When it comes to building and nourishing relationships, CRM applications are playing a pivotal role for the enterprise community
With enterprise giving a lot of importance to relationship building for their end customers, relationship based marketing is emerging as the core marketing activity for businesses operating in fiercely competitive environments. On average, businesses spend six times more to acquire customers than they do to keep them.
Hence a number of enterprise are now paying more attention to their relationships with existing customers to retain them and increase their share of customer’s purchases.
Globally entrenched service organizations have been pioneers in developing customer retention strategies. Banks have relationship managers for select customers, airlines have frequent flyer programs to reward loyal customers, credit cards offer redeemable bonus points for increased card usage, telecom service operators provide customised services to their heavy users, and hotels have personalized services for their regular guests.
When customers enter into a relationship with a firm, they are willingly foregoing other options and limiting their choice. Some of the personal motivations to do so result from greater efficiency in decision-making, reduction in information processing, achieving more cognitive consistency in decisions and reduction of perceived risks with future decisions.
Further developments in information technology, data warehousing and data-mining have made it possible for companies to maintain a closely associated relationship with their end customers.
Enterprise community can now manage every single contact with the customer from account management personnel, call centers, interactive voice response systems, on-line dial-up applications, and websites to build lasting relationships.
Even though customised as well as off the shelf CRM app driven technological solutions are available in the marketplace, businesses need to do a lot more than just adopt these solutions to implement customer relationship management (CRM) application driven practices.
And hence, successful implementation of CRM requires a strategic approach, which encompasses developing customer centric processes, selecting and implementing technology solutions, employee empowerment, customer information and knowledge generation capabilities to differentiate them, and the ability to learn from best practices. Moving forward this trend is likely to help the enterprise community close tag on to their end customers in a better manner.a
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