Introduction of customer relationship Management
Customer Relationship Management (CRM) is a customer-focused business strategy planned to enhance revenue, profitability, and customer loyalty. It is a technology used to form stronger relationship between organizations and their consumers. It is the process of carefully managing detailed information about individual and all customers to maximize customer faithfulness. Customer relationship management isn’t about providing the best service-it’s about keeping important customers happy while satisfying their needs. Importance of Customer Relationship Management
Helps to handle with customer problems and concerns.
Higher output in sales.
Improves retention and loyalty of customers result in increase in customer base. Increase in customer satisfaction by fulfilling their needs and wants. Gathers a lot of data about the customers.
Helps the management in planning on the upcoming course of the organization. Results in more satisfied customers, a more cost-effective business.
Customer needs
Definitions
Customer value is the key to company’s growth. Thus, it is better for the organization to satisfy customer demanding needs. Considering the customer’s needs will result in product growth into better direction and amplify success. Customer needs are the difficulties that customers aim to solve with the purchase of a good or service. Types of customer needs
Direct needs (threshold attributes) – customers have no problem stating those needs they are concerned about. These are the needs they expect to be present in a product. Latent needs- these are the needs that customers do not directly express without analyzing. Constant needs (performance attributes) – when the product is used, this need is always there. They are essential to the task of the product and always there; although they are not necessary, having known, it increases the customer’s satisfaction of the product. Special needs (excitement attributes) – these needs are not known to the customers but are overjoyed when they find them. Process of identifying the customer needs
The Essay on Customer Relationship Management
Customer relationship management or CRM is not just the application of technology, but is a strategy to learn more about customers’ needs and behaviours in order to develop stronger relationships with them. It enables businesses to: Understand the customer Retain customers through better customer experience Attract new customer Win new clients and contracts Increase profitably Decrease ...
Collecting raw information from the customers through primary research or secondary research. Interpreting the raw data and brainstorm all the possible attributes of product or service to please the customers. Classify these attributes as direct needs, latent needs, constant needs and special needs. Make sure the products or services have all the appropriate direct needs. Document the outcome for the entire design team.
Deliver a product or service at a price the customers have the ability to pay, while still maintain a good profit margin.
Customer expectations and satisfaction
Customer expectations
Understanding the customer expectations can help increase customer satisfaction. Knowing who the customers are and what they want will result in excellent customer service and high customer satisfaction. If the expectation of the customer is not fulfilled, they will not come back and buy the product or service again. On the other hand, if the product exceeds customer expectation, they will come back to buy again, and tell all their friends about the experience. “The first step in exceeding your customer’s expectations is to know those expectations.”- Roy Hollister Williams Customer satisfaction
Customer satisfaction depends on the extent to which customer’s expectations about the product or service is fulfilled. Customer loyalty is the direct result in customer satisfaction. Customer satisfaction is a measure of how the product or service of an organization meets or exceeds customer expectation. The achievement of customer satisfaction leads to customer loyalty and product or service repurchase. Customer satisfaction measurement process
The Business plan on Customer Service Essay
... by the performance of your customer service representatives, customer dissatisfaction is the result. Customer Expectations + Service Performance = Customer Satisfaction The quality of your customer service is almost wholly determined ... it also increases customer satisfaction and loyalty when their ideas are implemented. Additional research and refinement occurs until the product is launched. ...
Consequences of customer dissatisfaction
Increase in existing customer turnover and failure in attraction new ones. Fail to attract the organization’s market share.
Discontinue purchasing the goods and services.
Reduction of customer loyalty.
Complain to the company or to a third-party and perhaps return of item. Downfall of organization reputation.
Engage in negative word-of-mouth.
Methods of improving customer satisfaction
Treat customers like they are the boss- every customer interaction can flip the angle on customer service. Thank all customers for their business, help them when in need, keep promise and honesty, etc. Focus on measuring customer satisfaction- ask customer what they expect in a product or service and how through phone, in person or in print such as feedback sheets. Study complaints and compliments- compliments show what to strengthen while complaints point to new ideas and action steps for improvement. Built customer loyalty to increase customer satisfaction- if the customers are loyal, they will repurchase the product and service from the particular organization. In order to increase the customer loyalty; remember special occasions of the customer such as birthdays, talk to customers what they want in a product or service and deliver. Set customer expectations early- do not set the expectations too high when starting a new business. Customer loyalty is increased if the product or service meets or exceeds their expectations. Compare to best competitors- compare the products and services to the best competitors and try to beat their outcome.
Conclusion
Customer relationship management is a concept that gives a broader idea about how organizations manage their relations with customers. Customer relationship management is needed to meet the changing expectations of customer and reduce and manage dissatisfied customers. It is a strategy by which organization increases quality service to fulfill customer needs and wants. CRM is a tool of promotion and it helps to improve the channel of market. CRM helps to increase the sales in low cost, improve retention and loyal of customer, increase in profit, accurate target market and profiling, etc. Customer need is the difficulties that customer aim to solve with purchase of a product or services.
The Essay on Deliver, monitor and evaluate customer service to internal customers
LEVEL 3 DIPLOMA IN BUSINESS & ADMINISTRATION Unit 328 – Deliver, monitor and evaluate customer service to internal customers – Knowledge Questions 1. Understand the meaning of internal customer 1.1Describe what is meant by internal customer Internal customers are people within your own organisation such as employers or colleagues who you provide a service for, e.g. 2. Know the types of ...
Customer needs can be found after researching customer expectations and satisfaction. Customer expectations are the needs that the customer wants in their product or service. If the needs are met or exceed their expectation, thus result in customer satisfaction. Customer satisfaction is very important for the betterment of the organization. If the customers are satisfied there will be increase in customer loyalty and positive word-of-mouth. To improve customer satisfaction, firstly customer should be the top priority. All the needs and wants of the customers should be carefully noted through primary and secondary research. The customer’s complains and compliment should not be ignored. Customer loyalty should be maintained by fulfilling their expectations and lastly keep linked with the competitors and customer’s changing wants and needs.
References
http://www.slideshare.net/vidyut_jain25/customer-relationship-management-presentation-712730 http://blog.clientheartbeat.com/increase-customer-satisfaction/ http://www.upyourservice.com/learning-library/customer-service-contact/8-ways-to-get-close-to-your-customers http://en.wikipedia.org/wiki/Customer_satisfaction
The Research paper on Project On Customer Satisfaction Towards Airtel
TABLE OF CONTENTS CHAPTER I 1- 15 INTRODUCTION CHAPTER II 16 – 21 REVIEW OF LITERATURE CHAPTER III 22 – 54 INDUSTRY PROFILE & COMPANY PROFILE CHAPTER IV 55 – 72 DATA ANALYSIS & INTERPRETATION CHAPTER V 73 – 78 FINDINGS SUGGESTIONS APPENDIX 79 – 83 QUESTIONNAIRE BIBLIOGRAPHY CHAPTER-I INTRODUCTION CUSTOMER SATISFACTION IMPORTANCE OF THE CUSTOMER SATISFACTION ...
http://strategyn.com/customer-needs/
http://www.qualtrics.com/university/researchsuite/research-resources/survey-types/market-surveys/customer-needs-analysis/ http://www.engr.sjsu.edu/minicurric/images/lecture_powerpoints/Customer_Needs_Benchmarking_&_Specs.pdf http://www.erpweb.com/crm.htm
http://www.salesboom.com/products/intro-intro.html
http://support.sugarcrm.com/01_Get_Started/01_End_Users/01_Free_Trial/02_Introduction_to_CRM/
