Customer relationship mangement

Authors Avatar by joc0405 (student)

Excellence in CRM

To ensure successful business operation in a corporation, well-developed and quality Customer Relationship Management is a key factor. It assists companies to cope with customers’ needs and concerns. In aspect of CRM, I think Customer Life Cycle is the most important.

“…you must devise and implement a customer strategy that builds, fosters, nurtures and extends relationships with your customers(Terry H. Hill, How do you sustain and grow your customer relationships?).   According to Mr. Hill, who is a speaker; consultant; author and founder of Legacy Associates Inc. (a business consulting and advisory services company), it is necessary to attract and retain most profitable customers by customer strategies. Also, he said, Successful businesses capitalize on every stage of the customer life cycle-from customer selection, to customer acquisition, customer retention, and customer growth”, as when there are trust and comfort formed, most customers are not willing to change. They may be loyal to those companies. Therefore, Customer Life Cycle is an essential issue.

        In customer’s perspective, to achieve customer selection and acquisition, advertising is a remarkable way. It is a media to deliver messages to targeted audiences. Most of us contact different media, such as newspaper, television, radio or Internet, everyday at any time. Due to the advanced technology (i.e. Smart phone or Tablet), we can face to media easily. As a result, advertising can be distributed to us very simple. Advertising is an effective tool to attract me since it can raise awareness which is necessary for me to notice the products or companies; develop understanding and create knowledge which make me clear what is the benefit and image.  

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        To achieve customer retention and growth, there are positive and negative strategies, reward for staying and penalize for exiting respectively. In my experience, the penalties for exiting, such as create exit barriers and enforce contract, generally destroy the trust and comfort. After a period of time or the end of contract, relationship will no longer exist. Just like me and PCCW, it enforces me to sign a new contract for long term and high penalty for termination of service which make me depression. In the contrast, the rewards for staying, such as delight customers and create customer-perceived added value, ...

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