More and more companies realize the value a customer relationship management can deliver in a long-term perspective. Especially in the service market, the relationship between customer and company is substantial for doing successful business.
This could be said for the private radio broadcasting companies, too. As they are part of the service market, their success also depends essentially on relations. Traditional channels as well as the upcoming possibilities of communication over the Internet offer new ways to interact and retain with customers. The radio broadcaster’s challenge is to identify the right channel for its customers. This justifies the need for a structured way of implementing customer retention
in private broadcasting companies. We are convinced that this could be done through use of
the strategic framework. So in the following paper, we examine the question: ”How far can a strategic framework for CRM be used as a holistic approach to achieve customer retention in private broadcasting companies?” Therefore, it is necessary to examine both the strategic framework and the private broadcasting radio companies in detail. Afterwards, the framework has to be adjusted to the features of the private roadcasting companies.
Table of Contents
1. Introduction
2. Customer Relationship Management
2.1. Definition
2.2. CRM perspectives
2.3. A strategic framework for CRM
2.3.1. The need for an integrated strategic framework
2.3.2. Requirements
2.3.3. Structure
3. Private Broadcasting companies
3.1. Definition
3.2. The multi-channel concept of private radio
3.3. The Concept of Radio Marketing
3.3.1. Servicemarketing
3.3.2. Customer Retention & Target Group Satisfaction
3.3.3. Interaction
4. A strategic framework for customer retention in private broadcasting companies
4.1. Strategy development process
4.1.1. Business strategy
4.1.2. Strategies for client retention
4.2. Value Creation Process
4.2.1. Value Listener Receives
4.2.2. Value Advertiser receives
4.2.3. Value Radio Station Receives
4.3. The Multi-Channel integration process
4.3.1. Offline
4.3.2. Online
4.3.3. Integrated channel management
4.4. Information Management process
4.5. Performance Assessment process
4.5.1. Customer retention measurement
4.5.2. Performance Monitoring
5. Summary
Research Objectives and Themes
This paper investigates how a strategic framework for Customer Relationship Management (CRM) can be adapted and applied to private broadcasting companies to improve customer retention on both the listener and advertiser markets. By analyzing the unique characteristics of radio, the authors explore how holistic CRM processes can foster long-term loyalty and sustainable business growth.
- Theoretical overview of CRM and strategic frameworks
- Specific challenges of customer retention in the private radio market
- Adaptation of the five core CRM processes for radio broadcasters
- Detailed analysis of offline and online communication channels
- Integration of listener and advertiser value streams
Extract from the book
3.2. The multi-channel concept of private radio
As in the last years more and more private broadcasting companies have tried to conquer market shares, the competition has become stronger and stronger, so it gets more and more difficult for the stations to reach their fundamental goal: the satisfaction of their customers. To be more specific, the satisfaction of the advertiser’s and the listener’s preferences. Whereas the advertiser is focused on maximizing the number of relevant contacts he can get when paying for an advertising space in the radio program, the listener’s major interest is the consumption of information and entertainment. A retention of these groups is primarily achievable through a customer-oriented program configuration. Additional potentials for customer retention can also be found in services beside the main value-program, which use further communication channels to add extra values, the ’added values’. All those services can be grouped by two main streams, the offline channel and the online channel. The following paragraphs will point out the essential properties of those channels for the private broadcasting radio stations.
Offline channels are all channels which create values or contribute to communications without the Internet, aside from the program (off-air) itself. They are differentiated by program format and target groups. Offline channels include hotline, merchandising, event, social sponsoring and self-advertisement. A detailed description of the input and output of the channels can be found in Appendix I
Online Channels Besides the offline channels, a radio broadcasting station can be present in a variety of online channels to enhance communications and create added values. In the following, we describe the online channels specifically livestream, podcast, e-mail, web site, weblog, MyRadio, forum and chat. A detailed description of the input and output of the channels can be found in Appendix I
Summary of Chapters
1. Introduction: Presents the relevance of CRM in the service sector and defines the research question regarding the applicability of a strategic framework to private radio broadcasting.
2. Customer Relationship Management: Provides a theoretical foundation of CRM, including definitions, relevant perspectives, and the specific strategic framework developed by Payne and Frow.
3. Private Broadcasting companies: Examines the specific market characteristics of private radio, focusing on service marketing, the multi-channel concept, and the necessity of balancing listener and advertiser satisfaction.
4. A strategic framework for customer retention in private broadcasting companies: Details the practical adaptation of the strategic CRM framework, breaking down the five key processes (Strategy, Value Creation, Multi-channel Integration, Information Management, Performance Assessment) for radio companies.
5. Summary: Concludes the paper by emphasizing the interdependence of radio market participants and suggesting further research into digital value delivery.
Keywords
CRM, Customer Retention, Private Broadcasting, Radio Marketing, Listener Satisfaction, Advertiser Market, Strategic Framework, Multi-channel Integration, Value Creation, Customer Lifetime Value, Information Management, Performance Assessment, Service Marketing, Online Channels, Offline Channels.
Frequently Asked Questions
What is the core focus of this research?
The work examines how the Strategic Framework for CRM, originally developed by Payne and Frow, can be effectively adapted and utilized by private radio broadcasting companies to achieve sustainable customer retention.
What are the central themes of the paper?
Key themes include the dual-market nature of radio (listeners and advertisers), the integration of offline and online communication channels, and the systematic management of CRM processes within a broadcasting context.
What is the primary goal of the study?
The primary research question asks to what extent a strategic CRM framework can serve as a holistic approach to achieve customer retention in the unique environment of private radio broadcasting.
Which scientific methodology is employed?
The research relies on an extensive review of existing CRM literature and theoretical frameworks, which are then adapted to the broadcasting industry and validated through expert research and insights.
What does the main body cover?
The main body focuses on the adaptation of five essential CRM processes: Strategy Development, Value Creation, Multi-channel Integration, Information Management, and Performance Assessment, specifically tailored to the radio market.
Which keywords define the work?
The work is defined by terms such as CRM, Customer Retention, Private Broadcasting, Multi-channel Integration, and Service Marketing.
How does the author differentiate between radio customers?
The authors categorize radio customers into two distinct groups: listeners (consuming information and entertainment) and advertisers (seeking relevant target group contacts), requiring different retention strategies for each.
Why is the "Multi-channel integration process" considered vital?
This process is crucial because it manages the combination of offline channels (hotline, events, merchandising) and online channels (livestream, podcasts, weblogs) to ensure consistent brand interaction and data gathering.
What is the role of the "Performance Assessment process"?
It acts as the final control mechanism, ensuring that CRM efforts are meeting established standards and identifying key metrics (KPIs) to optimize future retention activities.
- Citation du texte
- Maik Preßler (Auteur), Christian Einicke (Auteur), 2007, Customer Retention as a Part of Customer Relationship Management of Private Broadcasting Radio Stations, Munich, GRIN Verlag, https://www.grin.com/document/83698
