The Power of CRM: Building Lasting Customer Relationships

Greetings to all data science enthusiasts, As mentioned in my previous posts, I will share the most important parts of what we learned in each week of my bootcamp. In this post, i will write about CRM Analytics.

If there is a company of course, it has customers. The management of the relationships with customers is called CRM.

• Customer lifecycle optimizations: for example we have got a website, the first step of the customer is entering the website. The second step is signing up for the site. The third step is making a purchase. These are the initial steps of the customer lifecycle.
• Communication (language, color, visuals, campaigns): It is the communication that will take place with the customer. For example, some companies make jokes on their customers via social media.
• Customer acquisition/finding efforts: It is about finding new customers, regardless of whether it is online or offline. Finding new customers is more costly than retaining existing ones. Therefore, a large part of CRM efforts are aimed at retaining existing customers, which are known as customer churn efforts.
• Cross-selling, upselling: For example, if a person buys a hamburger, they are offered fries (cross-sell). If they buy a cola, they are offered a larger size of the same drink (upsell). In summary, it is an attempt to make more sales.