The annual percentage rate at which a business loses customers

Group of answer choices

Customer Lifetime Value (CLV)

Customer Centric

Customer Relationship Management (CRM)

Customer

Churn rate

A person who buys or uses goods or services, with whom a company should develop a relationship

Group of answer choices

Churn rate

Customer Centric

Customer Lifetime Value (CLV)

Customer Relationship Management (CRM)

Customer

Placing the customer at the center of an organization's business planning and execution

Group of answer choices

Customer

Churn rate

Customer Centric

Customer Lifetime Value (CLV)

Customer Relationship Management (CRM)

The profitability of a customer over their entire relationship with the business. CLV assists with segmentation.

Group of answer choices

Customer Lifetime Value (CLV)

Customer Centric

Customer

Churn rate

Customer Relationship Management (CRM)

A strategy for managing a companys relationships with current, potential and lapsed clients. It often makes use of technology to automate the sales, marketing, customer service and technical processes of an organization

Group of answer choices

Customer Lifetime Value (CLV)

Churn rate

Customer

Customer Centric

Customer Relationship Management (CRM)

The process of analyzing data to discover unknown patterns or connections.

Group of answer choices

Prospect

Data mining

Model

Key Performance Indicators

Lapsed

A metric that shows whether an objective is being achieved.

Group of answer choices

Lapsed

Data mining

Key Performance Indicators

Prospect

Model

Someone who is no longer a customer.

Group of answer choices

Prospect

Model

Data mining

Key Performance Indicators

Lapsed

A strategic visual representation of a process that a company adheres to

Group of answer choices

Prospect

Model

Lapsed

Key Performance Indicators

Data mining

A potential customer.

Group of answer choices

Lapsed

Prospect

Key Performance Indicators

Data mining

Model

The practice of dividing customers into smaller sub-groups based on shared interests or characteristics.

Group of answer choices

Customers

Touchpoints

CRM

Stakeholder

Segmentation

A person or organization with an interest in how a resource is managed.

Group of answer choices

Customers

Segmentation

Touchpoints

Stakeholder

CRM

__________________ should be seen as the most important stakeholders in a business.

Group of answer choices

Segmentation

Touchpoints

CRM

Customers

stakeholders

_________should not only mean implementing customer-centric processes and consider technology, but embracing customer-driven processes.

Group of answer choices

CRM

Touchpoints

stakeholders

Segmentation

Customers

Consumer ______________ are all the points at which brands touch consumers lives during their relationship.

Group of answer choices

Touchpoints

Customers

Segmentation

CRM

stakeholders

Company A sells accounting software and makes $10 000 on each product it sells. It sends an email to its customer base, users who have bought a previous version of the software and might be interested in upgrading. The campaign has an overall cost of $100 000. Of the 5 000 users who receive the email, 10% decide to buy. That means it cost $200 to acquire each of the 500 customers. The company has made ______________ million.

Group of answer choices

50K

500,000

5millions

Not profit

5billions

Analyzing CRM data can aid marketing initiatives in a variety of ways, such as;

Group of answer choices

All of them

Personalization

Event monitoring

Campaign analysis

Predictive modelling

Predicting each customers lifetime value and managing each segment appropriately, for example, offering special deals and discounts.

Group of answer choices

Non of them

Advanced customer profiles

Customer lifetime value (CLV) analysis

a only

both a b

Improved customer segmentation, includes;

Group of answer choices

Advanced customer profiles

Customer prioritization

All of them

Customer lifetime value (CLV) analysis:

Influencers and advocates

________________is the profitability of a customer over their entire relationship with the business.

Group of answer choices

CLV

CRM

Neither a or b

Both a b

The benefits of CRM are;

Group of answer choices

Decreased acquisition costs, keeping churn low through CRM offsets the need to spend as much on acquisition of new clients, while retention of existing ones is cheaper for obvious reasons

