Customer relationship management in the new era of internet marketing

customer relationship management in the new era of internet marketing

Download Citation on ResearchGate | Customer Relationship Management in the New Era of Internet Marketing | From the Book:We entered the. Com: Customer Relationship Management in the New Era of Internet Marketing [ Frederick Newell] on *FREE* shipping on qualifying offers. Customer Relationship Management In The New Era Of Internet Marketing, The New Rules Of Markets, customer relationship management, E-Solution.

CRM when done right can provide a comprehensive degree view of each customer so that marketers, sales reps and customer service agents can quickly get up to speed on a deal or case and offer a timely and personalized solution. By letting customers participate on online forums, social media in particular makes CRM even more powerful because companies can also crowd source ideas and more easily encourage word-of-mouth referrals.

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Successful companies go where the customers are. They communicate with customers and prospective customers through the channels preferred by those audiences. Increasingly, this is on Facebook, which has over million people logging in over 6 billion minutes every day.

The reality with social media is that companies are no longer in control, and that's not necessarily such a bad thing. Information wants to be free, and if you have a good product and are responsive to honest feedback, the community will reward you by saying nice things and coming to your defense when an unfair negative review appears.

What does it mean to "hyper-target" customers? Thanks to social networking sites like Facebook and LinkedIn, we are all sharing more about ourselves online than ever before. There is a new social norm around sharing everything from our age, gender, and religion to where we work or go to school, what we like to do, and who are friends are. Facebook has made all of this information available to advertisers in an aggregate, non-personally identifiable way.

Hyper-targeting is specifying specific criteria for who you want to view your ad. For example, if you are a pet food manufacturer, it might be a waste of money to show ads to people who don't have pets. With the Facebook ad targeting system, you can specify ads to be shown only to people who have "dog" or "cat" explicitly on their profile. How can social media help to qualify leads? Sales reps are beginning to use Facebook and LinkedIn to glean more information about prospects' backgrounds and agenda, as well as to build better personal relationships with customers and prospects.

Two examples—first, you can figure out a lot about an org chart and a particular individual's organizational power from what's on LinkedIn.

Customers can choose from untold numbers of suppliers. They inform themselves via social media, share their opinions and influence the ways in which brands are perceived. In short, customers have the advantage. Theoretically, companies know how to deal with these things. They know that in our new era of digitized customer centricity they need to reach out to customers. That they need to reach out interactively, in real time and via multiple channels, and tailor their communications and product development to customers' requirements.

And they know they can do all of this via digital omni-channel strategies, big-data analyses and artificial intelligence. In actual practice, many companies are still far from being able to do these things, however.

Analysis and action Digital applications are being used in many places, and transformation projects are underway here and there.

customer relationship management in the new era of internet marketing

With better technologies, companies can create a stronger brand image [18] and thus increase sales. On the other side, it is easier for customers to receive a kind of acknowledgement; feeling that they did not waste their time [3].

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Nowadays, people live a busy life and shopping online is time consuming for them [4]. Marketing communication includes expenditure on direct response marketing rather than the old standard mass communication; E-marketing is seen as a promotional as well as informational tool [25].

E-communities [19] or moderated group chat [20]-where customers with similar interests can interact-are strategies to build relations through Internet [18]. This new era of commerce is beneficial for marketing logistics [25], a global presence, to establish and maintain a competitive edge, shorten components of supply chains, for cost savings and research advantage [26]. They should be understandable and easy to search information needed.

Moreover, it must continuously be up-to-date for most recent information about the company; customers like to see modification in the website [4]. Programs should be set up to find out which kind of customers are interested and what can keep customers coming back.

This is the key of marketing strategy to know your customers, as well as, what they want [4]. A company should create a Web site with unique SME knowledge and should not put Web links that are not completed [6]. There are different marketing strategies for the Internet: Accessibility is primordial for customers.

customer relationship management in the new era of internet marketing

Sometimes the products are not available on the Web site and consumers hesitate before getting this particular product. To increase their confidentiality, recognized vendors should be mentioned on the Net. Authenticity is important for both sellers and products. Otherwise, a low price strategy should rely on cost advantage and high volume to be able to compete.

The industry has to be the first providing unique services to always be ahead of competitors. In fact, the FAQ, through Internet, can save over one million dollars by providing what customers want.

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It also reduces online catalogue processing costs and cycle time [6] [9]. Other than that, grouping and ranking the content of the Web site is effective so as to group consumer needs and to provide a good structure for navigation of the Web site according to a consumer [7].

What is CRM?

Competition must now be based on speed instead of size of corporations for development because product life cycles are too short to increase fast enough. What is needed are high quality information about the product, service and corporate needs and fast and effective delivery process. Continuous information-based value to customers can lead to comparative advantage [6]. Since Internet is innovating in a really fast way, companies need to continuously change and marketers agree that by the time a new product comes into the market, it will already be obsolete [31].

However, the Internet is not really safe since there are no modern online international payments systems resulting into frauds [30].

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However, traditional marketers somehow do not want to admit that the world changed. They are slow in taking advantages of new opportunities presented to them [17]. B2B-enhances supply chain process need to pay much attention to real-world business process, adapt automated systems to business behavior and mingle content and technologies with crucial information systems [11].

A simple company is changing toward this new era of innovation in e-commerce since companies want to reduce waste, order-to-delivery cycle time and unit cost.