Summary: Loyalty.Com E-Book

BusinessNews Publishing

• Herausgeber: Business Book Summaries
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 34

Veröffentlichungsjahr: 2014

Beschreibung

The must-read summary of Frederick Newell's book: "Loyalty.Com: Customer Relationship Management in the New Era of Internet Marketing".

This complete summary of the ideas from Frederick Newell's book "Loyalty.Com" shows how Customer Relationship Management is the process of making it easier and easier for customers to do business with you because you understand what they need better than anyone else. In his book, the author demonstrates some proven techniques for nurturing the company-customer relationship and how to find out what customers want and act accordingly. This summary will teach you how to adopt the correct techniques to take advantage of this strategy and the benefits that it could bring to your business.

Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge

To learn more, read "Loyalty.Com" and learn how to create great relationships in order to increase your company's profits.

Leseprobe

Book PresentationLoyalty.com by Frederick Newell1

Book Abstract

About the Author

Important Note About This Ebook

Summary of Loyalty.com (Frederick Newell)3

Section 1: What Is Customer Relationship Marketing And How Do You Measure Its Success?

Section 2: The Most Effective Tools Of Customer Relationship Marketing

Section 3: Customer Relationship Marketing Case Studies

Section 4: Long-Term Strategies For Successful And Profitable Customer Relationship Marketing

Book PresentationLoyalty.com by Frederick Newell

Book Abstract

MAIN IDEA

Customer Relationship Marketing (CRM) is the process of making it easier and easier for customers to do business with you because you understand what they need better than anyone else. In effect, the depth of the relationship between the customer and your organization becomes a disincentive for them to go anywhere else for whatever you offer. The process by which those types of relationships are built is disarmingly simple to describe but difficult to achieve. In short, a rich, ongoing two-way dialog must develop. The organization must learn what the customer values, and deliver more of what they want.

About the Author

FREDERICK NEWELL is CEO of Seklemian/Newell, an international marketing strategy consulting firm. He is also a columnist, contributing editor and editorial director for several trade publications in the advertising and marketing fields. Mr. Newell specializes in the fields of database marketing, customer relationship management and 1-to-1 marketing program implementation. He is the author of The New Rules of Marketing, a member of the Retail Advertising Hall of Fame and a visiting lecturer at Duke University and the Universidad de Belgrano in Buenos Aires.

Important Note About This Ebook

This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.

Summary of Loyalty.com (Frederick Newell)

Section 1: What Is Customer Relationship Marketing And How Do You Measure Its Success?

Main Idea

CRM is a long-term business strategy by which customers are influenced to do future business with you on the strength of past activities which created added value for them.

The key elements of a good CRM program are:

To measure the effectiveness of a CRM program:

Supporting Ideas

Many people group direct marketing and CRM together, when in fact they are entirely different disciplines. Direct marketing uses the information from a database to generate specific, measurable (and often immediate) responses. CRM, by contrast, builds long-term 1-to-1 relationships with customers so they become favorably predisposed to do more business with the organization in the future.

A formal definition of CRM is that it is “a business strategy which pro-actively builds a bias or preference for an organization with its individual employees, channels and customers resulting in increased retention and increased performance”.

In essence, CRM is the difference between a “satisfied” customer and a “loyal” customer. Those organizations that deliver the greatest value consistently and reliably will have customers that are loyal. Over time, a good CRM program strengthens the bond between the customer and the company.

The central nervous system of CRM is two-way, ongoing dialog between the organization and the customer. Every potential CRM benefit depends on the ability of the organization to prove itself and build trust. That takes dialog from the organization to the customer. Furthermore, every effort the organization undertakes to learn more about the customer’s perceptions of value is derived from dialog in the opposite direction. Without two-way dialog, CRM cannot exist.

CRM is the difference between information and knowledge. Most businesses today are awash in a sea of information delivered digitally. CRM enables an organization to take customer specific information and edit it, put it into context and analyze it meaningfully. As a result, information is transformed into knowledge.

Knowledge is the soul of CRM – because it’s in customer knowledge and the application of that knowledge customer relationships can be built up and enhanced using CRM.

A viable CRM program has five key elements:

A way to identify value from the customer’s viewpoint.