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Customer
Marketing environment is constantly changing over time. A famous marketer Philip Kotler (2003, cited in Taupau and Boscor, 2011, p.51) once
insisted that a successful company should focus on its products and profits. But now, marketers tend to regard satisfying customer needs as one of the
key elements of achieving success under contemporary marketing environment where is filled with fierce competition. This indicates that many firms
nowadays always attempt to identify customer needs and concentrate its production and strategies on customer demand in order to survive in the
market. This essay will firstly clarify the reasons behind the trend, which is followed by discussing the merits and demerits of an organization put an
emphasis on...show more content...
It is unquestionable that the customer–oriented marketing strategy made Tesco a leading corporate in retailing industry.
However, according to Miranda Brookins, there are both merits and demerits for organizations becoming customer–focused. As for advantages, in the
first place, 'it helps organizations create loyalty among consumers' (Brookins, M., 2013). In the second place, it will increase referrals. That is to say
that as customers become loyal, they will be more willing to mention the company as well as products and services during the communication between
them and their friends and families. This WOM (word–of–mouth) will reduce a considerable amount of publicity cost for the company. Nevertheless,
there are still disadvantages. The first one is that if the strategy of a company only relies on customers' needs, it will become less innovative in terms
of bringing forward new ideas which will slow down the pace of its development. Secondly, 'the needs of customers are ever–changing' (Brookins, M.,
2013). Thus, those customer–focused companies have to change their plans ceaselessly to keep pace with consumers' wants, which requires lots of
resources ranging from financial to human. It is not only costly but also time–consuming.
Although it is more likely for an organization like Tesco who sticks to the customer–focused strategy to obtain success in the market, there are still
challenges for such organizations to face. First of all, the
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Customer Service : A Successful Business Essay
CUSTOMER SERVICE
Each year companies lose an estimated $41 billion due to their poor customer service. (insightsquared) Customer service is one of the most important
services in any business so much so that many successful businesses and members of senior management consider this as one of the keys that would
spell the success or failure of the company. Today's gloomy economic news is a concern for workers everywhere.Customer service is key to any
businesses you are employed at. Skills in dealing with customers are more important than realized. Training is critical in running a successful
business. Customer service functions are more than departments; they are part of an essential strategy for growing your business. Make the decision
today to treat your customers well it is the cheapest marketing tool. Train your staff to be excellent representatives of the company. Great customer
service is a skill that can be learned. People expect good customer service everywhere and it's your job to give it to them. You will learn 6 key
fundamentals of basic customer service.
Source Laura Spencer
Fundamentals
Listen
Listening means the ability to actively understand information provided by the speaker and display interest in the topic discussed. It's essential that
companies or businesses today to listen to their customers. There are two kinds of passive and active listening. Passive is simply receiving the message
without giving any external indications. Active is that an
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Essay on Customer Satisfaction Strategies
Customer Satisfaction Strategies
What is customer satisfaction?
We are in the midst of a revolution in business. Some call it a customer revolution, others a quality revolution, others a service revolution. Organizations
are attempting to obtain increased customer satisfaction by focusing on the quality of their products and the service provided. This movement toward
quality has produced significant benefits but just like other business fads, joining and adopting the religion does not insure that the real objective of
producing customer satisfaction will be obtained.
Customer satisfaction is a key ingredient to the success of any business.It is the most important factor that creates repeated customers. Some people
know it but do not...show more content...
These interpretations of the promises they listen you make or your product delivers are the "product" they are buying. Their expectations may contain
some expected product characteristics or standards but these will vary from customer to customer. They may or may not be similar to standards you
have designed into your product or service. They can be lower or higher.
The traditional understanding of quality assumes that if we determine and adopt a set of standards or measurements for our product or service and
meet these standards, our customers should be satisfied. However, meeting our "quality" standards does not necessarily insure that our customer will
declare they are satisfied or even agree that we produce a "quality" product.
We claim that quality is not a physical property. We say it lives in our conversations as an assessment or opinion. It varies depending upon who is
speaking. The assessment of quality is dependent on some set of assumed standards. These standards are typically developed based upon some opinion
of "this is what the customer wants." Unfortunately, all customers are not the same and most do not share the same concerns or standards of what will
satisfy those concerns.
What is service?
Good service is often viewed as being nice to the customer. This takes the form of being accommodating, never saying no, promising anything they ask
for and always being courteous. Although we
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Customer Service Essay examples
Companies are misguided nowadays by the notion that customers depend on them, when the truth of the matter is that companies are dependent on
those customers. Customer satisfaction and customer loyalty is now essential for a business or company to survive. So what is the difference between
customer satisfaction and customer loyalty and how to companies and or business achieve this? Also when you have difficult customers how do you
achieve customer satisfaction?
It's essential that companies or businesses today listen to their customers. No company or business today can afford to disregard the importance of
customer satisfaction and loyalty. Aren't they the same thing? No, they are absolutely not and they are enormously...show more content...
Customer loyalty is much harder to obtain that customer service satisfaction. The most important first step is to satisfy the customer by meeting their
expectations. Customers only give a company one chance and if they aren't satisfied they will not do business with that company again, as well as tell
others of their experience. The next step would be to exceed the customer's expectations. If a business goes above and beyond to assist the customer
they begin to build loyalty. The next step is to truly surprise the customer. In order to dominate the marketplace the company must find a way to make
them selves stand out with their product or service, accompanied with phenomenal customer service. Once this has been done customer satisfaction
and loyalty will be gained. "Acquiring a new customer can cost four or five times more than keeping a current customer" (Bestmark, 2013). So it's
essential to keep the current customer's happy and coming back for more.
Some of the ways that businesses can build loyalty would be by offering loyalty programs, Interacting with customers, surveys, creating institutional
ties, and personalized marketing. Another way to build loyalty is to treat your employees so well that they treat your customers well. If you have
happy employees they will treat your customers happy. "The link between satisfaction and loyalty however is not proportional" (Kotler, Keller, 2009,
p71), so businesses must
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Relationship Between Banker And Customer Essay
BANKING LAW
RELATIONSHIP BETWEEN BANKER AND CUSTOMER
SUBMITTED BY : SARTHAK CHILLER (A11911113165) B.A. LLB (H), SECTION
–C
ACKNOWLEDGEMENT
It gives me immense pleasure to express my heartfelt gratitude to my Banking Law Teacher Dr. Bhupendra Gautamfor his valuable guidance and
support in preparing this project.
Secondly, I would also like to thank my parents and peers for their continuous support and guidance for successful completion of my project.
Relationship Between Banker and Customer
The relationship amongst Banker and Customer is primarily that of an account holder and loan boss. In any case, they likewise share different
connections. A portion of the critical connections they share are portrayed underneath.
