Microsoft
How to Use CRM to Create More Profitable Customers
Miami, Fla. January 22, 2007 – by Douglas Gantenbein, Microsoft.com
Excerpt from article
Leveraging customer information
Banks have helped pioneer a concept called "share of wallet," meaning how much of a customer's total business they receive. Say a customer simply owns a checking account. With CRM analysis, however, the bank might learn that the customer has a present or future need for business loans, mortgages, a line of credit, or a savings account. By sending targeted marketing messages to that customer, the bank might increase its share of wallet.
Sophisticated CRM strategies can help bring in more business, says Andrea Fishman, director of global strategy for BGT Partners, a Miami-based company that offers marketing strategy and analytics to companies such as Sony and Visa.
Fishman is working with an industrial manufacturer that is using its CRM system to segment customers by industry and size, and tracking what customers in each category purchased. For instance, manufacturers that bought an industrial roller (used to move large loads across a shop floor) often bought heavy-duty machine movers as well. CRM analysis might also identify other categories of customers that purchased rollers and might also be interested in machine movers, or manufacturers that are good candidates for such a sale.
"In the past a business might say, 'We're not sure what these customers want, so we'll show them 20 products and hope one sells,'" Fishman says. "With analytics, a business can narrow down a segment and say, 'Customers who did X are likely to want Y.'" Microsoft Dynamics CRM allows you to segment customers and view easy-to-read graphs or "dashboards" of purchase histories, revealing patterns that can be useful marketing tools.
January 2007 – Read complete article
ABOUT BGT PARTNERS
BGT Partners is a full-service interactive agency that helps organizations strengthen their brand and business relationships through creative, technology-based solutions. BGT’s ability to design and implement marketing solutions focused on market and user insight, performance analytics, and brand strategy continue to attract such clients as the 2008 Beijing Olympic Committee, Avaya, Sony, Walt Disney World Company, and Carnival Cruise Lines.
A privately held company with offices in Miami, New York, Chicago, Los Angeles and France, BGT has earned the reputation as one of the Global 2000's foremost professional services firms, delivering business, creative and technology solutions to companies around the world since 1996. With a long list of repeat, satisfied clients, key strategic partners, and highly experienced and talented staff, BGT is well positioned to meet the increasing and changing demands of its global customers.
