BENEFIT OF MANAGING
CUSTOMER RELATIONSHIP
Customer
is anyone who derives direct or indirect benefit from a product. This include
people who request, pay for, select, specify or use a software product as well
as those who receive the products output. Companies have to find out what their
customers would like to hear, what they would like to talk about and what they
might find interesting, enjoyable and valuable then the company should go about
developing and posting content that fits customer expectations.
Becoming friends with the customer allow companies to see first-hand what there are like and can be an incredible source of marketing intelligence as it gives them access to information that will be difficult or impossible to obtain otherwise.it leads to know your customers their likes and dislikes. A number of benefits could be derived associated with managing customer relationship.
It allows cross selling opportunities leading to low customer expenditure over time. The attraction of building customer relationship is the promise of cross selling. Selling traditional products and services to existing customer base and that is generally believed that longer term customers will buy more and more and if satisfied with the company has what customer wants, the customer will buy from the same company. Building relationship with customers stops competitors from knowing them. Through retained and satisfied customers may lead to less susceptible to competitors appeal and indicates that a satisfied customer may demonstrate immunity to the pull of competition.
Good customer relationship maintains sales, marketing and set up cost are mortised over a longer customer life time. It is costing up to five times more to create a customer than to keep one. Customer economies generally improve overtime which is why it is important to take a lifetime value perspective which considers the potential life time income from customer relations to the cost attributed to the customer. Customers develop a sense of familiarity and even a social relationship with their service providers which make it less likely to switch even if they learn about a competitor that might have better quality service, product a lower price and in the long run the service provider becomes part of the customer social support system.
Ability to use of social media in managing customers relationships. Identify individual customer’s profitability and the identification of customer needs so as to tailor products to individual customer requirements to help retain customer longer. However the purpose of understanding profitability of customers is not to eliminate unprofitable customers but to make them profitable as their circumstances changed and their needs are met.
Becoming friends with the customer allow companies to see first-hand what there are like and can be an incredible source of marketing intelligence as it gives them access to information that will be difficult or impossible to obtain otherwise.it leads to know your customers their likes and dislikes. A number of benefits could be derived associated with managing customer relationship.
It allows cross selling opportunities leading to low customer expenditure over time. The attraction of building customer relationship is the promise of cross selling. Selling traditional products and services to existing customer base and that is generally believed that longer term customers will buy more and more and if satisfied with the company has what customer wants, the customer will buy from the same company. Building relationship with customers stops competitors from knowing them. Through retained and satisfied customers may lead to less susceptible to competitors appeal and indicates that a satisfied customer may demonstrate immunity to the pull of competition.
Good customer relationship maintains sales, marketing and set up cost are mortised over a longer customer life time. It is costing up to five times more to create a customer than to keep one. Customer economies generally improve overtime which is why it is important to take a lifetime value perspective which considers the potential life time income from customer relations to the cost attributed to the customer. Customers develop a sense of familiarity and even a social relationship with their service providers which make it less likely to switch even if they learn about a competitor that might have better quality service, product a lower price and in the long run the service provider becomes part of the customer social support system.
Ability to use of social media in managing customers relationships. Identify individual customer’s profitability and the identification of customer needs so as to tailor products to individual customer requirements to help retain customer longer. However the purpose of understanding profitability of customers is not to eliminate unprofitable customers but to make them profitable as their circumstances changed and their needs are met.
BY
KIMATI ELITRUDAH. BAPRM
42582
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