Question
Customer relations management (CRM) is building and maintaining profitable long-term customer relations (Wisner et al., 2019, p. 385). Since it costs more to get a
Customer relations management (CRM) is "building and maintaining profitable long-term customer relations" (Wisner et al., 2019, p. 385). Since it costs more to get a customer than it does to keep a customer, a premium is put on maintaining repeat customers. Knowing what a customer wants and needs goes a long way in building a positive relationship with a customer. Generally speaking, customers want to a quality product, at the best price possible, with good customer service after the purchase, and be able to easily return or maintain the product. CRM encompasses all of this. Customer service has become a big selling point in recent years. Companies like Discover Card and USAA advertise how they are industry leaders in customer service. To the point that it has almost become their identity. Learning about your customers and being able to utilize information about them to customize their experience with the company goes a long way in establishing long-lasting relationships.
Technology has helped in this endeavor greatly. Every one of us has a digital self. Our digital selves leave fingerprints all over the world wide web that are evidence of our likes and dislikes. Capturing this data and using it to build profiles on customers is what Big Data is all about. "Big Data is having a significant impact on the ways in which customers are attracted to, and retained by, an organization" (Macnish & Fernandez, 2019, p.3). Companies can use this data to efficiently market to your specific wants and needs building a personal relationship with each and every customer.
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