“Customer is always right”– It is a famous business slogan. The success of any company largely depends on customers. They are the lifeblood of any business. The customers should be kept satisfied by providing quality products and good service so that the company can attain success throughout its life. Customer relationship management is a very important aspect that company has to concentrate and invest. By identifying and satisfying customers, goals of a company can be achieved in a healthier way. Technology plays a significant role in customer relationship management by identifying, segmenting, targeting and retaining the customers. Relationship with customers depends on various situations.
There are 5 stages where relationship with customers evolves:
- Exploration: In the first stage customers performs investigation of the capabilities or find the usefulness of the brand or product. If the customer does not attain satisfaction after this then relationship comes to at that moment.
- Awareness: In this stage the customer attempts to understand the suppliers and the products motivational values.
- Expansion: It is the process where the customer fully trusts the supplier and the supplier gains their faith on them. At this stage expansion of business becomes possible.
- Commitment: In these most powerful stage suppliers starts adapting business rules and objectives for standing out through this.
- Dissolution: In the final stage the relationship between customer and supplier of the product comes to an end as because the needs of the customers changes and start searching for better perspectives.
Building a good and powerful relationship with customers is very important and it cannot be achieved by one time meeting or by having pocketful of business cards. Giving responses to their queries and value to their expectations helps in developing strong bonding between supplier and customers. Building network, communicating with customers and giving rewards to the loyal customers helps in building up a vigorous relationship among the two. On the other hand trust and commitment are the two attributes of a developed customer-supplier relationship. The association between supplier and customer needs to be mutual and thus both of them need to stick in to common guidelines. Though there is a larger share of involvement of cost, hard work and time for having a developed relationship but the result is always predictable.
PGDM (2012- 2014)
Unitedworld School of Business