Data-Driven Customer Centricity

2018 ◽  
pp. 1895-1912
Author(s):  
Othman Boujena ◽  
Kristof Coussement ◽  
Koen W. de Bock
Keyword(s):  
Competitive Advantage ◽  
Customer Relationship Management ◽  
Predictive Analytics ◽  
Relationship Management ◽  
Customer Behavior ◽  
Customer Relationship ◽  
Data Driven ◽  
Customer Data ◽  
Business Environments ◽  
Customer Centricity

Customer relationship management (CRM) is becoming a very hot topic nowadays in academia and business environments. Indeed, companies are constantly searching for new innovative ways to create or maintain their competitive advantage. Due to the recent advances in Internet and technology, CRM predictive analytics is becoming an important tool in the toolset of the marketer. It is the practice of using the huge volumes of historical customer data to predict future customer behavior. This chapter introduces the reader to the shift towards a data-driven customer centricity approach, where marketers act upon what they know, rather than upon what they think.

Data-Driven Customer Centricity

2015 ◽  
pp. 157-174
Author(s):  
Othman Boujena ◽  
Kristof Coussement ◽  
Koen W. de Bock
Keyword(s):  
Competitive Advantage ◽  
Customer Relationship Management ◽  
Predictive Analytics ◽  
Relationship Management ◽  
Customer Behavior ◽  
Customer Relationship ◽  
Data Driven ◽  
Customer Data ◽  
Business Environments ◽  
Customer Centricity

Customer relationship management (CRM) is becoming a very hot topic nowadays in academia and business environments. Indeed, companies are constantly searching for new innovative ways to create or maintain their competitive advantage. Due to the recent advances in Internet and technology, CRM predictive analytics is becoming an important tool in the toolset of the marketer. It is the practice of using the huge volumes of historical customer data to predict future customer behavior. This chapter introduces the reader to the shift towards a data-driven customer centricity approach, where marketers act upon what they know, rather than upon what they think.

scholarly journals CREATING SUSTAINABLE COMPETITIVE ADVANTAGE IN BANKING THROUGH TECHNOLOGY, CUSTOMER RELATIONSHIP MANAGEMENT AND INTERNAL MARKERTING

2017 ◽  
Vol 1 (1) ◽  
pp. 74
Author(s):  
Lilian Achieng Onyango ◽  
Dr. Paul Katuse
Keyword(s):  
Information Technology ◽  
Data Analysis ◽  
Competitive Advantage ◽  
Customer Relationship Management ◽  
Relationship Management ◽  
Descriptive Statistics ◽  
Customer Relationship ◽  
Sustainable Competitive Advantage ◽  
Significant Positive Effect ◽  
Positive Effect

Purpose: The purpose of the study was to establish the need of creating sustainable competitive advantage in banking through technology, customer relationship management and internal marketing.Methodology: The research was carried out through an explanatory research. The target population of the study was 3,193 employees of the Co-op Bank. A sample of 68 employees spread across the bank was selected. The researcher used descriptive and inferential statistics in this study.  The study used primary data. The study used a questionnaire as the preferred data collection tool. This study used the quantitative method of data analysis which included inferential and descriptive statistics. Descriptive statistics included frequencies and measures of tendency mainly means and frequencies. Inferential statistics included correlation analysis. The tool for data analysis was Statistical Package for Social Sciences (SPSS) version 17 program. The results were presented using tables and pie charts to give a clear picture of the research findings.Results: The findings indicated that information technology has significant positive effect on competitive advantage. The findings also showed that customer relationship management (CRM) has a significant positive effect on competitive advantage of banks. The findings further implied that internal marketing has a significant effect on competitive advantage. Further the findings implied that information technology has significant positive effect on competitive advantage.Unique contribution to theory, practice and policy: Following study results, it was recommended that investment in Information technology be emphasized in the banks as it has an effect on the overall achievement of competitive advantage. The study also recommended that banks should emphasize customer relationship by investing in a customer relationship management system. It was further recommended that employees are central to an effective CRM and as such firms must manage its relationships with their employees if they have any hope of fully serving customer needs and that this is especially important in firms where employees are the eyes of customers.

