H204 Customer Relationship Management Mindmap by Ainin Sofiyyah https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k L05-L07 en-us 2020-06-09 13:46:02 UTC 2025-10-30 12:37:26 UTC hello@padlet.com https://padlet.net/icons/png/1f91d.png 2nd Pillar Acquisition and retention of customers sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619021227 2020-06-09 15:07:46 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619021227 Lesson 5: Acquiring Customers sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619034388 2020-06-09 15:14:16 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619034388 Customer acquisition plan : sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619037487 (i) Identify potential prospects 
(ii) Customer acquisition strategy ]]> 2020-06-09 15:15:45 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619037487 (i) Identify potential prospects (Who to acquire) sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619041786 - Commitment level 
- Customer acquisition cost]]> 2020-06-09 15:17:51 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619041786 (ii) Customer acquisition strategy (How to acquire) sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619049275 * Advertising
Advertising Communication Objective
- Cognitive outcome (to raise awareness & generate knowledge of products/services)
- Affective outcome (aim to develop a liking for a brand and generate preference towards the company)
Advertising Media
Reach: total number of targeted audience that is exposed at least ONCE to a specific advertisement.
Frequency: average number of times targeted audience individuals are exposed to a specific advertisement.

* Sales promotion (sampling, free trials, discounts, rebates, free gifts etc.)
- temporary incentive to target at prospects to trigger their buying decision
- suitable for consideration stage
* Word of mouth
- existing customers influence other people to buy from the company (known as independent of commercial influence)
- through customer referrals, social media, feedback and testimonials
* Others
- direct marketing 
- online sources 
- exhibitions 
- merchandising ]]> 2020-06-09 15:21:27 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619049275 Commitment level sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619059104 2020-06-09 15:26:26 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619059104 Customer acquisition cost sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619845831 2020-06-10 02:00:33 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/619845831 sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620666596 - To predict customer's future loyalty
- Categorized based on the the level of commitments to the brand 
- identify and target which customer group to acquire based on the Commitment level ]]> 2020-06-10 13:13:08 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620666596 * Cost of convincing a potential customer to purchase product or service provided by the company sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620671791 Formula: total marketing & sales cost / total no. of customers acquired

* word of mouth/directing marketing/sales promotion = lower cost
* social media advertising/Google advertising paid search results = higher cost
ideal Customer Lifetime Value to Customer Acquisition Cost 3:1

High end brands tend to have higher customer acquisition cost ]]> 2020-06-10 13:15:44 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620671791 Lesson 6: Customer Retention sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620855229 Retaining existing customers of the company. Maintain a everlasting relationship between company and customer.
*at the same time focusing on retaining valuable customers ]]> 2020-06-10 14:43:52 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620855229 Customer retention rate formula sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620871718 [ (customers at end of period - new customers acquired during period) /customers at beginning of period ] x 100% ]]> 2020-06-10 14:51:58 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620871718 Benefits of customer retention sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620878568
  • Lower cost 
  • Builds customer - brand loyalty 
  • Increase revenue
    • ]]>     2020-06-10 14:55:26 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620878568     Retention Plan /Strategy sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620887339 * to increase loyalty and prevent switchover of brands]]> 2020-06-10 14:59:44 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620887339 (i) Identify customers to retain sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620896356
  • based on their commitment level (committed/uncommitted)
    • 1. Committed customers
    - Entrenched (unlikely to turnover to another brand in the near future)
    - Average (unlikely to turn to another brand anytime soon but might do it after some time)
    2. Uncommitted customers
    - Shallow ( actively seeking for another alternative)
    - Convertible (can switch to another brands anytime) 
    ]]>     2020-06-10 15:04:22 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620896356     (ii) Potential Value sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620920881 *aim to target high value customers that'll contribute to company's revenue]]> 2020-06-10 15:16:19 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620920881 Significant groups of customers to retain sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620926310
  • High lifetime value (profitable) 
  • High volume (stability) 
  • Benchmark (high influence from other  people) 
  •  Inspirational (contributes improvements for company) 
  • Door opener ( new opportunity enabler for new market) 
    • ]]>     2020-06-10 15:19:10 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/620926310     Positive vs. Negative strategy sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621025434 2020-06-10 16:12:00 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621025434 +ve Customer Loyalty Program (rewards) sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621028365 Aim: motivate customers to return to engage in the same product/service from the same company in a long run
    *     beneficial for both company and customers

    ]]>     2020-06-10 16:13:47 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621028365     Attractiveness of loyalty program sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621040683
  • Value 
  • Convenience 
  • Achievable
    • ]]>     2020-06-10 16:20:24 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621040683     -ve strategy sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621049469
  • short term option to retain customers 
  • to 'trap' customers to stay by implementing penalties or a price to pay to exit 
    • ]]>     2020-06-10 16:25:17 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621049469     Retention tools sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621060543 2020-06-10 16:31:13 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621060543 sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621062700 Marketing Automation (MA)
    - curate and execute a loyalty management programs
    Analytical CRM
    - observe customers' behavior through studying their insights in order to come with retention plan     ]]>     2020-06-10 16:32:27 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621062700     L07: Customer Development sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621072591 *Add values to existing retained customers ]]> 2020-06-10 16:37:43 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621072591 (i) Identify customers' that could develop value sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621086318 - strengthen relationship with profitable and unprofitable customers to increase value by referrals ]]> 2020-06-10 16:45:20 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621086318 (ii) Customer development strategy sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621089114
  • Unbundling 
  • Upselling 
  • Cross-selling 
  • Referrals
    • ]]>     2020-06-10 16:46:53 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621089114     (iii) Customer divestment strategy (might be effective, last resort) sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621090831 Reasons for it: 
    • profitability ( customers who were perceived to be of high value might divert back to being unprofitable) 
    • Customers' behaviour (undesirable mistreatment of employees from the customers) 
    • company's capacity (incapability from the company's part to cater to their customers) 
    • business strategy (priority or focus of comapny might switch direction and be pivoted to a new market segment) 
    ]]>     2020-06-10 16:47:50 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621090831     Framework sofyyuh1704 https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621166620 a) reassessing r/s (analyse reasons for why customer is unprofitable)
    b) educate customers (prepare customer so that they will be be adaptable with the change)
    c) renegotiate value proposition (reach mutual benefits when implementing new pricing / strategies)
    d) migrate customers (refer customer to another alternative of the same category)
    e) Terminate relationship (cutting the tie with customers after the customer is being unprofitable)  ]]>     2020-06-10 17:33:42 UTC https://padlet.com/sofyyuh1704/hg0jp7gfogtrqr6k/wish/621166620