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Commercial Data Mining by David Nettleton

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Chapter 13

CRM – Customer Relationship Management and Analysis

Abstract

The area of CRM (Customer Relationship Management) has attracted a lot of attention, and many businesses who are end users of IT solutions have spent considerable amounts of money on implementing CRM systems integrated to a greater or lesser extent with their operational and business processes. However, what should be kept in mind is that CRM is a basic, common sense idea that can be put into practice with nothing more than a spreadsheet and a modest database. This chapter introduces the reader to CRM in terms of recency, frequency, and latency of customer activity, and in terms of the client life cycle: capturing new clients, potentiating and retaining existing clients, and ...

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