scholarly journals The Implementation of Customer Relationship Management (CRM) Supported by SMS Gateway Technology

2019 ◽  
Vol 16 (1) ◽  
pp. 45
Author(s):  
Komang Redy Winatha
Keyword(s):  
Customer Relationship Management ◽  
Service Management ◽  
Environmental Changes ◽  
Relationship Management ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Web Based ◽  
Customer Data ◽  
Gateway Technology ◽  
Web Based System

Responding to the higher restaurant industry competition, the Mailaku Roemah Nongkrong restaurant was not too flexible in facing an environmental changes. It was still using manual technology while there was an advancing technological developments. It was still applying the internal resources for business development. One way to overcome this problem is by utilizing technology and the concept of customer relationship management (CRM). CRM is a marketing strategy to create and maintain customer relationships and reduce the possibility of customers moving to other competitors. This study presented the development and implementation of CRM in a web-based system that was supported by sms gateway technology. The research methodology that will be used in this study consists of some steps, such as library study, observation, interviews, and system development which was divided into analysis, design, coding, and testing. The result was a web-based system was able to manage customer data, product promotion, and customer service management to create good relationships with customers. This system can be as an alternative for restaurants and customers in establishing practical business communication.

scholarly journals The mediating role of customer relationship management between e-supply chain management and competitive advantage

2022 ◽  
Vol 6 (1) ◽  
pp. 263-272 ◽  
Author(s):  
Abdalrazzaq Aloqool ◽  
Malek Alharafsheh ◽  
Hadeel Abdellatif ◽  
Lana Ahmad Suleiman Alghasawneh ◽  
Jassim Ah-mad Al-Gasawneh
Keyword(s):  
Supply Chain ◽  
Supply Chain Management ◽  
Competitive Advantage ◽  
Customer Relationship Management ◽  
Relationship Management ◽  
Customer Relationship ◽  
Chain Management ◽  
Competitive Position ◽  
The Relationship

The purpose of this study is to explore the role of implementing e-supply chain management (E-SCM) on the competitive position of companies and whether implementing customer relationship management (CRM) can affect the relationship between E-SCM and competitive advantage. To achieve this objective, a quantitative approach was utilized. A total of 300 questionnaires were distributed where 243 questionnaires were returned, with 17 incomplete questionnaires being excluded, leaving 226 usable questionnaires. PLS-SEM software was used to analyze the data. The results of this study demonstrate the imperative role of implementing E-SCM and CRM on creating a competitive advantage for firms. It also shows that CRM mediates the relationship between E-SCM and competitive advantage, suggesting that utilizing different technologies can help firms better communicate with their customers and thus better serve them which in turn will enhance customers’ satisfaction and thus boost the competitive position of the firm.

Customer relationship management

2016 ◽  
Vol 34 (3) ◽  
pp. 388-410 ◽  
Author(s):  
Suhail Ahmad Bhat ◽  
Mushtaq Ahmad Darzi
Keyword(s):  
Factor Analysis ◽  
Competitive Advantage ◽  
Customer Relationship Management ◽  
Customer Loyalty ◽  
Relationship Management ◽  
Retail Banking ◽  
Customer Relationship ◽  
Equation Modeling ◽  
Customer Knowledge ◽  
Content Type

