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A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups.
Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information.
In marketing, market segmentation or customer segmentation is the process of dividing a consumer or business market into meaningful sub-groups of current or potential customers known as segments. Its purpose is to identify profitable and growing segments that a company can target with distinct marketing strategies.
Services marketing is a specialized branch of marketing which emerged as a separate field of study in the early 1980s, following the recognition that the unique characteristics of services required different strategies compared with the marketing of physical goods.
Viral marketing is a business strategy that uses existing social networks to promote a product mainly on various social media platforms. Its name refers to how consumers spread information about a product with other people, much in the same way that a virus spreads from one person to another. It can be delivered by word of mouth, or enhanced by the network effects of the Internet and mobile networks.
Information management (IM) is the appropriate and optimized capture, storage, retrieval, and use of information. It may be personal information management or organizational. Information management for organizations concerns a cycle of organizational activity: the acquisition of information from one or more sources, the custodianship and the distribution of that information to those who need it, and its ultimate disposal through archiving or deletion and extraction.
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the purchase, use and disposal of goods and services. It encompasses how the consumer's emotions, attitudes, and preferences affect buying behaviour. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an interdisciplinary social science that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics.
Servicescape is a model developed by Booms and Bitner to emphasize the impact of the physical environment in which a service process takes place. The aim of the servicescapes model is to explain behavior of people within the service environment with a view to designing environments that does not accomplish organisational goals in terms of achieving desired behavioural responses. For consumers visiting a service or retail store, the service environment is the first aspect of the service that is perceived by the customer and it is at this stage that consumers are likely to form impressions of the level of service they will receive.
Web analytics is the measurement, collection, analysis, and reporting of web data to understand and optimize web usage. Web analytics is not just a process for measuring web traffic but can be used as a tool for business and market research and assess and improve website effectiveness. Web analytics applications can also help companies measure the results of traditional print or broadcast advertising campaigns. It can be used to estimate how traffic to a website changes after launching a new advertising campaign. Web analytics provides information about the number of visitors to a website and the number of page views, or creates user behavior profiles. It helps gauge traffic and popularity trends, which is useful for market research.
A persona in user-centered design and marketing is a personalized fictional character created to represent a potential end user. Personas represent the similarities of consumer groups or segments. They are based on demographic and behavioural personal information collected from users, qualitative interviews, and participant observation. Personas are one of the outcomes of market segmentation, where marketers use the results of statistical analysis and qualitative observations to draw profiles, giving them names and personalities to paint a picture of a person that could exist in real life. The term persona is used widely in online and technology applications as well as in advertising, where other terms such as pen portraits may also be used.
The target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to the previously intended audience. In marketing and advertising, the target audience is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.
Cross-media marketing is a form of cross-promotion in which promotional companies commit to surpassing traditional advertisement techniques and decide to include extra appeals to the products they offer. The material can be communicated by any mass media such as e-mails, letters, web pages, social media or other recruiting sources. This method can be extremely successful for publishers because the marketing increases the ad's profit from a single advertiser, as well as generates a good liaison between the advertiser and the publisher, which also boosts the profits. The integration of social media marketing into the marketing mix empowers firms to promote goods and services. It facilitates real-time interaction, fostering engagement and swift feedback. This approach enhances customer satisfaction by offering personalized experiences and addressing inquiries promptly. Effective social media utilization enables companies to build, sustain, and bolster their competitive edge in the digital realm.
Customer engagement is an interaction between an external consumer/customer and an organization through various online or offline channels. According to Hollebeek, Srivastava and Chen, customer engagement is "a customer’s motivationally driven, volitional investment of operant resources, and operand resources into brand interactions," which applies to online and offline engagement.
The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method it determines is appropriate. It is an operationally independent body, set up under the Financial Services and Markets Act 2000 and funded by a levy on authorised financial services firms.
Customer experience, sometimes abbreviated to CX, is the totality of cognitive, affective, sensory, and behavioral customer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages.
In information science, profiling refers to the process of construction and application of user profiles generated by computerized data analysis.
Omnichannel is a neologism describing a business strategy. According to Frost & Sullivan, omnichannel is defined as "seamless and effortless, high-quality customer experiences that occur within and between contact channels".
A digital marketing system (DMS) is a method of centralized channel distribution used primarily by SaaS (Software as a service) products. It combines a content management system (CMS) with data centralization and syndication across the web, mobile, scannable surface, and social channels.
Environmental certification is a form of environmental regulation and development where a company can voluntarily choose to comply with predefined processes or objectives set forth by the certification service. Most certification services have a logo which can be applied to products certified under their standards. This is seen as a form of corporate social responsibility allowing companies to address their obligation to minimise the harmful impacts to the environment by voluntarily following a set of externally set and measured objectives.
References
- 1 2 "See the benefits of a Single Customer View" (PDF). Experian.
- ↑ "Exploiting the Single Customer View to Maximise the Value of Customer Relationships" (PDF).
- ↑ "Streamlining Customer Data". www.ardentisys.com.
- ↑ "Data-Driven Marketing". spotlessdata.com. Archived from the original on 2018-04-04.
- ↑ "Why a single customer view is essential".
- ↑ "The impact of a single customer view on consumer behaviour: infographic".
- ↑ "Why building a single customer view isn't as easy as you might think".
- ↑ "Deposit Guarantee Scheme - Customer Review -FSCS". www.fscs.org.uk.