Maximizing Customer Relationships
‘Building and maximizing customer relationships’ is an important concept to be mastered in the world of business.
Note: 5.0/5 (1 notes) 407 students
Instructor(s): Management Study Guide
Building relationship with customers in current market trends is the most important aspect that an organization should focus on for customer satisfaction. As the customer continues to deal with a company for a long time, the company tends to explicate a better insight of customer’s needs and expectations. Through this, a great relationship can be developed between them. This will result in selling of more products and retain the business with the customers which finally leads to profitable business.
Customer satisfaction is the measure of how the needs and responses are collaborated and delivered to excel customer expectation. It can only be attained if the customer has an overall good relationship with the company. In today’s competitive business marketplace, customer satisfaction is an important performance component and a basic differentiator of business strategies. Hence, the more is customer satisfaction; more is the business and the bonding with the customer.
Customer loyalty is the tendency of the customer to remain in business with a particular company and buy the products regularly. This is usually seen when a customer is very much satisfied by the supplier and re-visits the organization for business deals, or when he tends to re-buy a particular product or brand over times from that company. To continue the customer loyalty, the most important aspect an organization should focus on is customer satisfaction, hence it can be said that customer loyalty is also an outcome of good relationship.
Customer retention is a strategic process to keep or retain the existing customers and not letting them to diverge or defect to other brands or organization for business and this is only possible when there is a quality relationship between customer and brand. Usually, a loyal customer tends to stick to a particular brand or product as far as his basic needs continue to be properly fulfilled. He does not opt for taking a risk in going for a new product. More is the possibility to retain customers, the more is the probability of net growth of business.
It is always a cost-free advocacy by customers to provide referrals to a company when they feel satisfied and encouraged and when they have a healthy relationship with customers. These referrals or customer’s reference of other customers acts like a piece of cake for a company as there is no cost and struggle involved in this. This could be treated as the best outcome of quality relationship for a company.
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