Assignment of B2B

Navya Surapaneni 09127 What are the areas you would concentrate to µsustain customer relationships¶? What are the strategic issues to be considered; how would you deliver superior value resulting into pursuing continuity and growth? Maintaining profitable relationships with the customers is a key job of the marketing managers so that they can bring good quality products in market and have large customer equity. The marketing managers can sustain good relationships with the customers by getting in touch with their mails, online reviews, and blogs on the product website, key telephone inquiries and other communication channels. Connected channels allow the marketing managers to be aware of the changing customer needs which can allow the managers to introduce improvement in the existing products. The new product idea can be generated from the customer's ideas and their needs which can help sustaining the organization business and profits

a customer's satisfaction and loyalty are something all businesses desire. But often some businesses neglect to take on that extra step to ensure clients return for more orders and repurchase. Customer management plays an important role when it comes to customer satisfaction and retention. Customers come back to business that shows exceptional service which means they are satisfied that they are treated with special care. It is therefore important to have customer loyalty systems in place. Once a rapport is established with customers, they are sure to keep coming back. Here are effective ways to encourage customers to ensure they do. The most important thing in sales and marketing is to attract and retain your most profitable business customers. In order to accomplish this feat, you must devise and implement a customer strategy that builds, fosters, nurtures, and extends relationships with your customers. Your company profits only when the earnings from retained customers exceed the costs to acquire and to service customers over time.

Insight: Research your customers¶ markets. y Become an indispensable resource: Look for ways to add value. their purchasing patterns. and pilots. and their requirements for effective proactive solutions. and information. via beta tests.Creating and managing this balance can be a major challenge to management. and act on your customer¶s input. advice. y Involvement: Engage customers in product development /enhancement. Customer loyalty: Implement loyalty. and surveys: Provide product/service updates. if there exist. However. before and after each sale. y Anticipate customer needs: Learn their business. capture. to be a real partner. focus groups. and to help your customers achieve results. CRM is the process of tracking and managing all aspects of a company¶s interaction with its customers. y y y y Feedback: Ask for. service. and service. . promote goods and services. The key is to aim for customer satisfaction. and communicate news/events. newsletters. strategies. Relationship building: Talk and listen to customers in order to maintain a dialogue and to build a trust based relationship. Here are just a few customer touch points that you can use to strengthen your relationships and keep your customers informed and engaged: y Email messages. including prospecting. Customer satisfaction: Implement a customer satisfaction policy that provides a way to resolve/remedy problems and issues. sales. along with the initial purchase price and the service requirements for the product. y y Be accessible: Make it easy for customers to reach you. The following factors are important customer management drivers: Clarify the preparation involved in the purchase This includes the costs and possible changes. affinity. Customer Relationship Management (CRM) applications offer solutions to this challenge. y Help lines: Provide support. and rewards programs. and goals.

Most likely. every time they visit the business.Create a plan the customer must do to use the product This plan should be kept as simple as possible to be understood. a business owner gets maximum impact to gain and sustain customer satisfaction and loyalty. they should be provided in the correct sequence. This goes with the permission of the customers. Here are tips that support business to secure customer loyalty. y Ask customers for feedback on the business service performance. every time a referral is received. surprise the customer with a small token gift or special voucher that they can redeem. y Send Christmas cards with a difference. Do this every single time a sale is made. If steps are needed. Follow up to show care satisfies a customer Following up to make sure that the product is being used correctly demonstrates caring and involvement. It shows their suggestions and input are greatly appreciated and valued. y Send thank you cards or short letters. Do the extra mile if necessary This is something that will make customers feel important. It is good customer management and great customer service. . y Stick their photos with a testimonial around the walls of business. During the Christmas season. This will make them feel special as a customer and they will come with the intention of buying. By making use of all the above strategies and techniques means. Customer loyalty programs and reward schemes are great practices to make the customers feel good. y Hold occasional invitation-only sales. special customers will bring their friends in to look at their pictures.

