Workload: (10-15 hours per week)
An examination of how data is leveraged for communications intended to retain current customers and acquire new ones. This course will focus on how to accurately assess per customer lifetime value and the best data-informed communications strategies to maximize and retain that value
Course Learning Outcomes
Upon successful completion of DMC 674, students will be able to:
- Define the role of customer relationship management (CRM) in driving customer retention and acquisition.
- Explain how CRM messaging can improve marketing, sales and customer support.
- Predict customer lifetime value and assess how an optimized messaging approach can build customer loyalty.
- Design a CRM message map to deliver targeted messages for customer engagement.
- Compare and contrast available multi-channel messaging platforms that are used to automate, target and personalize campaigns.
- Interpret real-time reporting to identify actionable insights.
- The State of Customer Relationship Management
- Customer Value and Strategic CRM
- Implementing the Strategy and Analytics
- Data Mining and Database Management
- Loyalty Programs and Campaign Management
- Impact of CRM on Marketing Channels, Customer Relationship Management Issues in the Business-To-Business Context and Customer Privacy Concerns
- Applications of CRM in B2B and B2C Scenarios
Top 3 Course Takeaways
- The role that CRM plays in modern managerial decision making, both marketing and operations, and how CRM techniques can help you focus your campaigns and identify the value of your marketing initiatives.
- Identify techniques that can be used to increase the value of customers to the company and techniques to attract unknown customers who have the potential to add value to the company.
- Typical problems that companies encounter in implementing and updating their CRM strategy.