The Banker Customer relationship is that of a:
1. Debtor and Creditor,
2. Pledger and Pledgee,
3. Licensor and Licensee,
4. Bailor and Bailee,
5. Hypothecator and Hypothecatee,
6. Trustee and Beneficiary,
7. Agent and Principal,
8. Advisor and Client, and
9. Other miscellaneous relationships
Talked about beneath are imperative Banker Customer connections.
1. Relationship of Debtor and Creditor
At the point when a Customer opens a record with a bank and if the record has a credit parity, then the relationship is that of indebted person (financier
/bank) and leaser (Customer).
If there should arise an occurrence of investment funds/settled
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1.1Explain the value of customer service as a competitive tool
There are a number of ways a business can gain a competitive edge: excellent service, top of the range products, professional sales techniques and
efficient and effective marketing strategies can contribute to the business and make us a market leader. Listening to our customers and acting on
feedback can not only keep our loyal customers but encourage new customers. Having a recipe that incorporates all the above is a simple but effective
method.
Flanagan's can gain customer loyalty and support by out–competing businesses that offer similar products and services. We do this through market
research which will look at our competitors and look at offering something that our competitors don 't. We may be more expensive with some products,
but our customer service approach and our brand ensures the customers buy from us. All the staff is regularly trained to ensure that we deliver our
promise. This ensures that our staff is given their utmost and even going the extra mile to help them.
1.2Explain the process of mapping the customer journey and its importance in delivering effective customer service.
A customer journey map is a way to describe all the experiences a customer has with your organization and the emotional responses they provoke–
from their first impression when they walk into the store, to speaking to staff via the telephone or through other communication methods. Customer
journey mapping can
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Obtaining and Keeping Customers Essay
In order for a company to succeed and gain profit in a business, they must obtain and keep customers. Without customers, a company is obviously
unprofitable which results in being unsuccessful. The first step is to convert first time visitors into a returning customer. Secondly, a company has to
find a way to maintain these customers as loyal customers. These steps are considered customer service. There are many new aspects of customer
service now that so many businesses have gone to the internet.
To convert first time visitors into returning customers is a very vital step to business. Visitors may return for a number of reasons but it is up effective
marketing to improve these chances and turn them into customers and ultimately loyal...show more content...
So to make visitors feel this type of service before they become a customer takes careful planning and approach. It is important to remember that the
visitor is the main focus here. A company has to think as a potential customer would think and make information easy to understand and access. If a
company is selling a product or service the first focus should be on that item. Often it is price or why that product is better. Save other information
which a visitor is not interested for other pages. Figure out what most visitors are looking for and focus on that first. Then find ways to keep that
visitor on the site as well as return to it as a loyal customer. (Gilis, 2009)Getting a visitor to register for something pertaining to the company is a good
start to keep that company fresh in mind.
Again, to keep customers and turn them to loyal customers, customer service is the key. There are several ways to keep in touch with your
customers and keep them coming back for more. Keep in touch with customers via email, postal mail and even follow up with a phone call. When
dealing with the internet, which is so impersonal, it is often a great touch to add personal contact via phone or even an email that is not an automated
response. Also a great feature is a customer service chat feature. This is a nice quality to have so a customer does not have to wait for a
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Customer Relationship Management Essay
The main goal of Customer relationship management is to create a strong bond between customers and the company. The strong bond can be build
by focusing on the two main objectives of CRM. Providing the organization and all of the employees that treat customers with a single and complete
view of every customer at every touch point and across all channels and providing the customer a single and complete view of the company and its
extended channels (O'Brien, A & Marakas, G. 2004).
To provide tools that help companies satisfy their customers, Customer Relationship Management Systems include different technologies. They use
software such as SAP AG, Oracle, Siebel Systems, Epiphany, and People Soft. All of the mentioned software are
...show more content...
Customer relationship management systems help services representatives to improve customer services and to support clients. Service representatives
use call center and help desk software to satisfy clients. Call center software transfer customer calls to agents based on the kind of service the
customer need and the agents experience in the subject. When customers have any problem or are insure about a service or product, representative
uses help desk software to give clients the needed data.
It is imperative to satisfy customers and give them an amazing experience at the company. While it cost less to sell to existing customers and
companies can increase profit by selling to the same customers; if customers are satisfied, there is more chance they will come back for more
services or products. Satisfied customers are a free marketing for the company. However, it is the opposite if customers are dissatisfied. Dissatisfied
customer will tell 8 to 10 people about his or her experience (O'Brien, A & Marakas, G. 2004). If by any reason, representatives see that the customer
is not satisfy, they should act fast and fix the problem. Furthermore, there is more chance for sale representatives to sell to an existing customer that to
a new customer. A good strategy for customer retention is to reward good customers. Companies can easily do
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Customer Needs Essay
Customer Needs
In order to satisfy customers and to gain repeat business, it is essential that Morrisons satisfies their customer's needs. Morrisons do this by providing
the best customer service possible and offering customers with their wants and needs.
By providing the best services for customers will align to high profits and a well–known and liked business for Morrisons. This will gain customer
loyalty and ensure that they shop repeatedly at
Morrisons.
The different customer's needs are:
– product information
– after sales service
– response to queries
– range of products
– refunds and exchanges
– response to complaints
– response to orders
– signs and advertising.
PRODUCT INFORMATION...show more content...
Customers who are on a diet would be aiming to eat a balance diet.
These customers expect to see nutrition information on the packaging of the pie informing how much energy, carbohydrates and fat they will gain due
to eating the pie. This is so that they comply with there diet. Some customers have allergies. This stops them from eating certain foods such as nuts.
These customers need product information so that they are informed if there are any nuts in the pie.
AFTER SALES SERVICE
After sales service is the exchange of goods. This is an important service for customers because they may have bought a faulty product or no longer
like the product they purchased for many reasons. If for instance a customer bought a jumper which they realised had a hole after purchasing it. They
would demand an exchange or a refund.
Customers are entitled to a refund, repair, replacement and maintenance. Morrisons has a no questions asked policy. If for some reason a customer is
unhappy with their purchase, they can return their purchase for a full refund. Morrisons want to keep their customers happy so that they are satisfied
and come back for repeat business.
Even if Morrisons loses money, they will still allow customers to exchange goods in order to keep their customers happy and to ensure that they
continue to shop ay Morrisons.
RESPONSE TO
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Customer Service Reflective Essay
As part of my improvements to customer service for CPG I came up with several different ideas which would improve the service. One of these ideas
was to place EXPD Tracking Details onto the Smartsheet. This would benefit the Customer account of Survitec who sent orders out daily via EXPD.
