Relationships with customers and prospects can be maintained in various different aspects. Customer’s motivation and behaviour are highly dynamic and it is not easy for any organization to understand this and converting such understanding into such products and services that make such value addition to the organization’s wealth through efficient and effective processes. It is an absolute necessity for a company positioning itself for long-term profitability. Our expertise in this area focuses on segmentation, service level definitions and the use of relationship management tools.
Customer segmentation is a key element for any organization. It mainly focuses that the limited resources of a company are effectively and efficiently utilized for selecting, acquiring, retaining and growing relationships with those customers who represent the highest return on investment. There are various issues of product availability like which customers will be served in times of product’s shortage, how to deal with and compensate customers who will not be supplied, etc. Customer segmentation plays an important role in answering all these types of questions.
Customer Relation Management tools (CRM), partly or fully linked to ERP systems, are capable of documenting and monitoring customer data. It is essential to know and understand the information flows, mapping these tools against the business situation in practice to make an effective use of them.
Relationship management is a focus of the financial and investing industries as a way to identify potential cross-sales of products and services.CRM consists of:
- Making understanding and identifying the customers’ needs and expectation to their employees so that they can effectively build relationship among the company, its customer base, and distribution partners.
- Assisting the organization to improve telesales, account, and sales management by optimizing information shared by multiple employees, and streamlining existing processes (for example, taking orders using mobile devices)
- Allowing the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the highest level of service.
Helping an enterprise to enable its marketing departments to identify and target their best customers, manage marketing campaigns and generate quality leads for the sales team.
Business Relationship Management (BRM)
BRM always look to provide a complete and holistic model of business relationships and business relationship value over time, in order to make the various aspects of business relationships both explicit and measurable. A mature BRM model will ultimately support both:
- strategic business research and development efforts
- tools and techniques that implement BRM principles
BRM as a discipline seeks to enable all stakeholders to develop, evaluate, and leverage high-value relationships throughout the network.
What VJM & Associates Offers
A strong customer relationship is a backbone of any successful business. We assist our client in building a strong CRM policy. We believe that satisfying customers is the final business policy with satisfied customers, much is possible; without customers, nothing is possible. We can develop a customer satisfaction based business policy for you. We can:
- Your dominance over your competitors. It means determining why customers buy from you and why they buy from your competitors.
- Quantify how your market share depends on your customer satisfaction levels and, equally important, on your competitors’ satisfaction levels.