Purpose – The purpose of this paper is to develop a comprehensive integrated model which helps in explaining the impact of Customer Relationship Management (CRM) dimensions (complaint resolution, customer knowledge, customer empowerment and customer orientation) on customer loyalty and competitive advantage of a bank. The study also explores the mediating role of customer loyalty in the relationship between CRM and competitive advantage in retail banking. Design/methodology/approach – The research is based on a theoretical model which consists of four CRM dimensions and two exogenous variables. These have been used for establishing the hypotheses to analyze relationships between the variables constituting the CRM model. The data have been collected from 278 customers of a private bank. The data were analyzed using structural equation modeling (SEM). The scale was developed and purified through factor analysis (exploratory and confirmatory factor analysis). SEM was then used to examine the causal relationships and “model fit” of the proposed model. Findings – The results provide evidence that the four CRM dimensions have a positive effect on customer loyalty and competitive advantage of the bank. Among the CRM dimensions, customer knowledge is most influential of all the dimensions. Furthermore, customer loyalty acts as the mediator in the CRM model between CRM and competitive advantage. Research limitations/implications – Since, the study involved a single bank and therefore the results should be generalized cautiously. Only four CRM variables were included in the study; additional variables can be introduced in further studies involving different contexts. Practical implications – The study highlights and supports the need for mangers to devote additional resources toward developing a better CRM system. Therefore, mangers need to think beyond the technological aspects and should focus on these four dimensions, especially customer knowledge, to enhance the loyalty and competitiveness. Originality/value – The paper investigated hitherto unexplored relationships between customer-centric CRM dimensions instrumental in providing competitive advantage to a bank through mediational analysis. Thus, it contributes to the information on the implementation of CRM practices valuable for banking sector.

Customer Relationship Management as an Imperative for Academic Libraries

2015 ◽  
pp. 44-77
Author(s):  
Amanda Xu ◽  
Sharon Q. Yang
Keyword(s):  
Semantic Web ◽  
Customer Relationship Management ◽  
Academic Libraries ◽  
Linked Data ◽  
Trust Management ◽  
Relationship Management ◽  
Customer Relationship ◽  
Semantic Web Technologies ◽  
Customer Data ◽  
Customer Group

This chapter proposes a conceptual model, the 121 e-Agent Framework, for Customer Relationship Management (CRM) in academic libraries. Linked data and Semantic Web are the core components of this model. The implementation of the Framework will enable the participating U.S. academic libraries to reach out to their user communities through systematic customer group identification, differentiation, and interaction. The main contributions of the chapter are 1) applying Semantic Web technologies for CRM in academic libraries using the 121 e-Agent Framework, 2) defining the relevance challenges of CRM for academic libraries, 3) adding trust management to the linked data layer with a touch of tagging, categorizing, query log analysis, and social ranking as part of the underlying structure for distributed customer data filtering on the Web in CRM applications, and 4) making the approach extensible to address the challenges of CRM in other fields.

Customer Relationship Management and Knowledge Discovery in Database

2010 ◽  
pp. 902-907
Author(s):  
Jounghae Bang ◽  
Nikhilesh Dholakiam ◽  
Lutz Hamel ◽  
Seung-Kyoon Shin
Keyword(s):  
Knowledge Discovery ◽  
Relationship Marketing ◽  
Customer Relationship Management ◽  
Relationship Management ◽  
Customer Relationships ◽  
Customer Relationship ◽  
Knowledge Discovery In Databases ◽  
Data Warehouses ◽  
Customer Data ◽  
Purchase Patterns

Customer relationships are increasingly central to business success (Kotler, 1997; Reichheld & Sasser, 1990). Acquiring new customers is five to seven times costlier than retaining existing customers (Kotler, 1997). Simply by reducing customer defections by 5%, a company can improve profits by 25% to 85% (Reichheld & Sasser, 1990). Relationship marketing—getting to know customers intimately by understanding their preferences—has emerged as a key business strategy for customer retention (Dyche, 2002). Internet and related technologies offer amazing possibilities for creating and sustaining ideal customer relationships (Goodhue, Wixom, & Watson, 2002; Ives, 1990; Moorman, Zaltman, & Deshpande, 1992). Internet is not only an important and convenient new channel for promotion, transactions, and business process coordination; it is also a source of customer data (Shaw, Subramaniam, Tan, & Welge, 2001). Huge customer data warehouses are being created using advanced database technologies (Fayyad, Piatetsky- Shapiro, & Smyth, 1996). Customer data warehouses by themselves offer no competitive advantages: insightful customer knowledge must be extracted from such data (Kim, Kim, & Lee, 2002). Valuable marketing insights about customer characteristics and their purchase patterns, however, are often hidden and untapped (Shaw et al., 2001). Data mining and knowledge discovery in databases (KDD) facilitate extraction of valuable knowledge from rapidly growing volumes of data (Mackinnon, 1999; Fayyad et al., 1996). This article provides a brief review of customer relationship issues. The article focuses on: (1) customer relationship management (CRM) technologies, (2) KDD techniques, and (3) Key CRM-KDD linkages in terms of relationship marketing. The article concludes with the observations about the state-of-the-art and future directions.