By providing the Tracking Details this would improve service because it would mean that time would be saved as Survitec could find the information
without needing to contact CPG. It would also allow Survitec to pass this information directly onto the customers. This would mean the Customer
Service Team would be able to deal with Survitec other queries more effectively. I chose to use the Smartsheet because I knew that it could be utilised
by both Internal and External Customer. However before I was able to implement this idea I had to discuss it...show more content...
I started by asking Sam and Zanny If they had time available for me to present an idea to them, they informed me that they did so we undertook this
discussion. I was courteous and respectful to my colleagues as I ensured that it did not disrupt their current tasks. I knew that they were happy to help
me due to their friendly and welcoming tone of voice and their open body language. We undertook this discussions at our desks as it meant that I was
able to demonstrate my idea to them. The column was placed on the EXPD Carriage Smartsheet (Screenshot–Evidence Folder–Unit 240 EXPD 3). I let
them know that this idea would be valuable to delivering consistent and improved customer service as it would save us time, Sam and Zanny agreed
that it would and asked me to present a draft of the implementation. I gathered the information that I would need using the Expd.com website as this
allowed me to see the current daily consignments (Screenshot–Evidence Folder–Unit 240–EXPD
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Customer Service At A Retail Shop Essay
INTRODUCTION
Customer service is a service a person receives before, during and after purchasing the item. The success of a company partially depends on the
customer service they offer, which can make customers spend more, give a positive review or even be a frequent customer to that business or
organization. A company that valuescustomer service spends more time and money training their employees on customer services or taking feedbacks
on their services from the customers.
At a tender age was taught the art of customer service by my uncle whom I worked for during the holidays at a retail shop. Learned that customer
service involves attentively listening to customers, being patient with them also having a clear communication to avoid misunderstandings, among
others lessons.
Learning Discussions
Throughout this discussion, we shall see the course objectives and discuss how I have demonstrated the knowledge of customer service. These
objectives of customer service are;
Use various problem–solving techniques in handling difficult customer situations. During my time working for my uncle, I picked up some
entrepreneurial skills which made me found my own business as a wholesale distributor of sports gear, sports attire, and gym equipment. While running
the business I had to deal with different difficult situations with customers, this includes customers being rude, talking down to me to some extent
insulting me. But with time I learned to handle different customers
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Essay On Customer Satisfaction
Improving Customer Loyalty and Satisfaction with Salesforce CRM Integration of eCommerce Activities The right CRM software can improve
customer retention by 27 percent according to eCommerce studies. About three out of every four customers admit that they spend more money when
they have positive user experiences. [1] Salesforce CRM apps are used by 70 percent of the company's software users, and about 88 percent of Fortune
100 companies use at least one of these apps. [2] Salesforce CRM software improves the gathering of important information about customers, which
pays big dividends by improving customer satisfaction. Understanding customers and their buying profiles generates greater success in converting
them, generating leads and...show more content...
The latest B2B marketing statistics show startling insights into the increased benefits of cultivating great user experiences. Forrester research found
that 30 percent of B2B decision–makers place at least half of their orders online, and that figure is predicted to increase to 56 percent in 2017. [3]
More customers research products and place orders over the Internet, so offering intuitive self–service options and providing extra services after orders
are placed have become business necessities for companies that want to remain competitive. Foster Better Customer Engagement with On–Demand
Apps
Salesforce software offers many custom apps that plug–and–play seamlessly when the software is fully integrated into a B2B platform's API layer.
Customers can log in to check the status of their orders, which speeds the process and frees employees for more urgent and income–generating
activities. The software can keep track of how long it's been since a given customer has placed an order and trigger a relevant marketing message
based on each customer's profile. Lead management becomes simpler depending on each B2B operation's size, buying process and seasonal ordering
habits. Salesforce fosters bidirectional customer engagement with the following features:
Automatic reporting and tracking
Email notifications that are forwarded to relevant staff
Security and authorization protocols that make it easy for customers to
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Customer Relationship Essay
Introduction
This essay aims to point out the characteristics of a customer relationship that may influence whether and how clients are involved in a company's
product development. Good contact with customers is a business opportunity to acquire information that can improve the development of products,
because this means that products can be developed in better accordance with customer needs and wants. The problem that underlies the essay is
questioning what characteristics of a customer relationship is significant for involvement of clients in a corporate product development. To answer this
question, I will be conducting various of theories relevant to product development, relationships and customer involvement in product development.
...show more content...
This can be ideas to new, or improvement of existing products.
Buyer–seller relations may contribute to an exchange of information which is necessary for a company to achieve success in the market it operates.
This exchange of information can be essential for the company to provide products that meet customer needs, and thus for the company to achieve
competitive advantage in the market. Since this is in constant change, firms should attempt to become more flexible and evolve in line, preferably in
advance of changes (Hamel & Valinkagas, 2003).
Benefits of customer involvement
The motives for involving customers in products development process can be many. One of the advantages is that involvement of the customer can
contribute companies gain access to resources they are not aware of or have, such as financial resources or technical expertise (Gruner & Homburg,
2000). Furthermore, firms can gain access to customer–specific information and knowledge among different customer needs (Ulwick, 2002). Finally, it
would be beneficial for a company to involve customers in order to train and acquiring them products that are on the way so that customers at launch
of the product will appreciate it more (Athaide & Stump, 1999). These aspects of customer involvement give good reasons for companies to actively
work to involve customers because access to resources and information, as well as training of customers, can assistance to an improved development
process, and increase
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Customer Experience and Customer Engagement
Customer experience and customer engagement
Customer experience is replacing quality as the most important element in marketing. (Klaus & Maklan, 2013) Great customer experience will
encourage customer engagement, which can be understood as a customer's cognitive, emotional and behavioral interaction with a brand (Hollebeek,
2011). The high customer engagement is directly related to high customer satisfaction, strong customer loyalty and increased word–of–mouth behavior,
which all in turn maintain companies' sustainable competitive advantage and allow they charging higher prices and profit margins than competitors. As
said Investment Weekly News (2012) quoted that consumers will pay for the extraordinary customer experience. This...show more content...
When I enter a Apple store, the enthusiastic staff, the beautiful and concise decoration, and the experience of using the real and new launched products
make me being excited and being willing to buy something from there. In addition, Apple also possesses a concise online store. Customers can easily
find the introduction and parameters about every product and make the purchase within a few steps. After the purchase, customer will get the product
from nearby physical store or receive at home in a few days. If anything goes wrong with Apple's products, customer can just book an appointment from
online or smartphone apps and Apple Genius bar will solve your problem immediately. In my point of view, Apple's online shop, smartphone apps,
and O2O program are providing customer alternative solutions of reviewing, purchasing, and booking appointments for repairing Apple's
products. Genius bar was set up as a repairing services center. It saves customers' time by helping them effectively and efficiently. I like using
Genius bar, because almost every time I used it, my problem was solved very well within an acceptable days. Sometimes it may exceed my
expectation. Like once. I booked a Genius bar appointment because software in my mac crashed several times, and they at last gave me a new hard
disk and mainboard for free. Apple always conducts training workshops for better using iPad, iPhone, Mac, and specific Apple software. It also
provides one to one workshops for
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Customer Service Essay
Excellence in customer service is the objective of all organisations wishing to be successful. However, there is often a gap between customer
expectations and management perceptions of customer expectations. Organisations often fail to get close to their customers and correctly read their
expectations. Customers expect certain things when they walk into a business, and those with the highest level of service will know how to identify
those expectations and meet them to the customer's satisfaction. However, this process is not as easy as it sounds – customer expectations are a
dynamic feature that ebbs and flows regularly in accordance with a wide range of factors. However, when expectations are not met by the performance
of your...show more content...
This technique deploys a structured interview lasting 30 minutes to one hour. The discipline behind the interview is to ensure that all areas in the
discussion guide will be addressed without limiting the input from the customer to predetermined formats. Customers will often organize and prioritize
their needs differently than the "insiders." In new product development, it is critical to solicit the Voice of the Customer to correct undesirable feature
sets, determine most desirable value propositions, and understand future uses and applications of a new product. This also gives the customer an
opportunity to offer innovative product/service ideas into the development process. Not only does this result in new perspectives, it also increases
customer satisfaction and loyalty when their ideas are implemented. Additional research and refinement occurs until the product is launched. Now the
Voice of the Customer is needed to assist the company in ensuring it is exceeding customer expectations. Exceeding expectations is extremely
challenging as customers continually upgrade their expectations. The involvement in delivering products and services that exceed expectations is the
responsibility of everyone in the company. In an on–going effort to dynamically measure customer commitment and track changes over time, Voice of
the Customer tracking research was established. Telephone, mail and web surveys are the typical methods of collecting data from customers. Each of
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Essay on Customer Relationship Management
Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs
to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company
to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in
several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business
world once was "product–centric", the companies just provided what they could produce. However, it is now become "customer–centric", they provide
products and service...show more content...
The merging of the customer data from sales and the call center interactions has created the more informed interactions with the customer (Petersen,
2004). The concept rang with the user organizations and mergers and acquisitions created a host of software that the vendors claimed to have an
integrated set of capabilities that became known as customer relationship management (Petersen, 2004). Companies wanted to learn more about each
and every individual customer and use the information to effectively take care of and manage their relationships, and yet increased customer
satisfaction and profit.
There are several objectives that the customer relationship management is being implemented, such as customer identification, customer differentiation,
customer interaction and personalization (Peppers, 1998). First, it is very important for a company if it able to identify its customers. Different
companies offer different products and services which may not satisfy all customers. The costs and efforts of acquiring new customers can be reduced
and focused when the company finds out the customers who are its potential customers. For example, e–mail distribution or mailing services can be
used if the company has the customers' profile. Next, the company can use the services to differentiate its products with others. The company may sell
or provide the similar products with the other
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What Is Customer Lifetime Value? Essay
What is Customer Lifetime Value?
"CLV is a projection to estimate a customer 's monetary worth to a business after factoring in the value of the relationship with a customer over time.
CLV is an important metric for determining how much money a company wants to spend on acquiring new customers and how much repeat business a
company can expect from certain consumers" (Rouse, 2016). CLV can be used to identify the most and least profitable customers of a company and is
based on the accumulated cash flow received directly or indirectly from a customer. Three metrics are used to calculate CLV, purchase frequency (how
often a customer buys), gross contribution margin (how much the customer buys), and marketing cost (which are the resources used to increase the
value of existing customer relationships and to retain customers). Using these metrics to calculate CLV equips companies with the information they
need in order to effectively direct their marketing activities. Companies can use CLV to design marketing strategies tailored to the specific needs of
individual customers or to customer groups. They can also use CLV to tell them how responsive customers are to various marketing communication
channels, and help companies, "formulate other customer–level strategies, such as customer selection and purchase sequence analysis to target the right
customers for acquisition" (Kumar, 2006). Clark (2010) in the article The 16 business benefits of Customer Lifetime Value, uses The
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Essay about Customer Relationship Management
As a Business Administration major I have learned there are several different components that make up a successful business, and it is important that
everyone work together to achieve a common goal. The ultimate goal of most companies is to create a product or service that will gain a place in the
market and stay there. Customer relationships are the most important factor for companies to consider when aiming toward success. What can
companies do to improve customer relationships? Improving customer loyalty means the customer keeps coming back even if they are not always
completely satisfied with the product. When I think about what brings customers back, and the most important part of a company's success, it is
undeniably customer...show more content...
Optimizing customer retention is becoming a major business strategy. In my paper I will research how Customer Relationship Programs help identify,
reward, and market to their most loyal and profitable customers. I will find examples of companies that have integrated analytical software and the
effect it has on their relationships with customers. My paper will include a description and examples of data mining tools and analytical software
companies have in place to improve relationships. I will also point out mistakes that some companies make when attempting to execute customer
relationship programs and how to avoid them. There are several ways that can work for businesses to improve their customer loyalty. According to
the Harvard Business Review these programs can eliminate confusion, lead to stronger relationships and sales, and produce operational efficiency. It
will help companies get closer to the customers. What these companies will want to avoid will be forcing people to do things one way together as a
single entity rather than realizing each division has their way of doing things. A better way for everyone is by matching a company's data on products,
filtering it through the linked databases and delivering it to the customers in a meaningful way. Customer loyalty and retention is the best way to
improve customer relationships. Customers buy value, so it makes sense that improving
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Customer Relationship Management ( Crm ) Essay
CRM: Customer Satisfaction, Customer Loyalty, and Firm Profitability Customer Relationship Management (CRM) is a tool that helps track, manage
and supply information about customer's interactions with an organization to help contribute to customer satisfaction that leads to customer loyalty.
Additionally, CRM programs provide tools and applications designed to target their efforts on the most profitable customers, target new potential
customers, and generate sales and maintain relationships with customers contributing to a greater market share.
Questions
Effective CRM Programs
Question 1: How can an effective Customer Relationship Management program be used to identify, retain, satisfy and retain customers?
An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to
optimize strategies for understanding customers' needs to manage business interactions with current, former, and prospective customers. Additionally,
CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer
building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)
Using a CRM program is an effective tool to track of core customers' needs and wants then individualize those needs with your products and services
that match those needs. Moreover, the CRM program can keep track of contact,
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Customer

  • 1. Customer Marketing environment is constantly changing over time. A famous marketer Philip Kotler (2003, cited in Taupau and Boscor, 2011, p.51) once insisted that a successful company should focus on its products and profits. But now, marketers tend to regard satisfying customer needs as one of the key elements of achieving success under contemporary marketing environment where is filled with fierce competition. This indicates that many firms nowadays always attempt to identify customer needs and concentrate its production and strategies on customer demand in order to survive in the market. This essay will firstly clarify the reasons behind the trend, which is followed by discussing the merits and demerits of an organization put an emphasis on...show more content... It is unquestionable that the customer–oriented marketing strategy made Tesco a leading corporate in retailing industry. However, according to Miranda Brookins, there are both merits and demerits for organizations becoming customer–focused. As for advantages, in the first place, 'it helps organizations create loyalty among consumers' (Brookins, M., 2013). In the second place, it will increase referrals. That is to say that as customers become loyal, they will be more willing to mention the company as well as products and services during the communication between them and their friends and families. This WOM (word–of–mouth) will reduce a considerable amount of publicity cost for the company. Nevertheless, there are still disadvantages. The first one is that if the strategy of a company only relies on customers' needs, it will become less innovative in terms of bringing forward new ideas which will slow down the pace of its development. Secondly, 'the needs of customers are ever–changing' (Brookins, M., 2013). Thus, those customer–focused companies have to change their plans ceaselessly to keep pace with consumers' wants, which requires lots of resources ranging from financial to human. It is not only costly but also time–consuming. Although it is more likely for an organization like Tesco who sticks to the customer–focused strategy to obtain success in the market, there are still challenges for such organizations to face. First of all, the Get more content on HelpWriting.net
  • 2. Customer Service : A Successful Business Essay CUSTOMER SERVICE Each year companies lose an estimated $41 billion due to their poor customer service. (insightsquared) Customer service is one of the most important services in any business so much so that many successful businesses and members of senior management consider this as one of the keys that would spell the success or failure of the company. Today's gloomy economic news is a concern for workers everywhere.Customer service is key to any businesses you are employed at. Skills in dealing with customers are more important than realized. Training is critical in running a successful business. Customer service functions are more than departments; they are part of an essential strategy for growing your business. Make the decision today to treat your customers well it is the cheapest marketing tool. Train your staff to be excellent representatives of the company. Great customer service is a skill that can be learned. People expect good customer service everywhere and it's your job to give it to them. You will learn 6 key fundamentals of basic customer service. Source Laura Spencer Fundamentals Listen Listening means the ability to actively understand information provided by the speaker and display interest in the topic discussed. It's essential that companies or businesses today to listen to their customers. There are two kinds of passive and active listening. Passive is simply receiving the message without giving any external indications. Active is that an Get more content on HelpWriting.net
  • 3. Essay on Customer Satisfaction Strategies Customer Satisfaction Strategies What is customer satisfaction? We are in the midst of a revolution in business. Some call it a customer revolution, others a quality revolution, others a service revolution. Organizations are attempting to obtain increased customer satisfaction by focusing on the quality of their products and the service provided. This movement toward quality has produced significant benefits but just like other business fads, joining and adopting the religion does not insure that the real objective of producing customer satisfaction will be obtained. Customer satisfaction is a key ingredient to the success of any business.It is the most important factor that creates repeated customers. Some people know it but do not...show more content... These interpretations of the promises they listen you make or your product delivers are the "product" they are buying. Their expectations may contain some expected product characteristics or standards but these will vary from customer to customer. They may or may not be similar to standards you have designed into your product or service. They can be lower or higher. The traditional understanding of quality assumes that if we determine and adopt a set of standards or measurements for our product or service and meet these standards, our customers should be satisfied. However, meeting our "quality" standards does not necessarily insure that our customer will declare they are satisfied or even agree that we produce a "quality" product. We claim that quality is not a physical property. We say it lives in our conversations as an assessment or opinion. It varies depending upon who is speaking. The assessment of quality is dependent on some set of assumed standards. These standards are typically developed based upon some opinion of "this is what the customer wants." Unfortunately, all customers are not the same and most do not share the same concerns or standards of what will satisfy those concerns. What is service? Good service is often viewed as being nice to the customer. This takes the form of being accommodating, never saying no, promising anything they ask for and always being courteous. Although we
  • 4. Get more content on HelpWriting.net
  • 5. Customer Service Essay examples Companies are misguided nowadays by the notion that customers depend on them, when the truth of the matter is that companies are dependent on those customers. Customer satisfaction and customer loyalty is now essential for a business or company to survive. So what is the difference between customer satisfaction and customer loyalty and how to companies and or business achieve this? Also when you have difficult customers how do you achieve customer satisfaction? It's essential that companies or businesses today listen to their customers. No company or business today can afford to disregard the importance of customer satisfaction and loyalty. Aren't they the same thing? No, they are absolutely not and they are enormously...show more content... Customer loyalty is much harder to obtain that customer service satisfaction. The most important first step is to satisfy the customer by meeting their expectations. Customers only give a company one chance and if they aren't satisfied they will not do business with that company again, as well as tell others of their experience. The next step would be to exceed the customer's expectations. If a business goes above and beyond to assist the customer they begin to build loyalty. The next step is to truly surprise the customer. In order to dominate the marketplace the company must find a way to make them selves stand out with their product or service, accompanied with phenomenal customer service. Once this has been done customer satisfaction and loyalty will be gained. "Acquiring a new customer can cost four or five times more than keeping a current customer" (Bestmark, 2013). So it's essential to keep the current customer's happy and coming back for more. Some of the ways that businesses can build loyalty would be by offering loyalty programs, Interacting with customers, surveys, creating institutional ties, and personalized marketing. Another way to build loyalty is to treat your employees so well that they treat your customers well. If you have happy employees they will treat your customers happy. "The link between satisfaction and loyalty however is not proportional" (Kotler, Keller, 2009, p71), so businesses must Get more content on HelpWriting.net