Business leaders must do four things to have profitable customer relationships. Too many companies focus their marketing dollars on their customers that are the largest revenue generator. New Customers: The industry sectors that you have identified for growth in your strategic plan must be implemented throughout your company. In other words. Your sales team must have their commission structure designed to reflect (and reward) closed sales in the industries you have committed to pursue. and periodically during the sales cycle. 1. . Remember profits are revenue minus costs. Your employees must be continuously trained and rewarded for delivering exceptional customer service. When you are marketing and selling to your new marketplace you need to make sure that the products and services you offer are profitable. The more you know about your customer's organization. You must actively retain your (profitable) current customers and re-establish relationships with past customers. their growth plans and their operations. so you need to make sure your entire customer relationships are producing the results you initially projected. Current and Past Customers: You worked hard to attract new customers to your business and know you need to continue to work to establish and strengthen the relationship you created. You must customize your product and service offerings to better meet your customer's expectations and needs. the more successful you will be in designing your relationship programs to meet their needs. You must continuously be attracting (profitable) new customers in the industry sectors that you have identified in your strategic plan. you must conduct a customer profitability analysis at the beginning of the sale. 4. their buying habits and patterns. 2. 3. The goal is to be so familiar and become so indispensable to your customers that your company is the only one they consider when purchasing products and services.

and the existing buyers. and sustaining the close bond between the customer and company is known as customer relationship. and repeat customers. satisfied. an organization is likely to focus its attention the suspects. For the purpose of customer acquisition. In order to deliver exceptional customer service (a must requirement for every employee in your organization) you need to make sure the core values for your organization specifically address your commitment to your customers and your employees. Today. Customer and employee satisfaction are intertwined and business leaders must recognize and reward employees for the value they continuously add to the organization. to enrich the bond of customer relationship. Periodically conduct a customer profitability analysis and use your technology to customize your products and services to meet your individual customer's needs and watch your company's growth skyrocket! Developing. maintaining. From . The CRM Business Cycle is: y y y y Acquisition and Retaining Understand and Differentiate Develop and Customize Interact and Deliver Acquisition and Retaining Acquisition is a vital stage in building customer relationship. your employees need the training and resources to turn your dissatisfied customers. Treat your customers as the valuable assets that they are. lapsed customers. For your company to create and sustain long-term profitability you must continuously develop and improve your customer relations. former customers. into happy.Employees: People treat people like they are treated. When things go wrong. so unhappy customers can immediately be connected to someone who has the authority to resolve their issue. customers and companies share information. competitor¶s customers¶ referrals. enquiries. are using the new database technologies that enable the management to know all about customers and offer customers a platform to interact with the company. Make sure you have a resolution ladder in place. Companies across the horizon. which has helped the company to revive their relationship with customers and manage the customer relationship.

how and when they like to interact and what they want to buy. product and channel development has to follow the customer¶s lead. True understanding is based on a combination of detailed analysis and interaction. customers interact in many different ways with many different areas of the organization. y y Primary research to capture needs and attitudes. Value may also be based on the customer¶s ability or inclination to refer other profitable customers. y Customer need to see that the company is tailoring service and communications based on what they have learnt independently and on what the customers have told to them. It is important to remember that interaction doesn¶t just occur through marketing and sales channels and media. companies developed products and services and expected customers to buy them. we have not seen many organizations that have mastered the art of treating each customer uniquely. Interact and Deliver Interaction is also a critical component of a successful CRM initiative. Customer valuation to understand profitability. To understand the customers the various activities required are: y y Profiling to understand demographics. Organizations are increasingly developing products and services and even new channels based on customer needs and service expectations. including distribution and shipping. Identification of actionable segments is a practical place to start. as well as lifetime value or long-term potential. Understand and Differentiate Organizations cannot have a relationship with customers unless they understand them what they value. Develop and Customize In the product world of yesterday. what types of service are important to them. . While the promise of one-one marketing sounds good.these the organizations need to acquire customers and prospective customers and retain valuable customers. Segmentation to identify logical unique groups of customers that tend to look alike and behave in a similar fashion. customer service and online. purchase patterns and channel preference. In a customer-focused world.

