Many organization spend millions of rupees in collecting and studying a wealth of data about their customer , supplies and business partners , though a process called as DATA MINING PROCESS organizations are bale to recover invaluable information hidden in these data. companies are able to thus understand the demographics of its customer , the price – purchase pattern , etc.
Good Customer Relationship Managements Helps Both customer and Organization The ultimate objective of CRM is to optimize profitability through long term- relationship building .
How customer relationship Management Helps Organization?
- Increase customer acquisition .
- Improved customer effectiveness and hence, increased sales and marketing .
- Lowering the cost of acquiring new customer.
- Reducing the cost per transaction cost and hence, the Profitability .
- Tailoring product offering taking into account the customer’s preference .
- Tailoring the service level to the customer ( IS the customer a category?) .
- The possibility of getting more qualified leads .
- Build a 1 to 1 relationship with the customer .
- Easier to predict the demand of the customer .
How customer relationship Managements Helps Customer ?
- No start – up costs
- Low risk
- Personalized product or service offering
- save time
A good CRM Should deliver the following benefits:
- Increase the customer acquisition
- Improves customer retention and loyalty
- increased sales , marketing and customer effectiveness through building 1 to 1 relationship with the customer .
- Improves ability to reach customer in the most effective manner with targeted communications.
- Improve the strategic planning process or the forecasting process so as to make it as accurate as possible .
- Reduce cost per transaction .
- increase profitability .
- flexible and stable back 0 end processes which are ways to maintain and administrate.
12 Steps to Build Long Term Customer Bonding and Relationship are :
- Cross departmental participation in planning and managing the customer satisfaction and retention process.
- Integrate the voice of the customer in all business decisions.
- Create superior products , services and experiences for the target market .
- Organize and make accessible a database of information on individual customer needs, references, contact , purchases , frequency and satisfaction .
- Make it easy for customer to reach appropriate company personnel and express their needs, perceptions and complaints . typically toll free numbers.
- Run awards Programmes e.g., Affinity Programmes , Golden cards, platinum cards, Frequent Flying Cards, etc.
- Provide an increasing value to the customer , e.g., financial benefits
- Personalize product and services, Personalization transforms a product or service into a specialized solution for an individual . it matches the product to the taste of the customer, eliminating unpleasant customer experience
- Initiate Positive phone calls. companies regularly ask about the product, its usage, etc., after the customer has purchased the product.
- Appreciate the customer has purchasing the product.
- Talk about the future plans of the company thereby , creating a bind between the customer and the company .
- Provide a long – term service to the customer , A dog food manufacture for e.g., in addition to providing dog food to its customer also provides kennel services , veterinary care , etc.