20 February 2017

Customer Relationship Management

CRM is a very critical aspect of business. An applied area that provides insights into how a business either retains customers, loses customers, or gains customers. Customer dealings whether that be email, phone, by post, or in person is a critical part of business. However, in most capitalist societies customer service seems to take a backseat at which point businesses lose face and reputation which inevitability leads to fall in sales. While social media has made the customer service even more complex. Understanding customer needs can also help shape and drive business products and services. Machine Learning can play an even greater role in defacing customer services of businesses towards targeting more effective customer relationship management KPIs and ROIs. Important areas include customer loyalty and retention, promotions, offers, engagement, measuring spending, predicting campaign performance, identifying new customers, identifying changes in customer behaviors, customer churn prediction, customer segmentation, and customer lifetime value forecasting. Unstructured data can come in form of purchase behavior, customer service interactions, social media, and responses to previous campaigns. Several areas where machine learning can come into play are listed below:

  • Phone/post/email/in-face/social media monitoring
  • Customer retention
  • Customer insights
  • Customer predictions
  • Customer segmentation
  • Customer scores and profiles
  • Customer sentiment management
  • Customer promotions
  • Customer engagements
  • Customer transactions
  • Customer KYC
  • Customer efficiency
  • Customer/Provider Database
  • Customer analysis
  • Customer care management
  • Customer intelligent agents/advisors
  • Customer faqs knowledgebase
  • Marketing analysis
  • Marketing quizzes
  • Provider scores and profiles
  • Provider analysis
  • Discovering the 'why'
  • Measuring/Predicting customer/provider value
  • Measuring/Predicting customer/provider reputation and effects from forecasting services
  • Measuring/Predicting churn
  • Leads generation
  • Planning effective campaigns and promotions
  • Personalizing customer/provider measurements and predictions
  • Ontologies for customer/provider knowledge representation and metadata enrichment

Key CRM Vendors:

Open Source CRM Platforms: