquisition,
Lift, Retention and Empowerment.
   
Increased retention equals increased profitability
The key benefit of eCRM is that it allows firms to identify and retain
their best customers, it has been proven that even slight increases in
best customer retention yield gains in profitability. eCRM allows firms
to migrate customers across value segments by strategically up-selling
and cross selling their various products/services based on the
customer’s profile. eCRM also allows for the conversion of best
customers into advocates for the firm by encouraging positive ‘word of
mouth’ referrals.
eCRM is not a ‘product’, it is a philosophy of doing business that
maximizes the value of individual customer relationships by leveraging
Internet technologies.
To find out more please
contact us.
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