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Topics and Objectives:
Let's take a break from marketing analytics and see how customer-based strategy is applied across a variety of industries.
Customer acquisition focuses on getting the right customers -- without overinvesting!
Customer development focuses on making current customers more profitable by selling them more products (cross-selling) and higher margin products
(up-selling). While cross-selling is as old as the 'Would you like fries with that?" pitch, new approaches combine sophisticated models and customer information to tailor or personalize the offers made to each
customer.
Customer retention is focused on keeping valuable customers - some not-so-valuable customers may be 'abandoned' or even fired.
Required Readings :
Customer Segmentation Done Right, CIO Magazine, Oct. 2005
Getting
It Right: Turning Customer Value into Competitive Advantage in Retail Banking, SAS/Peppers & Rogers Group White Paper, 2005.
Smart Data, Smart Decisions, Smart Profits: The Retailers' Advantage, McKinsey on Retail
CRM in the air, McKinsey Quarterly
- Another report from McKinsey outlining how CRM can help airlines hang onto customers and capture more of their value.
If a Telecom's customers really were its assets, Mercer Management.
Due: Description of the industry and firms for the team paper.
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