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Customer Relationship Management
by: Richard D S Hill
Changing consumer attitudes are driving Customer Relationship Management. Fuelled by Internet induced expectations and an even increasing mood of self reliance among customers, companies have to compete in an environment where communication, buying processes, data management, delivery and service are all-important in the battle for longterm, profitable relationships.

Customers now require:

- Control over the buying process (information, comparison,
selection, easy to find, use and respond to)

- The best possible price (including delivery, and without
compromise to brand or product quality)

- The quickest, slickest delivery system (preferably free)

- All payment options (secure)

- Communications designed to suit the particular need
(computerised; complex; caring)

The above apply whatever the form of trading:

- Direct
- Traditional
- Retail
- E-commerce
- Wholesale
- Combination

These attitudes combined with the development of new technology and the growing convergence of a number of 'new - new' and 'emerging - new' communications and distribution technologies such as:

- 'Fixed link' telephony and telemarketing
- Internet and VOIP
- Mobile telephony, SMS etc.
- Digital TV, Cable, Satellite

is leading to an increasing focus on Customer Relationship Management by all types of organisations, as they realise that technological change allows them to re-organise the way that they manage customer relationships and make them more profitable.

Organisations are searching for something far more holistic, consistent and yet dynamic.

To achieve that and a sustainable competitive advantage in Customer Relationship Management means working with the management team, staff and suppliers of the company, where reasonable and cost effective using technology (e.g. intranet, extranet) to help to deliver the actions necessary to maximise performance.

One must:

- Define profitable market sectors and customers
- Understand customers needs and expectations
- Identify profitable product and service propositions
- Create effective, efficient, adaptable, cost effective
infrastructures

Customer Relationship Management is: the customer focussed management of the whole relationship with each customer, in order to measure, create and increase income and reduce costs for each customer and customer segment and thus to generate greater positive lifetime value across the portfolio.

Customer Relationship Management requires the organisation to know the answers to questions such as:

- Which of my customers are profitable or unprofitable?

- Do I know their lifetime value?

- Which of my products and services are they buying and not
buying?

- Have I measured customers' purchase behaviour patterns, their
loyalty/retention/repeat purchase and multiple product
purchases?

- What channel preferences do customers have?

- Who are my most profitable customers and what is their
ranking/grouping by risk, by product service grouping, by
profit, and by revenue?

- What strategies can I use to improve a customer's
profitability profile?

It also requires the organisation to deliver customer value. Customers must feel that
the organisation:

- ‘Understands what I want’
- ‘Communicates with me’
- ‘Provides me with added value’
- ‘Gives me reasons not to switch’
- ‘Treats me as an individual’

To achieve these answers Customer Relationship Management requires focus on both sides of the equation:

- Customer Communications Management
- Process Quality Management

and on three key delivery mechanisms, those of:

- Proposition
- Processes
- People

To be fully effective at Customer Relationship Management an organisation has to position the business unit or enterprise (proposition, processes and people) so that the customer is as the centre of their business. True Customer Relationship Management means that the business has streamlined customer management through the integration of all customer 'touch points', such as marketing, customer service and payment in such a way that true customer satisfaction and loyalty appear to occur effortlessly.

Customer Relationship Management is not a 'fad' it is a business philosophy that helps to increase revenue, reduce costs and to build and retain a loyal customer base.

About the author:
Richard Hill is a director of E-CRM Solutions and has spent many years in seniordirect and interactive marketing roles. E-CRM http://www.e-crm.co.ukhelps you to grow by getting you more customers that stay with you longer. We provide practical solutions that pay for themselves. We help you to make sure that your marketing works.


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 Forex: Benefits of Trading the Forex Market
 by: Raul Lopez

Trading the Forex market has become very popular in the last years. Why is it that traders around the world see the Forex market as an investment opportunity? We will try to answer this question in this article. Also we will discuss come differences between the Forex market, the stocks market and the futures market.

Some of the benefits of trading the Forex market are:

Superior liquidity.

Liquidity is what really makes the Forex market different from other markets. The Forex market is by far the most liquid financial market in the world with nearly 2 trillion dollars traded everyday. This ensures price stability and better trade execution. Allowing traders to open and close transactions with ease. Also such a tremendous volume makes it hard to manipulate the market in an extended manner.

24hr Market.

This one is also one of the greatest advantages of trading Forex. It is an around the click market, the market opens on Sunday at 3:00 pm EST when New Zealand begins operations, and closes on Friday at 5:00 pm EST when San Francisco terminates operations. There are transactions in practically every time zone, allowing active traders to choose at what time to trade.

Leverage trading.

Trading the Forex Market offers a greater buying power than many other markets. Some Forex brokers offer leverage up to 400:1, allowing traders to have only 0.25% in margin of the total investment. For instance, a trader using 100:1 means that to have a US$100,000 position, only US$1,000 are needed on margin to be able to open that position.

Low Transaction costs.

Almost all brokers offer commission free trading. The only cost traders incur in any transaction is the spread (difference between the buy and sell price of each currency pair). This spread could be as low as 1 pip (the minimum increment in any currency pair) in some pairs.

Low minimum investment.

The Forex market requires less capital to start trading than any other markets. The initial investment could go as low as $300 USD, depending on leverage offered by the broker. This is a great advantage since Forex traders are able to keep their risk investment to the lowest level.

Specialized trading.

The liquidity of the market allows us to focus on just a few instruments (or currency pairs) as our main investments (85% of all trading transactions are made on the seven major currencies). Allowing us to monitor, and at the end get to know each instrument better.

Trading from anywhere.

If you do a lot of traveling, you can trade from anywhere in the world just having an internet connection.

Some of the most important differences between the Forex market and other markets are explained below.

Forex market vs. Equity markets

Liquidity

FX market: Near two trillion dollars of daily volume.

Equity market: Around 200 billion on a daily basis.

Trading hours

FX market: 24hr market, 5.5 days a week.

Equity market: Monday through Friday from 8:30 EST to 5:00 EST.

Profit potential

FX market: In both, rising and falling markets.

Equity market: Most traders/investor profit only from rising markets.

Transaction costs

FX market: Commission free and tight spreads.

Equity market: High Commissions and transaction fees.

Buying power

FX market: Leverage up to 400:1.

Equity market: Leverage from 2:1 to 4:1.

Specialization

FX market: most volume (85%) is made on major currencies (USD, EUR, JPY, GBP, CHF, CAD and AUD.)

Equity market: More than 40,000 stocks to choose from.

Forex market vs. Futures market

Liquidity

FX Market: Near two trillion dollars of daily volume.

Futures market: Around 400 billion dollars on a daily basis.

Transaction costs

FX market: Commission free and tight spreads.

Futures market: High commissions fees.

Margin

FX market: Fixed rate of margin on every position.

Futures market: Different levels of margin on overnight positions than day time positions.

Trade execution

FX market: Instantaneous execution.

Futures market: Inconsistent execution.

All this makes the Forex market very attractive to investors and traders. But I need to make something clear, although the benefits of trading the Forex market are notorious; it is still difficult to make a successful career trading the Forex market. It requires a lot of education, discipline, commitment and patience, as any other market.


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