Weekly WordSet December 12, 2003 Words in Action: CRM
This week we've gathered five real-life questions about customer loyalty and CRM technology. We'll give you the term that's being talked about and its definition. SearchCRM.com will give you an expert response to the question. We hope you'll find this question and answer (QnA) format a useful way to learn new vocabulary in context! _____________________________________________________________________ TERM: churn http://searchmobilecomputing.techtarget.com/sDefinition/0,,sid40_gci939704,00.html?track=NL-35 Q: I keep hearing how customer churn is the most pressing issue for telecommunications service providers today. In your opinion, are there any existing CRM solutions that effectively address the issues of customer retention in similar industries? A: This is an issue of enormous proportions, not only in telecom on a universal level, but for many industries and businesses as well. We see customer churn as an international epidemic, wrecking companies and lives along the way... http://searchcrm.techtarget.com/ateQuestionNResponse/0,289625,sid11_cid389873_tax285178,00.html?track=NL-35 _____________________________________________________________________ TERM: churn rate http://searchcrm.techtarget.com/sDefinition/0,,sid11_gci940457,00.html?track=NL-35 Q: Can predictive churn modeling be used to accurately predict future churn rates? A: Churn modeling is very much like gourmet cooking. When done well, it has a lot of science, a dash of finesse and even a pinch of intuition. With rates of customer defection reaching epidemic levels in industries like retail, travel, healthcare, and banking, predicting turnover has become significantly more important to business in recent years... http://searchcrm.techtarget.com/tip/1,289483,sid11_gci836982,00.html?track=NL-35 _____________________________________________________________________ TERM: business intelligence http://searchcrm.techtarget.com/gDefinition/0,294236,sid11_gci213571,00.html?track=NL-35 Q: Business intelligence - we need it, but how do we get started? A: Whenever you begin a complex project, no matter how big or small, you must first create a high-level plan or architecture of what the ultimate product or environment will be. This architecture acts as a road map, guiding the developer as to how all the parts and components interact and cooperate together... http://searchcrm.techtarget.com/tip/1,289483,sid11_gci832405,00.html?track=NL-35 _____________________________________________________________________ TERM: CRM analytics http://searchcrm.techtarget.com/gDefinition/0,294236,sid11_gci745647,00.html?track=NL-35 Q: How can CRM analytics help you foster customer loyalty? A: As companies seek ways to increase revenue, they are beginning to realize that merely having customer data stored in a data warehouse is not enough. Businesses are discovering that to achieve a return on their investments, they need to analyze the data to get close to their customers... http://searchcrm.techtarget.com/tip/1,289483,sid11_gci538492,00.html?track=NL-35 _____________________________________________________________________ TERM: customer life cycle http://searchcrm.techtarget.com/gDefinition/0,294236,sid11_gci757452,00.html?track=NL-35 Q: What are the most important trends for driving customer loyalty? A: Customer loyalty expert Michael Lowenstein recommends a focus on the customer life cycle as an important first step... http://searchcrm.techtarget.com/ateQuestionNResponse/0,289625,sid11_cid447932_tax285178,00.html?track=NL-35 _________________________________ To learn more about CRM, explore our Learning Path: Give yourself a quick tutorial in customer relationship management by reading this series of related definitions in sequence: http://searchcrm.techtarget.com/sDefinition/0,,sid11_gci788453,00.html?track=NL-35 ____________________________________________________________________ ::::::::::::::::::: WHATIS.COM CONTACTS ::::::::::::::::::: MARGARET ROUSE, Site Editor ([EMAIL PROTECTED]) IVY WIGMORE, Consulting Editor ([EMAIL PROTECTED]) LOWELL THING, Consulting Editor and Founder ([EMAIL PROTECTED]) GABRIELLE DERUSSY, Advertising ([EMAIL PROTECTED]) ::::::::::::::::::::: ABOUT THIS NEWSLETTER :::::::::::::::::::::: This newsletter is published by TechTarget, the most targeted IT media. http://www.techtarget.com?track=NL-35 Copyright 2003 TechTarget. All rights reserved. ____________________________________________________________________ To unsubscribe from "Weekly WordSet": Reply to this e-mail with REMOVE in the Subject line - OR - Go to unsubscribe: http://WhatIs.com/u?cid=473644&track=NL-35 Please note, unsubscribe requests may take up to 24 hours to process; you may receive additional mailings during that time. A confirmation e-mail will be sent when your request has been successfully processed.
