One of the goals of marketing is to sell consumers more of the store. Through brand extensions and other marketing techniques, companies can increase their ROIs with each customer. As these customers buy more from you, they are less likely to defect or leave your business because they are invested in your products. But how do you impact the buying behaviors of these customers? For this Assignment, you consider how CRM techniques may be used to increase the profitability of customers.
To prepare:
Review this weeks Learning Resources. In particular, focus on customer cross-selling and reducing defection.
Describe trends in customer relationship management.
Apply customer relationship management best practices to retain customers.
Think of ways you might reduce customer defection from your company.
Also, consider why a business/company may not want to spend the effort on CRM. (After all, CRM does not typically have a quick turnaround on profits. It is a longer-term strategy, and sometimes companies are more concerned about the next quarters profits.)
The Assignment:
Create a 10- to 15-slide PowerPoint presentation in which you do the following:
Assume that the leadership of your (or any) company is very reluctant to implement and invest in good CRM retention practices. How would you try to persuade them to change course? Create your 10- to 15-slide PowerPoint for the meeting with the executive team in order to defend your ideas. Provide academic rigor in this presentation by presenting facts you have uncovered in your readings and research for this course.
Include a cover slide with your name on it and a reference slide. The font size should be no smaller than 18-point, and each slide must have at least 25 words on it (not including titles). Provide a title for and have visuals on every slide. Include a slide number in the lower left-hand corner. Use PowerPoint notes to document source information.
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