Customer Relationship Management in Business Services
Customer Relationship Management(CRM) may be referred to as a business philosophy or a set of strategies, programs, and systems that focuses on identifying and building loyalty with a company.CRM is followed by the retailer to increase their profitability to effective management to sell the product & services.
C.R.M. is a continuous process of building a long-term relationship with a customer this is possible through adopting an effective inventory management buying system so as to achieve the primary objective of building customer loyalty. In recent years consumer buying behavior has shifted drastically now it is characterized by individual customer expectations and needs
Acquiring new customers every time is very expensive so companies are focusing more on Customer relationships which involves
a) High customer contact
b) Understanding customers’ needs
c) Fulfilling the needs of customers
d) maintaining a long-term relationship
Benefits Of C.R.M
1. CRM helps in improving customer relations & loyalty
This help to maintain a good relationship with a customer so that they remain loyal to the same company in the future and also
2. Customer Relationship Management helps in generating high customer profitability to retain customers
Once a customer is loyal to the same organization profit margins are increased and services can be improved to retain customers
3. It reduces cost because it serves existing customers
Focusing on the existing customer is much cost saving rather than marketing research for new customers
4. Understanding the needs of the customer by their age, gender, purchasing habit
In services like a hotel, tourism, and entertainment the customer needs are been focused according to their demographics
5. C.R.M keeps touching with the customer by sending different schemes through mobile
In today’s world of the internet, all companies are connecting with a customer with mobile SMS or sending emails.
6. It Continuously strives to ensure to fulfillment of promises given to customers.
Every company tries to fulfill all the promises made to the customers to gain the trust the customers
