(A) study on event-driven marketing for effective CRM implementation

Abstract

Today, CRM(Customer Relationship Management) is not only nationwide but also worldwide focus on customers, being covered now in mass media and within corporate boardrooms. That`s why people in real business world cannot negate that providing exceptional customer service through effective CRM is essential to business success. High quality Customer Relationship Management systems, when combined with EDM (Event-Driven Marketing) pertinently, ensure rapid responses to all customer inquiries. It can also boost sales and demonstrate the active concerns for customer satisfaction. CRM is a comprehensive sales and marketing approach to building long-term customer relationships, enhancing customer`s LTV(Life Time Value) and improving business performance. According to recent research, response rate of EDM in incredibly reaching 15% tp 20% compared to mass marketing with 1% to 2% and target marketing with 8% to 10%. However, incorporating EDM technique into CRM is difficult and complicated. Furthermore, is has hardly been practiced in most of industries. However, there is a strong evidence in finance industry that many companies have benefited from EDM. Therefore, this thesis explores why CRM with EDM is meaningful. Furthermore, this thesis develops a sophisticated event-driven marketing CRM model. This model is applied in telecommunications, bank, and distribution sectors for better CRM implementation.