Page 114 - DMGT308_CUSTOMER_RELATIONSHIP_MANAGEMENT

Pavitar Parkash Singh, Lovely Professional University
Unit 5: Closed Loop Marketing

Unit 5: Closed Loop Marketing Notes

CONTENTS
Objectives
Introduction
5.1 360 Degree Marketing
5.1.1 Concept
5.2 Data Mining
5.2.1 Stages of Learning
5.2.2 Statistical Perspective on Data Mining
5.2.3 Clustering
5.2.4 Data Mining Application in Customer Segmentation
5.3 Cross Selling and Up Selling
5.3.1 The Six Essential Strategies to Increase Cross-selling and Up-selling
Revenues
5.4 Summary
5.5 Keywords
5.6 Review Questions
5.7 Further Readings

Objectives

After studying this unit, you will be able to:

 Explain the concept of closed loop marketing
 Study the meaning of 360 degree marketing
 Explore the concept of data mining

 Discuss cross selling
 Describe the meaning and usage of up selling
Introduction

The significance of CRM solution lies in its ability to store and retrieve data. The processes that
are followed, the systems that are designed and the methods and equipment used all have to be
synchronized to deliver the best output to the executives of CRM for realizing the fruits of
effective e-CRM. Data mining and knowledge discovery are receiving increasing attention in
the business and technological press, among industry analysis and among corporate management.
Aberdeen surveyed 315 enterprises to identify current closed-loop marketing challenges, tactics,
and strategies. The study reveals astounding results about the strategic value of closed-loop
marketing. Top performing organizations are improving message relevancy, conversion, and
Return on Marketing Investments (ROMI) with closed-loop marketing practices and processes.
Along with the study of closed loop marketing, the study of other marketing techniques acquires
the status of 360 degree marketing.

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