E-CRM

2010 ◽  
pp. 436-444 ◽  
Author(s):  
María Rosa Llamas-Alonso ◽  
Ana Isabel Jiménez-Zarco
Keyword(s):  
Competitive Advantage ◽  
Market Share ◽  
Customer Relationship Management ◽  
Relationship Management ◽  
Customer Relationships ◽  
Customer Relationship ◽  
The Past ◽  
The Cost ◽  
Business Philosophy ◽  
Number Of Firms

As competition and the cost of acquiring new customers continue to increase, the need to build and enhance customer relationships has become paramount for businesses. The building of strong customer relationships has been suggested as a means for gaining competitive advantage (Mckenna, 1993) so, in today’s marketplace, a growing number of firms seek to develop profound, close and long-lasting relationships with their customers since it is much more profitable to keep and satisfy current customers than to manage an ever-changing customer portfolio (Reinartz & Kumar, 2003; Ross, 2005; Llamas-Alonso et al. 2009). This one is a consequence of many paradigmatical changes in the marketing field during the past decades, such as a transition from a focus on the product, transactional marketing, acquiring clients (responsive marketing approach) and market share towards a customer centric approach, relationship marketing, two-way communication, retaining customers (proactive and holistic marketing approaches) and share of customer. Thus, in this fastmoving and highly competitive scenario Customer Relationship Management (hereafter referred to as CRM) emerges as a business philosophy devoted to enhance customer relationships and consequently create value for both the company and the customer.

scholarly journals Improvement Strategy of Competitive Advantage and Marketing Performance of Public Market

2018 ◽  
Vol 4 (2) ◽  
pp. 120
Author(s):  
Endah Budiarti
Keyword(s):  
Service Quality ◽  
Competitive Advantage ◽  
Customer Relationship Management ◽  
Structural Equation ◽  
Relationship Management ◽  
Customer Relationship ◽  
Equation Modeling ◽  
The Public ◽  
Marketing Performance ◽  
Public Market

The purpose of this research is to analyze and prove the influence of customer relationship management (CRM), service quality and entrepreneurship orientation to competitive advantage and marketing performance and to analyze and prove the influence of competitive advantage to marketing performance of the public market in East Java Province. The object of this research is the whole market unit of the public in East Java Province spread over 29 regencies and 9 cities in East Java Province amounting to 335 units of the public market. The unit of analysis (analysis unit) in this research is a revitalized public market that is 67 public market in East Java Province. While the observation unit is a trader or tenant of a community market stand in East Java Province. The number of public market traders in the market that has been revitalized today is 25,000. In this study, researchers measured the marketing performance of the Public market in East Java Province based on the perception of the trader or tenant stand, so the measure of marketing performance is perceptual. The sample used is 190 merchants. The number is spread across 67 units of the public market in East Java Province. The model to be used in this research is the model of causality or relationship. To test the proposed hypothesis, the analysis technique uses SEM (Structural Equation Modeling), with AMOS statistic software. The results of hypothesis testing: Customer relationship management, Quality of service and entrepreneurial orientation significantly influence the competitive advantage of the market public in East Java Province. Customer relationship management and service quality significantly influence the marketing performance of the public market in East Java Province, while the orientation of entrepreneurship has no significant effect on marketing performance of the public market in East Java Province. Competitive advantage influences the marketing performance of public market significantly in East Java Province.

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