Importance Of Customer Relationship Management In Marketing
There is a strong correlation between long-term business success and long-term customer relationships. Successful businesses capitalize on every stage of the customer life cycle--from customer selection, to customer acquisition, customer retention, and customer growth. Once a certain level of trust and comfort has been established, most customers …show more content…
In other words, if your company becomes too dependent on any one or only a few existing customers, then the future growth of your company could be in jeopardy. So, be cautious that the growth in purchases by, one or a few customers does not represent too large of a proportion of your company 's total sales. Striking this balance, between servicing existing customers and acquiring new customers, is imperative.
Creating and managing this balance can be a major challenge to management. However, Customer Relationship Management (CRM) applications offer solutions to this challenge. CRM is the process of tracking and managing all aspects of a company 's interaction with its customers, including prospecting, sales, and service.
Here are just a few customer touch points that you can use to strengthen your relationships and keep your customers informed and engaged:
Email messages, newsletters, and surveys: Provide product/service updates, promote goods and services, and communicate …show more content…
Customer loyalty: Implement loyalty, affinity, and rewards programs.
Relationship building: Talk and listen to customers in order to maintain a dialogue and to build a trust based relationship.
Be accessible: Make it easy for customers to reach you.
Customer satisfaction: Implement a customer satisfaction policy that provides a way to resolve/remedy problems and issues.
Involvement: Engage customers in product development /enhancement, via beta tests, focus groups, and pilots.
Anticipate customer needs: Learn their business, their purchasing patterns, and their requirements for effective proactive solutions.
Become an indispensable resource: Look for ways to add value, to be a real partner, and to help your customers achieve results.
Help lines: Provide support, service, advice, and information.
In building customer relationships, remember to value the "personal touch." Make an effort to get to know your customer "as a person." You will be surprised at how much you may have in common. Establishing personal bonds goes a long way toward building lasting relationships.
Your efforts will be rewarded with repeat business, referrals, and satisfied, loyal