Hy guys, do you know building a good customer relationship keeps your business booming with more sales?
Most of us are here because we want to know how to develop a good customer strategy to bring and keep the existing customer in our various business whereas you don’t know the basic to getting it done the right way.
I would assist you that today, just keep reading as I prove to you why you need to build a good customer relationship background.
I have been able to solve your problem today due to the professional course I took concerning customer relationship management (CRM).
Basic of Customer Strategy
Many of us might not know the meaning of customer relationship management (CRM) let me give a quick explanation before we continue.
Customer relationship management (CRM) involves the set of processes and technologies for managing the relationship with potential and current customers and business partners across marketing, sales and services regardless if the communication channel.
With the brief explanation on customer relationship management (CRM) we can get back on track
We have seen that customer relationship management (CRM) is the science of developing a customer-centric organization. An organization or business with a CRM focus, capitalizes every opportunity to delight customer, foster their loyalty and build long-term, mutually satisfying relationships.
The starting point of a new customer relationship management initiative is to develop a customer strategy. The strategy should define the sort of customer the organization wants. This can be achieved through customer profiling and customer segmentation.
What is customer segmentation?
Customer segmentation refers to the process of dividing customers into mutually exclusive groups, presumably because customers within each group are more similar to each other than to other.
What is customer profiling?
Any organization or business needs to determine the means and method of acquiring its target customers. This can be achieved through customer needs assessment using consumer surveys or marketing plans.
Customer profiling can be demographically or behavior based. customer behavior profiling is critical to a company interested in retaining customers and increasing their value,
It is important to know why you need customer strategy for your business or organization, which is what I would be talking about below;
Apart from assessing the future needs of customers, organizations must also capture information regarding any of its shortcomings from the customer’s perspective. An additional strategic information need of the organization is to know which services and products compete with those of the organization.
The underlying purpose of a customer strategy is to gain customer loyalty and achieve customer satisfaction.
Customer strategy therefore forms the foundation if CRM strategy.
What is customer loyalty?
Customer loyalty is the degree to which customer are predisposed to stay with the business or organization and resist the competitive offer.
How do you create a good customer loyalty?
Creating loyalty is about been intentional, consistent and different; its also about creating value.
How does a corporate create value?
The answer lies in creating a customer experience that is so distinctive and valuable that its goes beyond satisfaction and individual loyalty. It involves taking service to such a level that it becomes the primary engine of growth.
Building a brand experience requires absolute clarity about profitable customer segments, perceived brand value and how the organization can create and deliver on a brand promise that differentiates them from competitors.
Every business and organization conduct they must not forget customer satisfaction and brand promising. The elements that identify the best customer profiles should be those that reflect the corporate business model, unique sales proposition and customer value statements.
An organization must be clear about which strategic objectives are to be optimized and for what products, to arrive at a sound basis for customer profiling and modelling.
In developing a customer modelling you should introduce customer scoring and scoring method to your business.
A popular socring method is the RFM method which means recency, frequency and monetary behavior of customers.
Customer lifetime value is the expected net profit a customer will contribute to your business as long as the customer remains a customer. This indirectly serves as an indicator of the future profitability of business.
Market research has a critical role to play, which in combination with company held or other external intelligence about ccustomer can provide a fully rounded view of the customer.
Let know the key point of any successful customer relationship management
– Know the customer
Who are they, how they want it, where they want it, when they want it.
– Reach the customer
Reaching the right customers with the right offer at right time through the right channel.
– Grow the customer
Effectively execute marketing strategy based on your knowledge of customer share and customer lifetime value.
Seven habits of a successful customer strategy
– Determine to deliver value to customers
– Focused on long term business result
– Backing of senior management
– Committed to effective communication both internally and externally
– Adopts suitable metrics to assess progress
– Imparts training to its employees
– Recognizes stakeholder inside and outside organization
With the few explanation of developing a good customer strategy for your business
I believe you now have an idea on how to work on your business customer strategy in other to keep good relationship with customers.
Feel free to comment if you have any question to ask me that’s disturbing you this article, I will explain better.