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[Pages:459]HANDBOOK OF CRM:
Achieving Excellence in Customer Management
TLFeBOOK
To Penelope and Christopher
HANDBOOK OF CRM:
Achieving Excellence in Customer Management
Adrian Payne
AMSTERDAM ? BOSTON ? HEIDELBERG ? LONDON ? NEW YORK ? OXFORD PARIS ? SAN DIEGO ? SAN FRANCISCO ? SINGAPORE ? SYDNEY ? TOKYO
Butterworth-Heinemann is an imprint of Elsevier
Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP 30 Corporate Drive, Suite 400 Burlington, MA 01803
First published 2005
Copyright ? 2005, Adrian Payne. All rights reserved.
The right of Adrian Payne to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988.
No part of this publication may be reproduced in any material form (including photocopying or storing in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission of the copyright holder except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London, England W1T 4LP. Applications for the copyright holder's written permission to reproduce any part of this publication should be addressed to the publisher.
Permissions may be sought directly from Elsevier's Science and Technology Rights Department in Oxford, UK: phone: (44) (0) 1865 843830; fax: (44) (0) 1865 853333; e-mail: permissions@elsevier.co.uk. You may also complete your request on-line via the Elsevier homepage (), by selecting `Customer Support' and then `Obtaining Permissions'.
British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library
Library of Congress Control Number: 2005922524 A catalogue record for this book is available from the Library of Congress
ISBN-13: 978-07506-6437-0 ISBN-10: 07506-6437-1
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Contents
Preface
xiii
About the Author
xvii
Acknowledgements
xix
Introduction
1
1 A strategic framework for CRM
4
The origins of CRM
6
The key principles of relationship marketing
9
An emphasis on retention of profitable customers
9
An emphasis on multiple markets
9
An emphasis on a cross-functional
approach to marketing
10
The rise of CRM
11
Marketing on the basis of relationships
11
Viewing customers as business assets
12
Organizing in terms of processes
12
From reactive to proactive use of information
13
Deploying IT to maximize the value of information
14
Balancing the value trade-off
15
Developing `one-to-one' marketing
16
The role of CRM
17
Varying definitions of CRM
18
The CRM continuum ? three perspectives of CRM
18
Use of CRM and its terminology
20
A definition of CRM
22
Types of CRM
23
The size and nature of the CRM market
24
Sector growth within the CRM market
25
CRM and software vendors
25
Five key cross-functional CRM processes
29
The need for a CRM strategic framework
30
Process 1: the strategy development process
32
Process 2: the value creation process
32
vi
Contents
Process 3: the multi-channel integration process
32
Process 4: the information management process
32
Process 5: the performance assessment process
33
The structure of the book
33
Chapter 1: Developing a strategic framework for CRM
33
Chapter 2: The strategy development process
34
Chapter 3: The value creation process
34
Chapter 4: The multi-channel integration process
35
Chapter 5: The information management process
35
Chapter 6: The performance assessment process
36
Chapter 7: Organizing for CRM implementation
37
Checklist for CRM leaders
38
2 The strategy development process
39
Business strategy
41
The role of business strategy
42
Business vision
43
Industry and competitive characteristics
47
The new competitive landscape
47
Putting the new economy in context
48
Changes in industry structure and evolution
50
Analysing the industry and competitive environment 51
Focusing on business strategy
60
Customer strategy
61
The role of customer strategy
61
Customer choice and characteristics: the role of
market segmentation
62
Who is the customer?
63
Market segmentation
64
Definition of the relevant market
65
Criteria for market segment viability
65
Considering the alternative bases for segmentation
66
Segment granularity: from mass marketing to
`one-to-one' marketing
69
`One-to-one' markets and permission marketing
69
Mass customization
71
Communities or segments?
73
Focusing on customer strategy
75
Aligning business strategy and customer strategy
78
CRM strategy development
78
Product-based selling
81
Managed service and support
82
Contents
vii
Customer-based marketing
83
Individualized CRM
84
Migration paths for CRM
87
Summary
88
Checklist for CRM leaders
90
Case 2.1 DnB Nor Bank pursues an enterprising
strategy with Teradata
92
Case 2.2 RS components: towards individualized
CRM with BroadVision
97
3 The value creation process
102
The value the customer receives
103
The nature of value ? what the customer buys
104
How the core and augmented offer add value
104
How relationships add value
111
How brands add value
117
The value proposition
123
Formulating the value proposition
124
The value delivery system
128
Building the value proposition
129
Value assessment
130
Traditional means of customers'
assessment of value
131
Improving value assessment using trade-off
analysis
132
The value the organization receives
135
Customer profitability
136
Why customers differ in their real profitability
137
Understanding future profit potential
139
Customer acquisition and its economics
140
Customer acquisition at United Electricity plc
140
Acquisition within different channels
142
Improving acquisition activities
142
Customer retention and its economics
143
Customer retention at United Electricity plc
144
Why retention improvement impacts profitability
145
Acquisition and retention activities in practice
146
A framework for customer retention improvement
148
Step 1: measurement of customer retention
148
Step 2: identification of causes of defection
and key service issues
148
Step 3: corrective action to improve retention
149
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