CUSTOMER MANAGEMENT PROCESSES
It becomes extremely important in today’s competitive world to outsmart the competitors not only by innovations in product and quality but to introduce new strategies in selecting, acquiring and maintaining a healthy relationship with the customers for the overall development of the company. The customer management processes involves: * Selecting a customer by creating customer segments based on the customer value proposition. Selection can be based on demographic, geographic or lifestyle factors. * Acquiring new customers which is the costliest process, can be done by providing products at a lower cost with high quality and performance so that ultimately, a first-time user is happy and satisfied with the product. * Customer retention is the key to a company and is much inexpensive than acquiring a new one. Continuous assistance in service, improvement in quality, cost effectiveness play a role. Referral bonus strategy can be another option for creating highly loyal customers. * Customer growth can be facilitated by building a strong relationship with the customer by providing additional sales and service after the sale or by partnering with the customers developing specific solutions for their target customer needs.
Any company must realize the importance of customer management processes, look at the four processes, and customize it according to the current market trends and innovations for its betterment and profits which in-turn would benefits its shareholders. Example for best Customer management process:
The company that comes to mind that aims at customer retention and growth is Bharti Airtel in the field of broadband. It has the reputation of being outstanding in customer service. It provides connections at relatively lower rates as compared to its competitors. Automatic upgrading of speed happens for long time customers. The quality of connectivity is excellent and even if there is a problem in a rare case,...
Please join StudyMode to read the full document