Victoria’s Secret Customer Relationship Management Customer Relationship Management (CRM) is the aspect of interaction that a company has with its customer, whether it is sales or service related. CRM enables businesses to understand the customer, retain customers through better customer experience, attract new customers, increase profitability, and decrease customer management costs. CRM helps businesses to emphasize a continuing, long term relationship with customers to nurture customer stability in today’s market. In today’s evolving market, technology and the Web have changed the way companies approach CRM. Advances in technology have also changed consumer buying behavior and offered new ways for companies to communicate with customers and collect information about them. With the increase of technology, such as smartphones, customer relationships are now being managed electronically. A new aspect of CRM has emerged though this innovation: Social customer relationship management (SCRM). “Social CRM is engaging in a customer dialogue to ensure the best product and service experience, by first obtaining customers’ input and then responding to their preferences”(Maher). This is used to describe the addition of the social element in traditional CRM processes, and then builds upon that by leveraging the social element which enables a business to connect customer conversations and relationships from social networking sites. Organizations are using SCRM as a way to personalize online experiences though tools such as email organizers and social media advertisements. SCRM has allowed businesses to get “real-time” customer insights and rapid response, prompt reaction to positive or negative news, align marketing and product development with customer preferences, enable social commerce transactions, and to develop a measure of social ROI. (Maher) Victoria’s Secret is a leader in SCRM. Since 2009, Victoria’s Secret (VS) has dramatically increased their online activity and presence. VS has expanded their social media presence to Facebook, Twitter, and Instagram. Their previous marketing techniques consisted of a calendar delivered to customers monthly. However, VS is now stepping into the social media age as a leader in technological marketing. They now send targeted retention and trigger emails. VS monitors the time between customer store visits and then emails customers whose time between trips is increasing to help prevent attrition. Trigger emails are also sent as gift reminders to encourage purchases, both online and in-store. Yet, Victoria’s Secret SCRM is not just about email; they have focused significantly on mobile acquisition. VS has acquired mobile acquisition channels through online, in-store, and e-mail. VS recognizes the importance of customer acquisition for mobile communications. This company uses mobile communication for customer engagement. For example, VS has its PINK members opt-in
Ch 3 Macro Environment
Five Forces ( Porter ) 1. Bargaining power of customers – online buyers is increased since they have a wider choice and prices are likely to be forced down through increased knowledge & price transparency. 2. Bargaining power of suppliers- suppliers’ bargaining power if reduced since here are wider choices and increased commoditization due to e-marketplaces. 3. Threat of substitute products- significant threat since new digital products or extended products can be readily…
Data mining can enhance the CRM of companies. “Linoff (1999) calls it “the intelligence behind CRM,” which addresses the downstream activities of marketing, sales, and customer service along the value chain in addition to operational technologies and analytical techniques” (Thelen, S. Mottner, S. Berman, B., 2004). She noted five points of establishing and maintain a data mining system:
Upscale vs. budget
Where will the product be sold
Retail, wholesale, direct orders, online, etc.
Where does the target market prefer to buy?
Mediums of communication that will be used to inform the target market
TV, print, online/social media, public relations, sales promotions, event marketing, sponsorship, etc.
Which methods of communication work best to engage the target market?…
First, we scored each of Inspire’s
problems and opportunities based on their urgency, cost, risk, and nature (strategic vs. operational). Multiplying the scores determined the weight of each problem and opportunity. Then, we noted how many problems and opportunities each project addressed, as well as their weights, to determine a project’s ultimate score.…
The implementation of an ERP system can perform all task below -
assemblySourcing and Procurement
assemblySourcing and Procurement
CRM improvement to increase customer loyalty and retention – Decrease competitive rivalry power
Location strategies (centralized – efficient or decentralized – effective)
Topic 1 Direct Marketing and The Database
1. Have a clear view of what direct marketing is.
Direct Marketing is a way of acquiring and keeping customers by providing framework for three activities: analysis of individual customer information, strategy formation, and implementation such that customers respond directly.
2. Understand its importance in contemporary marketing.
Problems with broadcast media – Impersonal timing & message.
Problems with print media – Waste of…
2012 Information Technology Management Behavior Group Project
Papers should be 20-25 pages in length, double-spaced using a 12-point, Times New Roman font. In terms of page setup, 1 inch margins are to be used.
In terms of citations and references, I was not too particular, but recent experience has made clear that proper citation and reference work is critical. I will accept MLA, APA or Chicago School styles, but each paper can only use one of these styles (in other words, papers that…
for front and back end activities
Increased customer service through innovative uses of current technologies
Introduction of new technology needs to aline with top management strategies
Interactive way of doing business by knowing the customer perceptions
Will help to improve the accuracy of costing and pricing of the menu items
Help to reduce overheads
e-commerce can improve supplier-customer relationships, there are a number of different ways value can be added
course of action)
Evaluation research: formal, objective measurement and appraisal of the extent a given activity, project or program has achieved its objectives or whether continuing programs are presently performing as projected
Performance-monitoring research: refers to research that regularly, sometimes routinely, provides feedback for evaluation and control of business activity
When is business research needed: based on time constraints, availability of data, nature of decision, benefits vs…