Connected CRM
The world of marketing is changing dramatically with the emergence of three phenomena: the digitization of media, the propagation of social media networks, and the capacity of consumers to access media at any time and from any place. In Connected CRM, David S. Williams describes how marketers are reacting with data-fueled, digital customer strategies and transformative business models. This approach is called connected customer relationship management (cCRM) and it uses customer knowledge to formulate and deliver the brand experiences that customers want. The cCRM approach combinations enterprise segmentation that reinforces customer strategy, a combined targeting and customization effort that supports carefully-devised media and channel usage to personalize the customer experience, and an effective financial management competency that uses measurement and attribution methods to implement media and direct budget application.
Customers are adopting new technologies, moving between online and offline media and channels, and continuously changing their methods of interacting with businesses. Organizations have to improve their customer relationship management (CRM) efforts by utilizing Connected CRM (cCRM) to employ new customer strategies and execute successful business model transformations.
• Customer strategy is an essential component of the cCRM framework. It should consist of a decision-making structure in which corporate assets are provided to implement the delivery of experiences across a range of segments and customers.
• Customer strategy must be executed across the enterprise. Permitting multiple silos within an organization for employees to establish their own strategies leads to inconsistent customer treatment.
• cCRM is difficult to execute without leadership sponsors. This means businesses must create leadership alignment, defined decision authority, and accurate and relevant metrics.
• In cCRM, the customer experience is critical because it computes the way the customer interfaces with the brand. It should influence the organization's messages, offers, creative efforts, and methods of delivery.
• If the essential function of a company is to create shareholder value, then the essential objective of marketers is to increase the value of customers. Organizations have the duty to allocate investments in order to maximize profits and minimizeize risks for customers.
Connected CRM by David S. Williams illustrates how marketers can build successful business strategies based on the needs, behaviors, and lifetime values of consumers. It moves beyond the standard uses of data and analytics to examine how marketers can use technological advances to craft successful strategies that focus on their customers.
The book would be of interest to experienced marketing professionals who wish to bring customer-centric business strategies to fruition. It is written in a style deeply steeped in the marketing discipline of jargon and contains numerous charts and graphs that illustrate the cCRM theory. It is best read in chapter order.
