How can CRM benefit the newspaper industry? A key requirement for the successful adoption of CRM disciplines is a thorough understanding of current customers and their needs.
To acquire an understanding of customers requires newspapers to not only be able to aggregate customer information, but also translate that information into knowledge. Knowledge that changes the way they do business.
Don Poepping points out that knowledge of customer transactions, demographics, and media preferences should be used to target offers, information, and services. Tom Ratkovich also talks about leveraging customer interactions to acquire, analyze, and assert relevant data for the purpose of enhancing customer relationships.
CRM requires more than knowledge of customer segments, but knowledge and understanding of individual customers. Stop for a minute and think about what you know about your newspaper's customers. If everything you know about customers is derived from readership or market potential studies, then a significant information gap exists that could impede your newspaper's ability to adopt CRM disciplines.
CRM is about maximizing the return on assets.
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Tom Ratkovich believes CRM is about creating win-win scenarios with your customers- customers win with value, newspapers win with profit. David Morel builds on this idea with his belief that CRM is about understanding customer needs and expanding the newspaper's influence.
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Chuck Farraj believes that CRM should enable newspapers to optimize revenue and increase shareholder value. CRM is about making money not just today, but tomorrow. As newspapers search for ways to maintain traditional profit margins, CRM disciplines provide a path for maximizing the return on customer assets. What are the barriers to adopting CRM in the newspaper industry? Where the newspaper industry is today has a lot more to with where we've been, than where we are going. Over the past 20 years the number of markets with competing newspapers has declined to a handful and as our advertisers and readers often remind us, we are the "only newspaper in town.
This doesn't mean newspapers don't face increasing competition from other media channels, it does suggest that we haven't had the direct newspaper-to-newspaper competition that would have forced us to hone our products and improve our level of service. As an industry we have adopted a "if it isn't broke, don't fix it" attitude about our business.
We occasionally have a wake-up call, like newsprint prices, but then things improve and we shelve the changes we had in mind when things weren't going so well. The newspaper business tends to be dominated by one-way communications. We print and distribute the news.
Yes, a reader or advertiser can respond via our editorial pages, but only after an editorial board decides what is printed. On the business side we provide advertising opportunities. Advertisers are invited to meet a deadline, conform to production specifications, and pay on time. If you think this assessment is a little too harsh, consider how we as an industry have responded to retailer requests for more targeted distribution options for their advertising.acunusop.tk
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Thirty years ago major retailers insisted that we provide them with more distribution options. Today, most newspapers in North America still do not offer advertising distribution by ZIP Code, or lower levels of geography. As an industry we are not big on change. And as we've seen, CRM is all about change. Our business, by its very nature, tends to be reactive, rather than proactive.
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We go to work when something happens. And when we are proactive, the activity tends to serve our own needs rate increase , rather than the needs of our customers. The newspaper industry is product-driven, rather than customer driven. There are some publishers, thankfully few, that believe the customer relationship is fulfilled with the timely delivery of the daily product and that customers should expect no more from their relationships with the newspaper.
Newspapers have organized themselves by function to ensure the delivery of the "daily miracle". This has led to functional areas that operate autonomously as well as the creation of silos that impede information sharing, speed to market, and problem resolution. If you don't agree, try calling your newspaper and see how many times you are transferred before having your question answered or your issue resolved.
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As an industry we focus on short-term tasks rather than long-term processes. We are masters at completing thousands of tasks each day that result in the production of a daily newspaper. Day-to-day focus on product, combined with the transition from private to public ownership, serves to reinforce our focus on daily or quarterly results, rather than long-term gains. The final barrier to the adoption of CRM in the newspaper industry relates to management buy-in. Although the CRM journey promises significant long-term benefits for newspapers, we will fall well short of our destination without publishers or owners serving as the champions for increasing return on customer assets.
Think of other initiatives at your newspaper and why they failed. Lack of management buy-in and constant, visible reinforcement has led to the demise of excellent ideas, programs, and plans. As Chuck Farraj points out in his definition of CRM, the discipline requires a sea change within newspapers to make us customer centric.
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And that change must come from newspaper leadership, and be reinforced at every level of the newspaper organization. To seriously consider CRM we must reassess our values as an industry. We must recognize that customer relationships are our most valuable asset. And we must focus our efforts each day on the small and large steps required to maximize customer assets and long-term profitability. Evolution to CRM. Short-Term Focus. Lack of Management Buy-In. Springer Science and Business Media.
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What are the three most important things to consider when choosing a CRM system for your company?
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Email this article Login required. Email the author Login required. Abstract Customer relationship management is the durable and the most effective approach in maintaining and creating relationship with customers. Once this personal and emotional relationship is built, it is very easy for any organization to identify the actual needs of customer and help them to serve them in a better way.
Business organization would not flourish until and unless their customers are happy; this is the reason, why Customer Relationship Management CRM is so important? In the present competitive business environment attracting and retaining customers is a challenging task for business organization. To grow, businesses do any only need to attract new customers but also to hold on to existing customers.
CRM facilitates organization not only to gain customers but also to retain them. It focuses on improving sales and productivity by effectively catering to customer demands, queries and complaints. Though the traditional method of maintaining good customer relations is still being used yet the importance of CRM cannot be neglected. The more effectively a business can use information about its customer to meet their needs the more profitable it would be for the organization. The paper analyses how organization use CRM as a technique to gain business distinction.
Full Text:. Making CRM make money. Marketing Management. Business research methods. Panneerselvam R.