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It typically costs 5-10 times as much to acquire a new customer as it does to retain an existing one. A recent McKinsey study showed that the average new customer spends $24.50 at a given web site in the first 3 months as a shopper. The average repeat customer spends $52.50 every 3 months. Most companies lose 50% of their customers in 5 years
University) (Harvard
70% of repeat purchases are made out of indifference to the seller, NOT loyalty. (eLoyalty) The web customer is only 1 click away from your competition. It takes 7 to 17 seconds to make a first impression. 55% of sales happen because of the first impression only.
CRM STRATEGIES
Customer Acquisition
Gain the greatest number of new customers as early in their lifespan as possible.
Customer Retention
Retain and expand your business and relationships with your customers through up-selling, cross-selling and servicing.
Customer Loyalty
Offer programs to ensure that your customers happily buy what you offer only from you.
Customer Evangelism
Enable loyal customers to become a volunteer sales force.
CRM RESULTS
Response Rates Well-executed event-driven marketing campaigns typically deliver response rates of the order of 25% - 50%. Increased Sales A well-used CRM system typically yields a direct sales revenue increase of 10%-20%.
Customer Retention
Improvement of Average Observed Customer benefit 10%-18% for Customers That Formally Measured.
ROI Justification
A 10% improvement in customer retention and increased revenues and a 14% increase in customer satisfaction.
(Aberdeen Group 2003)
PROFILE VIEW
Volkswagen (VW) is one of the worlds leading automobile manufacturers and the largest carmaker in Europe. As Volkswagen pursues its goal of becoming the number one automaker in the world by 2018, India has become a key component of its strategy. India is currently the worlds second fastest growing car market, with shipments expected to more than double by 2018.
Solution
Establish VW-branded Company Page on LinkedIn Enable LinkedIn members to recommend their favorite VW models Use LinkedIn Recommendation Ads to extend reach
Results
2,700 product recommendations in 30 days 2,300 new followers on VW India Company Page
Solution: The campaign created by DDB Mudra and executed by MediaCom, clearly displayed the made in India factor in the Polo which is rolling out of the Chakan plant in Pune.
CRM PRACTICE -4
Travel and accommodation of the passengers in the incidence of immobilization or theft of the vehicle.
Transport to destination or habitual residence with luggage and personal belongings. Towing of the vehicle to VW nearest dealer. On site repair, if possible. Dispatch of fuel; Wheel replacement. Transportation, storage and safekeeping of the vehicle.