After reading this article you will learn about:- 1. Meaning of Data Mining 2. Concept of Data Mining 3. Foundations 4. Scope 5. Working 6. Architecture 7. Profitable Applications. Meaning of Data Mining: In the CRM context, data mining can be defined as follows: Data mining is the application of descriptive and predictive analytics to support the marketing, sales and [...]
This article throws light upon the four ways by which cost of acquiring customer should be used in analyzing the value of your customers. The ways are: 1. Determining Customer's Lifetime Value 2. Optimizing Cost of Acquiring Customers 3. Analyzing Cost of Acquiring Customers 4. Determining Worth of Current Customer. Way # 1. Determining Customer's Lifetime Value: Customer acquisition is [...]
This article throws light upon the top ten ways used to retain the existing customers. Some of the ways are: 1. Welcome the Complaints you Receive 2. Instigate Loyalty Programs 3. Send out Questionnaires and Surveys to Existing Customers 4. Check for Repeat Sales Often to Instill your Company's Brand 5. Reactivate Dormant Customers and Others. Retaining the Existing Customer: [...]