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CUSTOMER RELATIONSHIP MANAGEMENT – BEGINNING THE RELATIONSHIP IN FOUR QUICK STEPS
Customer relationship management (CRM) logically begins with creating a relationship. These days, it is critical to a company’s profitability to retain customers that are strategically significant. To become more customer-focused and sustain a trustworthy relationship between the seller and buyer, it’s worth implementing the IDIC model (identify, differentiate, interact and customize).
Identify each of your target customers as an individual. It’s impossible to have a relationship with a full group; focus on the individual instead. You’ll have to build a deep understanding of customers’ needs if you want to live up to their high expectations. The more information gathered on each customer, the more can be read into their preferences and choices.
Differentiating your customers based on their relevant characteristics as well as buying patterns is advisable. If you distinguish your customers and segment them into particular areas of interest, you’re likely to gain a real advantage with the most favoured customers.
Interact with your customers on a regular basis. Relationships, by their most basic definition, thrive on consistent interactions between the parties involved. These interactions need to be cost-effective and utilise a seamless experience that can engage the customer across various channels.
Lastly, you should customize some aspects of your dealings according to the value a prospective customer brings. Basically, you ought to treat each customer differently based on your researched knowledge in order to ensure that your services align with their needs and priorities.
To sum up, identifying and differentiating are internal steps and can be handled by your IT or marketing department. However, the third step requires your active participation as you deal with each customer on a one-to-one basis. Finally, customizing will also involve direct contact mixed with internal assessing – you need to respond to the customer as an individual. You should bear in mind that it usually costs a firm five times more to sell a product to a new customer than it does to sell to an existing one. Let’s face it, CRM needs an appropriate action plan and strategy, but then again, it gives better customer insight and facilitates interactions between the company and the customer. Don’t you think it’s about time your company deployed effective initiatives?
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