Improved customer satisfaction and loyalty

Improved service delivery and operational efficiencies

Increased revenue and profitability

All of them

Broadly, CRM can be looked at from:

Group of answer choices

A service perspective:

All of them

A sales perspective

A cost perspective

A marketing perspective

Step-by-step guide to implementing a CRM strategy consist of following except;

Group of answer choices

Conduct a business needs analysis and develop a problem statement

Implement Salesforce CRM system

Understand customer needs

Set objectives and measurements of success

Develop your CRM strategy and determine how you will implement it

The annual percentage rate at which a business loses customers

Group of answer choices

Round

Triangle

Square

A good CRM strategy turns strangers into customers, customers into friends and friends into advocates for your business

Group of answer choices

True

False

A successful relationship with a customer is based on meeting but does not exceeding their needs.

Group of answer choices

True

False

CRM is a customer-focused approach to business based on fostering long-term, meaningful relationships.

Group of answer choices

True

False

There is a truism that a happy customer tells ten person, but an unhappy customer tells only two.

Group of answer choices

True

False

Innovations in digital technologies, enhanced customer engagement, social listening and the introduction of mass personalization, the customer can often drive the business.

Group of answer choices

True

False

Customer touchpoints can generally be divided into three spheres or phases, prepurchase, purchase and post purchase.

Group of answer choices

True

False

The main objective of any CRM strategy should not be to gain customer loyalty over the long term.

Group of answer choices

True

False

Data is not central to the success of CRM initiatives.

Group of answer choices

True

False

Knowing who your customer is, how they behave and what they want makes a CRM strategy successful

Group of answer choices

True

False

A analysis, data can not be turned into insights, which can not then inform the various CRM processes and, indeed, the business itself.

Group of answer choices

True

False

The Pareto principle, or 80/20 rule, holds that in many situations approximately 20% of profits are delivered by 80% of customers.

Group of answer choices

True

False

The traditional view that 20% of customers are responsible for 80% of problems related to service and supply.

Group of answer choices

True

False

Choosing a CRM system and operationalising it in your business is no small undertaking. Cost can be dramatically impacted by how well this system can integrate with other processes and tools in your business. Make sure to do your homework before jumping in.

Group of answer choices

True

False

Data mining does not involves analyzing data to discover unknown patterns or connections. It is not usually conducted on large datasets and looks for patterns that are not not obvious.

Group of answer choices

True

False

Data is analyzed with statistical algorithms that look for correlations. It is used by businesses to better understand customers and their behaviour and then to use this data to make more informed business decisions.

Group of answer choices

True

False

Analytics data does not generally captured through specialized analytics software packages.

Group of answer choices

True

False

The stale, outdated or unhealthy data does benefit all a lot to business.

Group of answer choices

True

False

ROI stands for return on investment and its key to understanding whether marketing efforts have been successful.

Group of answer choices

True

False

Businesses need to look at long-term customer satisfaction and relationship management, rather than short-term campaigns and quick wins.

Group of answer choices

True

False

CLV lets you decide what a particular type of customer is really worth to your business and then lets you decide how much you are willing to spend to win or retain them.

Group of answer choices

True

False

The cost associated with acquiring a new customer is not generally far higher than the cost of maintaining an existing customer relationship.

Group of answer choices

True

False

CRM should infuse every aspect of a business in the same way that marketing should be integral to everything you do, but it is useful to look at the different ways CRM is implemented.

Group of answer choices

True

False

Loyalty programmes are not designed to develop and maintain customer relationships over a sustained period of time by rewarding them for every interaction with the brand.

Group of answer choices

True

False

CRM apps like HubSpot CRM, Zoho CRM and Intercom are popular choices.

Group of answer choices

True

False

Widespread social media usage means that CRM has to be conducted on social to deliver an all-round experience for the customer.

Group of answer choices

True

False

Social media platforms allow customers to easily share their brand experience (good or bad) with their online social connections, who in turn can share this experience on.

Group of answer choices

True

False