Data-Driven Customer Centricity

Abstract

Customer relationship management (CRM) is becoming a very hot topic nowadays in academia and business environments. Indeed, companies are constantly searching for new innovative ways to create or maintain their competitive advantage. Due to the recent advances in Internet and technology, CRM predictive analytics is becoming an important tool in the toolset of the marketer. It is the practice of using the huge volumes of historical customer data to predict future customer behavior. This chapter introduces the reader to the shift towards a data-driven customer centricity approach, where marketers act upon what they know, rather than upon what they think.

Data Analytics in CRM Processes: A Literature Review

“…Among the seven data mining techniques, clustering (7 out of 51 articles, 14 %) is the most common data mining technique for which data analytics is used to support decision making. [20], [22], [23], [32], [36], [38] [35], [42], [51], [55], [59] Full list of reviewed publications with classification is available at https://drive.google.com/open?id=0Bwp9RlyV--pwcFg1dC1kSzlMNG8 VI. CONCLUSION Application of data analytics in CRM is an emerging trend in the industry.…”

“…Among the four CRM dimensions, customer development (19 out of 51 articles, 37.3 %) is the most common dimension for which data analytics is used to support decision making. [18], [27], [40], [46] , [47] , [50], [55], [67] Customer Attraction 16 31 % [19], [20], [29], [34], [37], [44], [45], [49], [52], [53], [57], [59], [61], [65], [66], [68] Customer Retention 7 14 % [17], [21], [24], [26], [28], [35], [64] Customer Development 19 37 % [3], [22], [23], [25], [30], [31], [32], [33], [36], [38], [42], [43], [48], [51], [56], …”