Customer Retention as a Part of Customer Relationship Management of Private Broadcasting Radio Stations

Term Paper (Advanced seminar) , 2007 , 47 Pages , Grade: 1,7

Business economics - Customer Relationship Management, CRM

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.

Inhaltsverzeichnis (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

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This paper aims to develop a strategic framework for customer retention in private broadcasting companies. It explores the concept of Customer Relationship Management (CRM) and its application within the context of private radio stations. The paper analyzes the specific challenges and opportunities of customer retention in this sector, considering both listeners and advertisers as key stakeholders. Key themes include:

• Customer Relationship Management (CRM) in the context of private broadcasting companies
• Customer retention strategies tailored to the specific needs of listeners and advertisers
• The multi-channel integration process for private radio broadcasting, encompassing both offline and online channels
• Performance assessment and measurement of customer retention in the private radio sector
• Value creation for all stakeholders involved (listeners, advertisers, and radio stations)

Zusammenfassung der Kapitel (Chapter Summaries)

• Chapter 1: Introduction This chapter sets the stage for the research by introducing the topic of customer retention and its relevance in the context of private broadcasting companies. The authors highlight the importance of understanding and managing relationships with both listeners and advertisers in order to achieve sustainable success.
• Chapter 2: Customer Relationship Management This chapter provides a comprehensive definition of CRM, exploring different perspectives and highlighting the need for a strategic framework. The authors discuss the key components of an integrated CRM strategy and emphasize the importance of aligning CRM objectives with overall business goals.
• Chapter 3: Private Broadcasting companies This chapter delves into the specific characteristics and challenges of private broadcasting companies. The authors explore the multi-channel concept of private radio, examining the different ways in which radio stations interact with their audiences and advertisers. The chapter further discusses the concept of radio marketing and its key elements, including servicemarketing, customer retention, and target group satisfaction.
• Chapter 4: A strategic framework for customer retention in private broadcasting companies This chapter presents the core of the research, outlining a strategic framework specifically designed for customer retention in private broadcasting companies. The chapter covers the strategy development process, value creation process, multi-channel integration process, information management process, and performance assessment process. It details the practical implementation of the framework and provides examples of how it can be applied in real-world scenarios.

Schlüsselwörter (Keywords)

The key terms and concepts explored in this research include customer relationship management (CRM), customer retention, private broadcasting companies, radio marketing, multi-channel integration, value creation, performance assessment, and listener and advertiser relationships. The paper focuses on applying these concepts to develop a strategic framework that helps private radio stations effectively manage their customer relationships and achieve long-term success.

Frequently Asked Questions

What is the role of CRM in private broadcasting?

Customer Relationship Management (CRM) helps radio stations manage relationships with both listeners and advertisers to achieve long-term business success.

Who are the main stakeholders in radio customer retention?

The two primary groups are the listeners (who receive content value) and the advertisers (who receive marketing value).

How does the multi-channel concept apply to radio?

Private radio uses a mix of offline (traditional broadcasting, events) and online channels (social media, websites) to interact with and retain their audience.

What is the "Value Creation Process" in this framework?

It examines the specific value received by the listener, the advertiser, and the radio station itself, ensuring a mutually beneficial relationship.

How can a radio station measure customer retention?

Retention can be measured through performance assessment processes, monitoring listener loyalty, and tracking advertiser satisfaction and repeat business.

• College: Technical University of Ilmenau (Institut für Betriebswirtschaftslehre)
• Course: Marketing Vertiefung
• Grade: 1,7
• Authors: Maik Preßler (Author), Christian Einicke (Author)
• Publication Year: 2007
• Pages: 47
• Catalog Number: V83698
• ISBN (eBook): 9783638000703
• Language: English
• Tags: Customer, Retention, Part, Customer, Relationship, Management, Private, Broadcasting, Radio, Stations, Marketing, Vertiefung