Customers
What is the churn rate for poor customer service?
68%
What is the purpose of the recommendation report?
To ensure that customer needs are addressed in the implantation of solutions
Why are self imposed standards made?
Establish higher standards and promote business ethics
take a census or 100% sample size
What is LTV?
the profit from a customer over a lifetime
What are the three rules of CRM?
keep customers satisfied
reduce churn
develop customer rapport through feedback
What are the six parts of a Recommendation Report?
Executive Summary, Problem Statement, Description of Options, Evaluation Criteria and evaluation, Final recommendation, and Conclusion. (You can also add Works Cited).
Why do people keep losing money with crypto curacies?
It is unregulated
What are the the 5 types of questions in a survey?
Structured, Unstructured, partially structured, Ratings, Rankings
What is KPI?
key performance indicator uses metrics to demonstrates how effectively a company is achieving key business objectives
What is a CSR, and why did we do one?
An organization showing their ethical obligation to the society in which they do business. Directly shows the elements of CRM
Where is the implementation strategy written in the Recommendation Report?
in the conclusion
What are the three types of complaining customer?
rational (neutral), difficult, problem
How did we check our progress prior to writing a Recommendation Report?
preliminary report
What are the three elements of all products?
core, actual, augmented
What were the seven customer types that we looked at?
Loyal, browsing, impulse, needs-based, discount, complaining, time-consuming
What are the two main ways to get customer feedback?
surveys and monitor complaints
Loss of sales, overhead, salaries is referred to as ...
Direct cost
What technique was used, so we did not have to make ten questions for each option?
Funneling: five preliminary questions, one options question, and four more questions for each option
How do we use customer personas?
to better target markets by identifying demographics and psychographics of a customer's needs
What are the five basic needs of a customer?
service, price, quality, action, appreciation
What is involved in a conclusion?
Implementation
action plan, risk assessment, follow up (verification, continuation, effectiveness, best practices)
What are Schultz's six business ethics in Canada?
Trustworthiness, Respect, Fairness, Responsibility, Caring, Citizenship
What is the Simpson's Paradox?
a strange or conflicting result, because an important variable was not considered in the data
How do you calculate direct cost loss?
(complaints / % of complaints reported) X the price of the item - the cost of sale