  • 6. Relationship Between Banker And Customer Essay BANKING LAW RELATIONSHIP BETWEEN BANKER AND CUSTOMER SUBMITTED BY : SARTHAK CHILLER (A11911113165) B.A. LLB (H), SECTION –C ACKNOWLEDGEMENT It gives me immense pleasure to express my heartfelt gratitude to my Banking Law Teacher Dr. Bhupendra Gautamfor his valuable guidance and support in preparing this project. Secondly, I would also like to thank my parents and peers for their continuous support and guidance for successful completion of my project. Relationship Between Banker and Customer The relationship amongst Banker and Customer is primarily that of an account holder and loan boss. In any case, they likewise share different connections. A portion of the critical connections they share are portrayed underneath. The Banker Customer relationship is that of a: 1. Debtor and Creditor, 2. Pledger and Pledgee, 3. Licensor and Licensee, 4. Bailor and Bailee, 5. Hypothecator and Hypothecatee, 6. Trustee and Beneficiary, 7. Agent and Principal,
  • 7. 8. Advisor and Client, and 9. Other miscellaneous relationships Talked about beneath are imperative Banker Customer connections. 1. Relationship of Debtor and Creditor At the point when a Customer opens a record with a bank and if the record has a credit parity, then the relationship is that of indebted person (financier /bank) and leaser (Customer). If there should arise an occurrence of investment funds/settled Get more content on HelpWriting.net
  • 8. 1.1Explain the value of customer service as a competitive tool There are a number of ways a business can gain a competitive edge: excellent service, top of the range products, professional sales techniques and efficient and effective marketing strategies can contribute to the business and make us a market leader. Listening to our customers and acting on feedback can not only keep our loyal customers but encourage new customers. Having a recipe that incorporates all the above is a simple but effective method. Flanagan's can gain customer loyalty and support by out–competing businesses that offer similar products and services. We do this through market research which will look at our competitors and look at offering something that our competitors don 't. We may be more expensive with some products, but our customer service approach and our brand ensures the customers buy from us. All the staff is regularly trained to ensure that we deliver our promise. This ensures that our staff is given their utmost and even going the extra mile to help them. 1.2Explain the process of mapping the customer journey and its importance in delivering effective customer service. A customer journey map is a way to describe all the experiences a customer has with your organization and the emotional responses they provoke– from their first impression when they walk into the store, to speaking to staff via the telephone or through other communication methods. Customer journey mapping can Get more content on HelpWriting.net
  • 9. Obtaining and Keeping Customers Essay In order for a company to succeed and gain profit in a business, they must obtain and keep customers. Without customers, a company is obviously unprofitable which results in being unsuccessful. The first step is to convert first time visitors into a returning customer. Secondly, a company has to find a way to maintain these customers as loyal customers. These steps are considered customer service. There are many new aspects of customer service now that so many businesses have gone to the internet. To convert first time visitors into returning customers is a very vital step to business. Visitors may return for a number of reasons but it is up effective marketing to improve these chances and turn them into customers and ultimately loyal...show more content... So to make visitors feel this type of service before they become a customer takes careful planning and approach. It is important to remember that the visitor is the main focus here. A company has to think as a potential customer would think and make information easy to understand and access. If a company is selling a product or service the first focus should be on that item. Often it is price or why that product is better. Save other information which a visitor is not interested for other pages. Figure out what most visitors are looking for and focus on that first. Then find ways to keep that visitor on the site as well as return to it as a loyal customer. (Gilis, 2009)Getting a visitor to register for something pertaining to the company is a good start to keep that company fresh in mind. Again, to keep customers and turn them to loyal customers, customer service is the key. There are several ways to keep in touch with your customers and keep them coming back for more. Keep in touch with customers via email, postal mail and even follow up with a phone call. When dealing with the internet, which is so impersonal, it is often a great touch to add personal contact via phone or even an email that is not an automated response. Also a great feature is a customer service chat feature. This is a nice quality to have so a customer does not have to wait for a Get more content on HelpWriting.net
  • 10. Customer Relationship Management Essay The main goal of Customer relationship management is to create a strong bond between customers and the company. The strong bond can be build by focusing on the two main objectives of CRM. Providing the organization and all of the employees that treat customers with a single and complete view of every customer at every touch point and across all channels and providing the customer a single and complete view of the company and its extended channels (O'Brien, A & Marakas, G. 2004). To provide tools that help companies satisfy their customers, Customer Relationship Management Systems include different technologies. They use software such as SAP AG, Oracle, Siebel Systems, Epiphany, and People Soft. All of the mentioned software are ...show more content... Customer relationship management systems help services representatives to improve customer services and to support clients. Service representatives use call center and help desk software to satisfy clients. Call center software transfer customer calls to agents based on the kind of service the customer need and the agents experience in the subject. When customers have any problem or are insure about a service or product, representative uses help desk software to give clients the needed data. It is imperative to satisfy customers and give them an amazing experience at the company. While it cost less to sell to existing customers and companies can increase profit by selling to the same customers; if customers are satisfied, there is more chance they will come back for more services or products. Satisfied customers are a free marketing for the company. However, it is the opposite if customers are dissatisfied. Dissatisfied customer will tell 8 to 10 people about his or her experience (O'Brien, A & Marakas, G. 2004). If by any reason, representatives see that the customer is not satisfy, they should act fast and fix the problem. Furthermore, there is more chance for sale representatives to sell to an existing customer that to a new customer. A good strategy for customer retention is to reward good customers. Companies can easily do Get more content on HelpWriting.net
  • 11. Customer Needs Essay Customer Needs In order to satisfy customers and to gain repeat business, it is essential that Morrisons satisfies their customer's needs. Morrisons do this by providing the best customer service possible and offering customers with their wants and needs. By providing the best services for customers will align to high profits and a well–known and liked business for Morrisons. This will gain customer loyalty and ensure that they shop repeatedly at Morrisons. The different customer's needs are: – product information – after sales service – response to queries – range of products – refunds and exchanges – response to complaints – response to orders – signs and advertising.
