What are the 3 major objectives of customer relationship management?
The three major objectives of customer relationship management are to establish and maintain a customer base, to develop and maintain good relationships with customers, and to increase customer loyalty.
Continue reading to know more about the topic.
What Exactly Is Customer Relationship Management?
Gone are the days when the customer was, to a great extent, at the mercy of the seller.
Gone are the days when the seller could say anything and the customer had no options but to pay up.
In today’s world, customers have more power to choose the brands they want to buy from. They have more choices and are better informed about the different products available in the market.
Hence, sellers need to develop various strategies to deal with this new reality. One of such strategies is that of customer relationship management or CRM.
Customer relationship management is a strategy used by sellers to keep in touch with their customers and maintain good relationships with them.
It involves a number of activities that help in building and maintaining trust between the seller and the customer.
Having a good customer relationship management strategy can be beneficial for your business in two ways.
Firstly, your existing customers will be willing to spend more money with you. And secondly, you will be able to attract new customers as well.
3 Major Objectives of Customer Relationship Management
Establish and Maintain a Customer Base
A business cannot survive without having a customer base to support it.
Hence, the first major objective of CRM is to establish and maintain a customer base.
The objective of any business is to offer solutions to problems or fulfill needs.
In order to do so, businesses need customers or clients. Hence, this objective of CRM is crucial for the survival of any business.
Develop and Maintain Good Relationships with Customers
The second major objective of CRM is to develop and maintain good relationships with customers.
Good relationships between a seller and a customer are built on trust, respect, honesty, and transparency.
Increase customer loyalty
The third major objective of CRM is to increase customer loyalty. The more loyal the customers are to you, the more will be their spending power with you.
CRM helps to increase customer loyalty by providing personal attention and care to the customers.
This also helps in building loyalty among the customers. If a customer feels that he is being well taken care of by the seller, then he is more likely to recommend that seller to others as well.
How Does CRM Help You?
CRM helps you by attracting new customers and retaining existing ones, thereby increasing your profits.
It does so by reducing costs through efficient selling efforts and improving relationships with customers through effective communication channels.
Further, it can help you communicate with clients on what they want more easily.
This way you will know their needs better than ever before. Then, you will be able to meet them based on their requirements.
The result will be increased customer satisfaction and loyalty towards your brand.
As a consequence, more customers will return to you for future purchases and recommend your brand to others as well. Ultimately, your profits will grow tremendously!
To find out more about CRM, check our blog or watch the video below.