Question

decision point: how to calculate share of customer

= Big Data MY PROGRESS-13% EO Decision Point: How to Calculate Share of Customer Big Data analysis can involve massive amounts of data and complex analysis. However, you know that some of the simpler customer relationship management (CRM) metrics are often a good starting point for firms seeking to increase their profitability. It is well-known that retaining an existing customer is far less expensive than acquiring a new one, so you suggest that the owners begin by calculating share of customer to identify opportunities to sell more products to existing customers. Before you can calculate Camp Plus's share of customer, you need to determine what type of data you need to gather. What data sources will you need to utilize to calculate share of customer? Select an option from the choices below and click Submit. e Internal and external data Internal data only External data only Submit

Answer 1

The correct answer is :Internal and external data

To calculate share of customer we need both internal as well as external data of customer .

Share of customer is calculated as the ratio of total amount spent on the company's products to the total amount spent on the entire product category.From the CRM systems(internal), we get the total amount spent on the company's product, whereas the amount spent on the entire product category is not readily available to the company.We need to get this data from external sources.