Write a note on customer satisfaction what is meant by customer relationship management
Customer relationship management CRM refers to the principles, practices, and guidelines that an organization follows when interacting with its customers. From the organization's point of view, this entire relationship encompasses direct interactions with customers, such as sales and service-related processes, forecasting , and the analysis of customer trends and behaviors. Ultimately, CRM serves to enhance the customer's overall experience. Elements of CRM range from a company's website and emails to mass mailings and telephone calls. Social media is one-way companies adapt to trends that benefit their bottom line.
CRM Customer Relationship Management is the newest and the most innovative innovations of recent time in order to provide better service to customer. CRM is always a helpful tool for the management and customer service stuffs which cope up with customer concerns and issues. CRM involves accumulating a lot of data about the customer. And when all the data of customer are being captured, it is then used to facilitate customer service transaction by making the information needed to resolve the issue or concern readily available in order to deal with the customers. Thus, it results in satisfying more customers, which means more profitable business and more resources available to the support stuff. In addition, customer relationship management system is a great help to the management in deciding on the future course of the company. CRM review is also vital and the most important to help out the top management because it provides crucial data like customer satisfaction efficiency service by the frontline crews.
Term Paper Sample: Study on Consumer Buying Behavior and Satisfaction Level
It takes continuous effort to maintain high customer satisfaction levels. As markets shrink, companies are scrambling to boost customer satisfaction and keep their current customers rather than devoting additional resources to chase potential new customers. The claim that it costs five to eight times as much to get new customers than to hold on to old ones is key to understanding the drive toward benchmarking and tracking customer satisfaction. Measuring customer satisfaction may be a new concept to companies that have been focused almost exclusively on income statements and balance sheets. Companies now recognize that the new global economy has changed things forever.
Hence, CRM plays a major role to give success for every company. Various other stakeholders are taken into consideration, as further briefed in this article. It takes efforts, authenticity, value addition, carefully crafted brand building and time to develop that trust between a customer and a company. Companies put in millions of dollars in order to gain a loyal customer base, without understanding the fundamentals of customer relationship management. But its a different ball game now.