MIST 2090 1st Edition Lecture 11 Outline of Last Lecture BPMN BASICS Outline of Current Lecture Customer relationships o Old way o New way Principles of viral Tactics of viral CRM Social CRM Data business Current Lecture Customer Relationships o The old way Uni directional marketing message Products that satisfy delight Company generated product content Four P s product price place promotion Trust in experts Majority fallacy o The New way Multi directional conversation User generated content Four C s customer cost convenience communication Trust in friends Experiences that engage User product co creation Niche markets long tail Principles of Viral o Content is considered viral when the reproduction rate is greater than 1 or R 1 o Word of mouth network effects o User generated content o Republish reblog retweet remix Tactics for viral These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute o Continuous interesting content ecology blog tag keywords links videos posts o Engage influential customers o Provide means for UGC mashups o Games entertainment CRM o Customer relationshop management o Customer sales data o Broad market segment data o Sales marketing and customers service processes Social CRM o CRM Social networking o Enable interaction with peers comments ratings rankings o Proactive customer service o Extreme personalization o Transparent o Encourage advocacy o Social CRM requires using data that the firm collects about its customers Data business o 1st theme Big data volume variety velocity Amount of data available is greater than firms ability to process it volume Big data is often messy it doesn t fit neatly into database and may require pre processing to extract structure variety Data arrives rapidly and continuously velocity o 2nd theme Data Storage data model o Data Analysis More effective than old style of talent management