The mostly used tools are Sales Force Automation The internet can be used by the company in imparting proper training to its sales force. Once a certain level of trust and comfort has been established. predictive dialing. specialized databases of solutions.There is a strong correlation between long-term business success and long-term customer relationships. fastest growing and changing the way customers get information about products and services. customer retention. sales force support queries. With access to information and appropriate training. and customer growth. Technology includes all the equipment. and communication links that organizations use to enable or improve their processes. Data Warehousing A data warehouse is an implementation of an informational database used to store shareable data that originates in an operational database-of-record and in external market data sources. Data Mining and OLAP . These solutions integrate the voice switch of automated telephone systems with agent host software allowing for automatic call routing to agents. to customer acquisition. In depth product information. most customers prefer to remain loyal to companies and their products. self-service Interactive Voice Response systems. Successful businesses capitalize on every stage of the customer life cycle-from customer selection. CRM Technology: The application of technology is the most exciting. auto display of relevant customer data. software. etc. organizations will be prepared to steadily increase the value they deliver to customers. Call Centers Call Center helps in automating the operations of inbound and outbound calls generated between company and its customers. It is typically a subject database that allows users to tap into a company¶s vast store of operational data to track and respond to business trends and facilitates forecasting and planning efforts. and a set of internal information on the internet can improve the productivity of the sales force.

5. Easy business expansion possibilities. because they are getting exactly what they want . because the right things are being done 14. also known as multi-dimensional data analysis. 12. 11. Maximization of opportunities 3. 7. Decision Support and Reporting Tools Web enabled reporting tools and executive information systems are used to deploy the business information that has been discovered. Increased access to a source of market and competitor information 16. 15. Generation of more and more loyal customers. Increased customer satisfaction. Highlighting poor operational processes 8. 10. Electronic Point of Sale (EPOS) The main benefit of EPOS and retail scanner systems is the amount of timely and accurate information they deliver. offers advanced capabilities in querying and analyzing the information in a data warehouse. Growth in numbers of customers 4. Reduction in advertisement and other sales promotional expenses. Advances in the technology have significantly aided the scope for data analysis. 2.Data mining involves specialized software tools that allow users to sift through large amounts of data to uncover data content relationships and build models to predict customer behavior. 6. Easy introduction of new products. Ensuring that the focus of the organization is external 13. Increase in customer partnering. Reduced costs. OLAP (Online Analytical Processing). Increase in the number of profitable customers. Long term profitability and sustainability 9. Benefiting customer selectivity approach. etc. Benefits of sustaining customer relationships: 1. Expansion of customer base.

their preferences. Put Your Customer First And Identify The Best One: Customer focus is a must to begin with and no matter what you do. you are at the service of your customer. 5 steps you can take to keep your customers happy: 1.nurture these customers and give the special treatment. personalized care. spending profiles. and acting upon it paves the way for healthy interactions with them in addition to collecting feedback about your products and services. Different products and services may have to be developed to meet different customer needs. You can start doing this by asking basic questions. one single product may not satisfy everyone. A change in contact details or purchase preferences comes in handy in the management of customer relationships. . Categorize Customers: You can group customers broadly by their demands. increased value of money. Customer service begins with your employees following this rule. Therefore you should seek to rebuild relationships and trust. For example. professionalism and integrity. a card sent when a customer purchases their first home is certain to please the customer. Some companies are actually using six sigma to help achieve this systematically. This also helps adjust products and services according to customers' expectations. the customers are also benefited in terms of improved service quality. Many companies have used six sigma to help achieve this. reduction of customer stress. specific requirements and nature. habits.Apart from the above mentioned business benefits. Highly satisfied customers who perceive a high value in your products and services commonly make excellent advocates for your organization . customer empowerment. 2. Dissatisfied customers who perceive a low value in your products and services are potential saboteurs. etc. Gathering customer information like birthdays. These customers could have little or no loyalty and may actively 'engage' against your organization. 3. and a new basis for a future relationship. As expectations vary. Keep Updating Customer Data By Staying Close To Them: Customer profiles keep changing with changes to their financial and social conditions. or manage the separation with dignity.

. this end goal is perhaps the basic purpose of six sigma methodology which many companies have effectively used to increase customer satisfaction. Customers love to identify themselves with companies that do this. If keeping customers happy is the mantra for sustaining and growing your business. This little extra is the thing that makes you stand out in the crowd. You can communicate positively midway through the service for a tip/correction or take/give a suggestion that pleases the customer. Pay Attention to The Little Details: Ironing out little shortcomings is a mark of perfection and catches attention of niche customers. Communicate Positively: Communicating to target customers need not be just about your services/products. 5.4. This is also perceived as an attempt to develop personalized communication and service.

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