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Acquiring Customers CRM

The primary role of management accountant is to work with the business and also how business works. You should take efforts to understand the Customer Relationship Management (CRM) on your company and evaluate how your company acquires customers and retains them.

A couple of days back, I bought a Nikon S52c Digital camera from Jessops. The deal from Nikon is you get upto £ 50 Cash Back when you buy a digital picture frame with this camera. That's cool. So I registered on Nikon website with details and ticked the check-box which say "Offers from Nikon and its selected affiliates". With A £50 cash back strategy, Nikon has enticed me with offers that they would send me by emails and posts and then I would continue to do business with them. There would thousands of customers like me which Nikon has acquired with a £50 carrot. That's cheaper than TV commercials.

There are numerious methods of acquiring customers and continue to do business online.

Search Engine Marketing

  • Pay Per Click: A sponspored link will be displayed on the top left corner and a vertical link hand corner of the search engine results. Adverts are determined the phrases you search on the search engine and a click will take to the website. This concept was pioneered by Google (Adsense) where the advertiser pays on number clicks. The advertiser has to bid on the key words. So advertiser has to carefully budget his advertisement expenditure.
  • Search Engine Optimisation: This would require techniques to improve the position of company in the search engine results for key words. The visitor will more like to click on result when it is in Top 10. Increasing the number of in-bound link to the website will enhance the page rank in Google. There are SEO experts in the market place. However Google advises you to write the content of your website for the readers and not for search engines. Google says that they are smarter.
Online PR

  • Use online media and PR journalist to write about your Company website
  • Participate in the Community Site like Nikon has where Nikon enthusiast share photos with their friends or encourage a discussion portal related to line of business of the company.
Online Partnership

  • Affiliate Marketing: This is a commission based marketing arrangement with the affliates where the affiliates will showcase the product link on their website. You will notice news websites and blog selling amazon products. So every product sold by the affiliate, Amazon pays commission to them.
  • Co-Branding: This has been effectively followed by the credit card company like American Express to give a personal flavour to the credit card. You will see website like Financial Times having ads of premium products like cars or banks or financial institutions.
  • Aggregrators: These are price comparison website like, where the prospect can analyse the deals provided by various service providers on various parameters like price, features, recommendations etc. A partnership with such website will help to acquire customer since the propective customer is making a decision by visiting to this market place.

Platinum CashBack Credit Card

Interactive Adverts

  • Banners : This has been a tradition way of advertising by having a advertising banners on the reputed websites like Yahoo. The effectiveness of the advertising campaign depends on the number of visitors visiting the site.
  • Rich Media: The advertising has become more sophicated and the advertisement changes when a user hovers the cursor on the ad. This makes the ads more notifeable and the prospective is like to click on it when he clicks on it. The best example I can think of is ad of Visa Card.
Opt-in Email

  • When you visit any website, you will always notice a link to subscribe for updates. Subscribers will get updates on various offers available and they will be the first to know about it.
  • Co-branded Email: You will notice retailer sending emails advertising you on the offers for holiday on your loyalty card.

It is very important for your company to have a good online presence in the market place. You as a management accountant should also know of the online marketing strategies and accordingly structure the management reporting system. The changes in the technology, change the way the merchandise is sold and how you budget for various resources in your business.

That is what CRM is about. You acquire the customer and retain them forever.

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You may also like to read

  1. Customer Satisfaction - CRM Concepts
  2. Guy Kawasaki - The Art of the Start
  3. Strategy Development
  4. Porter's Diamond
  5. Management Accountant Job Board
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