Customer relationship management (CRM) – 3

Today, shopping is no more considered as a daily chore. In fact now a day’s consumers are willing to an enjoyable experience while shopping. In the process of selling and buying they are the active participants. Consumers prefer to return back with cheerful experiences. Often conducted Studies emphasize how crucial satisfies customers are to survival of the business. In general, one satisfied customer brings five new customers merely through word of mouth publicity whereas one discontented customer manages to take away nine existing and potential customers. Customers like to share their shopping experiences, about business’s pre-sales and after sales services and that play a very important part in creating a perception in the minds of other potential customers

Analysts have identified People, process and technology as the three major components of customer relation initiatives. Focusing on these three elements help organizations to identify consumers’ needs and behaviour. This further leads to enhanced rapport between companies and customers. Its cutthroat competition amongst organizations and all of them are vying for the major chunk of customers’ attention. How consumers perceive companies is very critical in deciding their purchasing behaviour. A positive perception about a particular company literally makes a big difference to the business’ money flow. These factors make it very imperative for the companies to dutifully execute and implement CRM strategies. Companies with better execution of CRM initiatives definitely hold a competitive advantage.