4 benefits of an effective customer relation management strategy
This article describes 4 benefits, which an organization would obtain, if it would implement an effective customer relation management strategy.
1. Your organization increases profit. According to several books, articles and professors – it costs five times as much to gain a new customer than to retain a current customer. If your organization is able to increase its level of customer retention by only 1 %, it makes a 5 % increase direct on bottom-line. Business studies tell that the longer the company keeps a customer, the more money it will make in the long run. This is due to the fact, that customers always spent a little money in a new business relationship, and a lot more – when the business deals are running smoothly.
2. Your organization will survive in a competitive market. Effective customer service has grown in business for staying. With an increasing globalization, faster competition and a fast running technology and the reducing of trade barriers, competition is fierce. There are several suppliers around the world, eager to make business and to snatch your customers and the opportunity to satisfy customers. If you do not deliver to your customers – you will not survive.
3. Your organization will reach a higher level of efficiency. When your employees and managers focus their efforts on areas, that directly affect customer satisfaction, you will be able to use your resources in a better and smarter way. An effectively customer relation management strategy provides a plan for focus areas and non-focus areas as well at all levels in the organization.
4. Your organization will also have better morale and greater satisfaction, due to the customers increasing retention rate. Staff gets happy, when customers are happy. When you show, that the customer relation management strategy really works, it will also reduce customer complaints and thereby reduce stress among the staff.
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