Customer Relationship Management (CRM ) is concerning knowing who your potential customers are, and the relationships you have with them. It also involves understanding their needs and behaviour and taking appropriate measures.
Customer relationship management is crucial because:
● Building a relationship with the current customers assures that the business won’t have to work on getting them again like new clients. ● Having a connection with customers enhances the chances of them making numerous purchases. ● When a business makes customers feel welcome even after they purchase, they start to feel their loyalty towards the brand. ● When the business maintains a strong bond letting the customers know they are valued, the customers become their friends.
● With continued good customer relationship management, customers feel obliged or happy to endorse the brand to others and that’s how a business grows to success and stability
One of the main advantages of practising CRM is enhancing customer satisfaction. All transactions involving servicing, marketing, and selling products or service to the customers can be handled in an orderly and well-organised method. This helps provide better service to customers through improved understanding of their problems.
By using a CRM strategy, the rate of customer retention increases leading to increased revenue for the business.