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Business and Management

Household and individual data include demographic, lifestyle, and behavioral information that enables marketers to define, segment, and differentiate their audiences for more effective marketing. Household and personal data act as a basic unit in many microeconomic and social models in economics (Soltani et al., 2018). To create a CRM strategy on considering household and individual data, I will develop a game plan for improving the relationship between the firm’s customers and the firm’s sales, marketing, and customer service teams. As a manager in an accounting and tax firm, I will use some of the household and individual data as part of my CRM strategies, such as employee empowerment, inbound marketing, interactive content, targeted marketing, customer re-engagement, and data cleansing.

I manage an accounting and tax firm, and we offer services such as bookkeeping which involves business valuation and recording all transactions within the business. Accounting services are also provided in our firm, where all bookkeeping services are well interpreted. Audit services involve examining financial records from time to time, checking for errors, and whether the business is running in compliance with regulations (Campbell, Mauler & Pierce et al., 2019). My firm also offers tax planning and preparation services,hence determining if a firm is tax liable. My firm also provides consultation and special advisory services enabling firms to make the best decision and when to make the decisions.

Some of the household and individual data that I think are relevant include livelihood and economic activities of employees, productive assets, livestock, source of consumed food, expenditure, house materials such as furniture and electronics, rental and un-rental houses, access to credit, indebtedness, external assistance like food and non-food, level of education.

For my accounting and tax firm, I consider the household and individual data provided above as crucial for achieving my CRM. Let’s consider the case of productive assets; a family can have a productive asset such as a passage bus which generates income for the family. Knowing the amount of revenue created by such assets may enable me to make a good relationship with my employee and empower them to achieve better outcomes from their investments. Knowing an employee’s background, such as their houses, what they consume, and how they cloth, can help me as a manager in creating interactive content for my clients. The level of education of my clients and employee will enable me as the firm managed to get attached to the targeted market and conduct customer re-engagement and data cleansing.

As a firm manager, I will transform household and individual data into information and knowledge that will support my CRM objectives. There are several models for CRM, but I will focus on the IDIC model, which considers household and individual data. IDIC stands for four stages of CRM implementation: identity, differentiate, interact, and customize (Nicolescu, 2022). I will start by identifying the customers’ household and individual data. I will then determine my customers based on their household and personal data; this will enable me to prioritize my customer relationship efforts on the most valuable clients and amend my interactions to fit every segment for maximum profit. I will then interact with my customers once I analyze and categorize them to develop customized interactions. I will ensure that the most valuable customer gets loyalty benefits and remuneration to encourage retention and continued spending. Lastly, I would customize my customers after I documented my customer interaction. As a manager, I will ensure I have analyzed my client’s interactions to develop a more customized one-to-one service. The goal of my CRM is to ensure I meet my customers’ needs and expectations at an individual level.

References

Campbell, J. L., Mauler, L. M., & Pierce, S. R. (2019). A review of derivatives research in accounting and suggestions for future work. Journal of Accounting Literature42, 44-60.

Nicolescu, C. (2022). Approach of Customer Relationship Management as a Managerial Synapse. In Stakeholder Management and Social Responsibility (pp. 203-235). Routledge.

Soltani, Z., Zareie, B., Milani, F. S., & Navimipour, N. J. (2018). The impact of the customer relationship management on the organization performance. The Journal of High Technology Management Research29(2), 237-246.

 

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