What is Customer Satisfaction ?
February 12, 2025
Brands have a certain value in the market as well as in the balance sheets of the organization that owns the brand. This is a matter that has been agreed upon by the industry. The accounting of the brand value and the methodology for calculation of the brand value is widely debated. When organizations pay […]
At times, organizations are often inspired by a variety of ideas to create products and services which can be offered locally or globally. Generally, such products or services require the establishment of a brand or company name. Often these brands include both logo and lettering and can do a long way in advertising such products […]
Brand management has become quite a challenge for brand managers as well as the Organizations today. Intense competition and the decreasing product life of a brand add further dimensions to the brand management problem. Brand managers by and large opt for brand extensions now days. You can check any shelf in the super market and […]
The corporate behavior tends to have a direct or sometimes an indirect impact on the economic state of the countries and communities they operate in. The very recent examples was the economic crisis in US, Brazil and Asia in 1998 and hard to forget ever continuing financial meltdown of the current times. Any lack or […]
Customer based brand equity is created when brand knowledge comprising of brand awareness and brand image are at highest level in customer mind. Brand awareness level is raised in customer by first understanding consumer taste, preference and present level of awareness. This analysis leads to designing of marketing programs and outcomes of those programs are […]
CRM originated in early 1970s when the business units had a manifestation that it would be advisable to become ‘customer emphatic’ rather that ‘product emphatic’. Birth of CRM was because of this heedful perceptiveness.
The famous writer and management consultant Peter Drucker wrote; ‘The true business of every company is to make and keep customers’. Traditionally every transaction was on paper and dependent on goodwill which created hindrance in clutching customers. People used to work hard in entertaining customers by presenting new products with astonishing services; they were ready to work overtime for grasping more and more customers for increasing business. This too resulted in customer satisfaction and loyalty up to some extent, but at the end of the day there was no such bonding or relation between the two to carry on with future business smoothly.
Previously business was quite easy as it was mere a one-to-one dealing without any specific process. But with time, due to incoming complexities in communication, it found itself in troubled waters. Emerging of new strategies and technologies in global marketplace and a mammoth degree of competition in business, the approach needed to be changed to proactive rather than reactive. Origination of CRM turned out to be a piece of cake for all suppliers and customers due to its advantages. Customer relationship management came as a process that dealt with relationships with customers surpassing the whole business.
Originally customer relationship management was based on three major principles; shielding the current customers, fostering new customers and enhancing asset value of all the customers. With the advent of CRM which was integrated with high end software and technology, business perspectives were totally changed. A CRM system eventually emerged as consisting of company-full of information which is depicted sophistically to increase business profit and meliorate customer satisfaction and loyalty, on the same hand reduces business cost and investment.
The outgrowth in origin of CRM as a strategic approach is a result of some of the following important perspectives:
These additive approaches helped a lot in building up consequently the modern CRM. Today we have well defined and sophisticated CRM systems into being which are always in process of improvement.
Your email address will not be published. Required fields are marked *