  • 12. PRODUCT INFORMATION...show more content... Customers who are on a diet would be aiming to eat a balance diet. These customers expect to see nutrition information on the packaging of the pie informing how much energy, carbohydrates and fat they will gain due to eating the pie. This is so that they comply with there diet. Some customers have allergies. This stops them from eating certain foods such as nuts. These customers need product information so that they are informed if there are any nuts in the pie. AFTER SALES SERVICE After sales service is the exchange of goods. This is an important service for customers because they may have bought a faulty product or no longer like the product they purchased for many reasons. If for instance a customer bought a jumper which they realised had a hole after purchasing it. They would demand an exchange or a refund. Customers are entitled to a refund, repair, replacement and maintenance. Morrisons has a no questions asked policy. If for some reason a customer is unhappy with their purchase, they can return their purchase for a full refund. Morrisons want to keep their customers happy so that they are satisfied and come back for repeat business. Even if Morrisons loses money, they will still allow customers to exchange goods in order to keep their customers happy and to ensure that they continue to shop ay Morrisons. RESPONSE TO Get more content on HelpWriting.net
  • 13. Customer Service Reflective Essay As part of my improvements to customer service for CPG I came up with several different ideas which would improve the service. One of these ideas was to place EXPD Tracking Details onto the Smartsheet. This would benefit the Customer account of Survitec who sent orders out daily via EXPD. By providing the Tracking Details this would improve service because it would mean that time would be saved as Survitec could find the information without needing to contact CPG. It would also allow Survitec to pass this information directly onto the customers. This would mean the Customer Service Team would be able to deal with Survitec other queries more effectively. I chose to use the Smartsheet because I knew that it could be utilised by both Internal and External Customer. However before I was able to implement this idea I had to discuss it...show more content... I started by asking Sam and Zanny If they had time available for me to present an idea to them, they informed me that they did so we undertook this discussion. I was courteous and respectful to my colleagues as I ensured that it did not disrupt their current tasks. I knew that they were happy to help me due to their friendly and welcoming tone of voice and their open body language. We undertook this discussions at our desks as it meant that I was able to demonstrate my idea to them. The column was placed on the EXPD Carriage Smartsheet (Screenshot–Evidence Folder–Unit 240 EXPD 3). I let them know that this idea would be valuable to delivering consistent and improved customer service as it would save us time, Sam and Zanny agreed that it would and asked me to present a draft of the implementation. I gathered the information that I would need using the Expd.com website as this allowed me to see the current daily consignments (Screenshot–Evidence Folder–Unit 240–EXPD Get more content on HelpWriting.net
  • 14. Customer Service At A Retail Shop Essay INTRODUCTION Customer service is a service a person receives before, during and after purchasing the item. The success of a company partially depends on the customer service they offer, which can make customers spend more, give a positive review or even be a frequent customer to that business or organization. A company that valuescustomer service spends more time and money training their employees on customer services or taking feedbacks on their services from the customers. At a tender age was taught the art of customer service by my uncle whom I worked for during the holidays at a retail shop. Learned that customer service involves attentively listening to customers, being patient with them also having a clear communication to avoid misunderstandings, among others lessons. Learning Discussions Throughout this discussion, we shall see the course objectives and discuss how I have demonstrated the knowledge of customer service. These objectives of customer service are; Use various problem–solving techniques in handling difficult customer situations. During my time working for my uncle, I picked up some entrepreneurial skills which made me found my own business as a wholesale distributor of sports gear, sports attire, and gym equipment. While running the business I had to deal with different difficult situations with customers, this includes customers being rude, talking down to me to some extent insulting me. But with time I learned to handle different customers Get more content on HelpWriting.net
  • 15. Essay On Customer Satisfaction Improving Customer Loyalty and Satisfaction with Salesforce CRM Integration of eCommerce Activities The right CRM software can improve customer retention by 27 percent according to eCommerce studies. About three out of every four customers admit that they spend more money when they have positive user experiences. [1] Salesforce CRM apps are used by 70 percent of the company's software users, and about 88 percent of Fortune 100 companies use at least one of these apps. [2] Salesforce CRM software improves the gathering of important information about customers, which pays big dividends by improving customer satisfaction. Understanding customers and their buying profiles generates greater success in converting them, generating leads and...show more content... The latest B2B marketing statistics show startling insights into the increased benefits of cultivating great user experiences. Forrester research found that 30 percent of B2B decision–makers place at least half of their orders online, and that figure is predicted to increase to 56 percent in 2017. [3] More customers research products and place orders over the Internet, so offering intuitive self–service options and providing extra services after orders are placed have become business necessities for companies that want to remain competitive. Foster Better Customer Engagement with On–Demand Apps Salesforce software offers many custom apps that plug–and–play seamlessly when the software is fully integrated into a B2B platform's API layer. Customers can log in to check the status of their orders, which speeds the process and frees employees for more urgent and income–generating activities. The software can keep track of how long it's been since a given customer has placed an order and trigger a relevant marketing message based on each customer's profile. Lead management becomes simpler depending on each B2B operation's size, buying process and seasonal ordering habits. Salesforce fosters bidirectional customer engagement with the following features: Automatic reporting and tracking Email notifications that are forwarded to relevant staff Security and authorization protocols that make it easy for customers to Get more content on HelpWriting.net
  • 16. Customer Relationship Essay Introduction This essay aims to point out the characteristics of a customer relationship that may influence whether and how clients are involved in a company's product development. Good contact with customers is a business opportunity to acquire information that can improve the development of products, because this means that products can be developed in better accordance with customer needs and wants. The problem that underlies the essay is questioning what characteristics of a customer relationship is significant for involvement of clients in a corporate product development. To answer this question, I will be conducting various of theories relevant to product development, relationships and customer involvement in product development. ...show more content... This can be ideas to new, or improvement of existing products. Buyer–seller relations may contribute to an exchange of information which is necessary for a company to achieve success in the market it operates. This exchange of information can be essential for the company to provide products that meet customer needs, and thus for the company to achieve competitive advantage in the market. Since this is in constant change, firms should attempt to become more flexible and evolve in line, preferably in advance of changes (Hamel & Valinkagas, 2003). Benefits of customer involvement The motives for involving customers in products development process can be many. One of the advantages is that involvement of the customer can contribute companies gain access to resources they are not aware of or have, such as financial resources or technical expertise (Gruner & Homburg, 2000). Furthermore, firms can gain access to customer–specific information and knowledge among different customer needs (Ulwick, 2002). Finally, it would be beneficial for a company to involve customers in order to train and acquiring them products that are on the way so that customers at launch of the product will appreciate it more (Athaide & Stump, 1999). These aspects of customer involvement give good reasons for companies to actively work to involve customers because access to resources and information, as well as training of customers, can assistance to an improved development process, and increase Get more content on HelpWriting.net
