Customer relationship management (CRM) consists of the processes a company uses to track and organize its contacts with its current and prospective customers. CRM software is used to support these processes; information about customers and customer interactions can be entered, stored and accessed by employees in different company departments. Typical CRM goals are to improve services provided to customers, and to use customer contact information for targeted marketing. Hence it is important that ACE PTE LTD use crm..
THE PROBLEM: “AVERAGE” CUSTOMER SATISFACTION, RETENTION AND LOYALTY
Customer service is the cornerstone of a solid, thriving business. It costs six to thirty times more to get a new customer than it does to service and maintain the satisfaction and loyalty of an existing customer. Companies struggle to cut costs without realizing that customer attrition might be the single largest cost they have. Keeping customers happy has the same bottom line effect as cutting costs.
ACE pte ltd should have good customer service so that they can retain customers
Advantages of customer retention
Following are some of the advantages of following a well defined customer retention strategy:
Possibility of repeat business
Reduced costs for customer acquisition
Fostering greater interaction between business and customer
Having more delighted customers
Touch base with your customers
Agreed that you’ve delivered what your customers wanted and have also been paid for it. However, make it a point to periodically touch base with your customers and enquire if what you delivered is working right, if there is anything that needs to be changed etc. The key point is, get in touch with them and build an effective feedback mechanism. This will not only help you stay in touch with your customers, but also allow you to look at your products/services more closely, and make continuous... [continues]
Cite This Essay
(2009, 12). Customer Relationship Managment. StudyMode.com. Retrieved 12, 2009, from http://www.studymode.com/essays/Customer-Relationship-Managment-268586.html
"Customer Relationship Managment" StudyMode.com. 12 2009. 12 2009 <http://www.studymode.com/essays/Customer-Relationship-Managment-268586.html>.
"Customer Relationship Managment." StudyMode.com. 12, 2009. Accessed 12, 2009. http://www.studymode.com/essays/Customer-Relationship-Managment-268586.html.