Customer Relationship Marketing [CRM] is a highly focused topic and related approach to marketing. This is because of the Internet and its impact on the way companies do business.
In this article, I want to look at the six key conceptual elements of the CRM approach.
Element 1: Customer differentiation
As its name implies, CRM is a customer-centric business approach. In this way, the company's goal is to differentiate its products or services through customer profiles. Rather than a more traditional approach, companies differentiate primarily through their products or services.
Element 2: Long-term focus
The goal here is to build relationships with customers over time. This approach fits well with many inbound marketing strategies used on the Internet.
This ongoing relationship has both cost and benefits. In terms of cost, selling to existing customers is almost always cheaper than finding new ones. The reason is simple; they already believe in your organization.
Element 3: Continuous Trading
This is related in some ways to element 2 above. Rather than seeking a one-time transaction with a customer, it is intended to make multiple transactions. This may be in the form of cross-selling, additional sales, etc. Or you may become the preferred supplier for a particular niche product or service.
Sometimes this is an economic necessity because the cost of getting the first deal is very high and only repeat sales can make the process worthwhile.
Element 4: Two-way communication
The core element in building meaningful customer relationships is their ability to stay in touch with the company. With the advent of social media, email and text messages, this has become easier. This technology makes communication more bidirectional. Customers and organizations are as likely to initiate communication.
This is a great way to get real feedback on people's needs and needs. It works well with the elements above; creating customer-centric products and services.
Element 5: Keep focus
Through the CRM approach, companies are more focused on how to retain customers, not just how to get more customers. The goal of reducing customer churn is considered to be ideal, and it is usually a cost-effective way of doing business.
This feature is again closely related to the transfer of power between buyers and suppliers created by the Internet. Buyers no longer rely on supply companies to tell them what is available. They can go online to conduct their own research and share stories with others who have used the product or service.
Element 6: Sharing of values
By sharing values with customers, companies can build strong relationships. These powerful relationships translate into a clear brand image that goes beyond the organization's ability to buy loyalty through advertising or special offers.
In short, CRM is a major shift in marketing practices, from mass marketing to personalized marketing. The focus has shifted from acquiring a large number of new customers to retaining and building more businesses from a smaller group of loyal and high-value customers.Modern Love - Dating And Relationship / Get Your Ex Back (view mobile),Click here! 1000 Questions For Couples By Michael Webb Relationship Expert,Click here!