Lecture 11Outline of Last Lecture - BPMN BASICSOutline of Current Lecture - Customer relationshipso Old wayo New way- Principles of viral- Tactics of viral- CRM- Social CRM- Data & businessCurrent Lecture- Customer Relationshipso 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 fallacyo 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 Viralo Content is considered viral when the reproduction rate is greater than 1 or R>1o Word of mouth: network effectso User generated contento Republish, reblog, retweet, remix- Tactics for viralThese 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. MIST 2090 1st Editiono Continuous interesting content ecology- blog, tag, keywords, links, videos, postso Engage influential customerso Provide means for UGC- mashupso Games & entertainment- CRMo Customer relationshop managemento Customer sales datao Broad market/ segment datao Sales, marketing, and customers service processes- Social CRMo CRM & Social networkingo Enable interaction with peers (comments, ratings, rankings)o Proactive customer serviceo Extreme personalizationo Transparento Encourage advocacyo Social CRM requires using data that the firm collects about its customers- Data & businesso 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 requirepre-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