The Social CRM: Taming the Wild Child of Big Data and Customer Relationship Management
Prof Janek Ratnatunga In conventional business practice, data was collected as a recording activity with no formal recognition that this data was an important intangible asset. Transaction recording systems only collected and analysed data for specific purposes; e.g. retailers recorded sales for accounting, the number of visits in the advertising banners for calculating advertisement revenue and so on. However, an organisation and its people collect and create vast quantities of ad-hoc data every day. An organisation learns something new and potentially valuable each time an employee picks up the phone and talks to a customer or supplier; a [...]
Buying motives – Do you know why do they buy?
Dr Chintan Bharwada Buying motives often overlap. Suppose you just purchased a new jacket. What was your dominant motive in making that purchase? Maybe you bought the jacket for comfort; you expect it to keep you warm. You might have bought it simply because it has a style or label that you’re proud to wear or show your friends. Maybe you bought it because the colour makes your eyes look bluer, or it makes you look taller and thinner, or in some way it makes you feel good about yourself — it gives you emotional satisfaction. Maybe you [...]
Seven things you MUST ask your marketing teams
Dr Chintan Bharwada Here’s a list of questions you can ask of their marketing teams for reassurance their allocated spend is justified. IS OUR PLAN BASED ON STRONG MARKET INSIGHT? Successful marketing plans are founded on true market insight/research, which is reliant on quality data input. As the saying goes – Garbage in equals garbage out. Gaining market insight is not an exact science, but a combination of interpretation of fact-based data and people’s attitudes. This can come from primary market research, secondary research like market reports, competitor monitoring and formally-collected data from within the company, e.g. through interviews with [...]
Marketing to Senior Citizens
Dr Chintan Bharwada In comparison to younger people, people in the mature market do this: save/invest more; spend more on luxury products and services; shop during morning hours; prefer “one-stop” shopping; consider shopping to be a social event; are very convenience-oriented; patronize reputable/traditional outlets; seek personal attention and special services such as valet parking and gift wrapping; choose products based on quality and brand name; are less price conscious and deal prone; use credit as often; are as likely to show non-significant responses to sweepstakes and telemarketing; and complain less when they are not satisfied with something they [...]