  • 17. Customer Experience and Customer Engagement Customer experience and customer engagement Customer experience is replacing quality as the most important element in marketing. (Klaus & Maklan, 2013) Great customer experience will encourage customer engagement, which can be understood as a customer's cognitive, emotional and behavioral interaction with a brand (Hollebeek, 2011). The high customer engagement is directly related to high customer satisfaction, strong customer loyalty and increased word–of–mouth behavior, which all in turn maintain companies' sustainable competitive advantage and allow they charging higher prices and profit margins than competitors. As said Investment Weekly News (2012) quoted that consumers will pay for the extraordinary customer experience. This...show more content... When I enter a Apple store, the enthusiastic staff, the beautiful and concise decoration, and the experience of using the real and new launched products make me being excited and being willing to buy something from there. In addition, Apple also possesses a concise online store. Customers can easily find the introduction and parameters about every product and make the purchase within a few steps. After the purchase, customer will get the product from nearby physical store or receive at home in a few days. If anything goes wrong with Apple's products, customer can just book an appointment from online or smartphone apps and Apple Genius bar will solve your problem immediately. In my point of view, Apple's online shop, smartphone apps, and O2O program are providing customer alternative solutions of reviewing, purchasing, and booking appointments for repairing Apple's products. Genius bar was set up as a repairing services center. It saves customers' time by helping them effectively and efficiently. I like using Genius bar, because almost every time I used it, my problem was solved very well within an acceptable days. Sometimes it may exceed my expectation. Like once. I booked a Genius bar appointment because software in my mac crashed several times, and they at last gave me a new hard disk and mainboard for free. Apple always conducts training workshops for better using iPad, iPhone, Mac, and specific Apple software. It also provides one to one workshops for Get more content on HelpWriting.net
  • 18. Customer Service Essay Excellence in customer service is the objective of all organisations wishing to be successful. However, there is often a gap between customer expectations and management perceptions of customer expectations. Organisations often fail to get close to their customers and correctly read their expectations. Customers expect certain things when they walk into a business, and those with the highest level of service will know how to identify those expectations and meet them to the customer's satisfaction. However, this process is not as easy as it sounds – customer expectations are a dynamic feature that ebbs and flows regularly in accordance with a wide range of factors. However, when expectations are not met by the performance of your...show more content... This technique deploys a structured interview lasting 30 minutes to one hour. The discipline behind the interview is to ensure that all areas in the discussion guide will be addressed without limiting the input from the customer to predetermined formats. Customers will often organize and prioritize their needs differently than the "insiders." In new product development, it is critical to solicit the Voice of the Customer to correct undesirable feature sets, determine most desirable value propositions, and understand future uses and applications of a new product. This also gives the customer an opportunity to offer innovative product/service ideas into the development process. Not only does this result in new perspectives, it also increases customer satisfaction and loyalty when their ideas are implemented. Additional research and refinement occurs until the product is launched. Now the Voice of the Customer is needed to assist the company in ensuring it is exceeding customer expectations. Exceeding expectations is extremely challenging as customers continually upgrade their expectations. The involvement in delivering products and services that exceed expectations is the responsibility of everyone in the company. In an on–going effort to dynamically measure customer commitment and track changes over time, Voice of the Customer tracking research was established. Telephone, mail and web surveys are the typical methods of collecting data from customers. Each of Get more content on HelpWriting.net
  • 19. Essay on Customer Relationship Management Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was "product–centric", the companies just provided what they could produce. However, it is now become "customer–centric", they provide products and service...show more content... The merging of the customer data from sales and the call center interactions has created the more informed interactions with the customer (Petersen, 2004). The concept rang with the user organizations and mergers and acquisitions created a host of software that the vendors claimed to have an integrated set of capabilities that became known as customer relationship management (Petersen, 2004). Companies wanted to learn more about each and every individual customer and use the information to effectively take care of and manage their relationships, and yet increased customer satisfaction and profit. There are several objectives that the customer relationship management is being implemented, such as customer identification, customer differentiation, customer interaction and personalization (Peppers, 1998). First, it is very important for a company if it able to identify its customers. Different companies offer different products and services which may not satisfy all customers. The costs and efforts of acquiring new customers can be reduced and focused when the company finds out the customers who are its potential customers. For example, e–mail distribution or mailing services can be used if the company has the customers' profile. Next, the company can use the services to differentiate its products with others. The company may sell or provide the similar products with the other Get more content on HelpWriting.net
  • 20. What Is Customer Lifetime Value? Essay What is Customer Lifetime Value? "CLV is a projection to estimate a customer 's monetary worth to a business after factoring in the value of the relationship with a customer over time. CLV is an important metric for determining how much money a company wants to spend on acquiring new customers and how much repeat business a company can expect from certain consumers" (Rouse, 2016). CLV can be used to identify the most and least profitable customers of a company and is based on the accumulated cash flow received directly or indirectly from a customer. Three metrics are used to calculate CLV, purchase frequency (how often a customer buys), gross contribution margin (how much the customer buys), and marketing cost (which are the resources used to increase the value of existing customer relationships and to retain customers). Using these metrics to calculate CLV equips companies with the information they need in order to effectively direct their marketing activities. Companies can use CLV to design marketing strategies tailored to the specific needs of individual customers or to customer groups. They can also use CLV to tell them how responsive customers are to various marketing communication channels, and help companies, "formulate other customer–level strategies, such as customer selection and purchase sequence analysis to target the right customers for acquisition" (Kumar, 2006). Clark (2010) in the article The 16 business benefits of Customer Lifetime Value, uses The Get more content on HelpWriting.net
  • 21. Essay about Customer Relationship Management As a Business Administration major I have learned there are several different components that make up a successful business, and it is important that everyone work together to achieve a common goal. The ultimate goal of most companies is to create a product or service that will gain a place in the market and stay there. Customer relationships are the most important factor for companies to consider when aiming toward success. What can companies do to improve customer relationships? Improving customer loyalty means the customer keeps coming back even if they are not always completely satisfied with the product. When I think about what brings customers back, and the most important part of a company's success, it is undeniably customer...show more content... Optimizing customer retention is becoming a major business strategy. In my paper I will research how Customer Relationship Programs help identify, reward, and market to their most loyal and profitable customers. I will find examples of companies that have integrated analytical software and the effect it has on their relationships with customers. My paper will include a description and examples of data mining tools and analytical software companies have in place to improve relationships. I will also point out mistakes that some companies make when attempting to execute customer relationship programs and how to avoid them. There are several ways that can work for businesses to improve their customer loyalty. According to the Harvard Business Review these programs can eliminate confusion, lead to stronger relationships and sales, and produce operational efficiency. It will help companies get closer to the customers. What these companies will want to avoid will be forcing people to do things one way together as a single entity rather than realizing each division has their way of doing things. A better way for everyone is by matching a company's data on products, filtering it through the linked databases and delivering it to the customers in a meaningful way. Customer loyalty and retention is the best way to improve customer relationships. Customers buy value, so it makes sense that improving Get more content on HelpWriting.net
  • 22. Customer Relationship Management ( Crm ) Essay CRM: Customer Satisfaction, Customer Loyalty, and Firm Profitability Customer Relationship Management (CRM) is a tool that helps track, manage and supply information about customer's interactions with an organization to help contribute to customer satisfaction that leads to customer loyalty. Additionally, CRM programs provide tools and applications designed to target their efforts on the most profitable customers, target new potential customers, and generate sales and maintain relationships with customers contributing to a greater market share. Questions Effective CRM Programs Question 1: How can an effective Customer Relationship Management program be used to identify, retain, satisfy and retain customers? An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers' needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001) Using a CRM program is an effective tool to track of core customers' needs and wants then individualize those needs with your products and services that match those needs. Moreover, the CRM program can keep track of contact, Get more content on HelpWriting.net