Statistical Tools and their Usage – Regression Analysis
Regression analysis can be used to find out the relation between a set of variables statistically. This is done by identifying a curve or line that best fits the variables provided. Regression analysis is widely used in marketing research for trend analysis and for making predictions. In this article, we will be explaining simple linear […]
Role of Attitude and Personality in Sales Management
The art of achieving the sales targets within the desired time frame through effective planning and budgeting refers to sales management. Effective sales management ensures timely generation of revenue and profitability of the organization. Sales professionals in simpler words are the face of any organization and have the responsibility of making a particular brand popular […]
Practicing Socially Responsible Practices Internally
In previous articles, we have seen how companies need to adopt CSR as a business need and imperative. The role of media and advocacy groups was discussed as well. In this article, we turn to a crucial but often neglected aspect of a company’s social responsibility i.e. the need to be socially conscious with its […]
Statistical Tools and their Usage – Factor Analysis
Factor Analysis is a data reduction technique. Given a large number of attributes, factor analysis identifies a few underlying dimensions by grouping the attributes based on the correlation between the attributes. For example, price of a product, the cost after sales service, and maintenance expense can be identified as a part of single dimension: Total […]
International Retail Store Design Principles – The Principle of Totality
Modern day Retail Stores have come a long way from the traditional mom and pop shops as well as Departmental Stores. The modern Store Designs have taken the concept of shopping to a new level. The modern Store Designs are all embracing keeping in view the functional, utilitarian as well as aesthetic values and requirements […]
Customer Relationship management is a two way interaction. The Organisation has got to devise ways and means to reach out to the customer and more importantly receive the feedback received from the customer.
There are two important aspects to be considered in a Customer Relationship Management. First is the customer interaction in terms of quality of communication as well as service delivery.
It is important to ensure that the Customer is happy with his interaction with the representatives of the Company. Secondly the process followed or the delivery of information and communication too has an impact on the Customer relationship.
In a B2B as well as B2C business scenarios, it is not only the sales person that comes in touch with the Customer.
Customers may interact with employees of different functions coming from the same Organisation. There can be persons from technical services, supply chain or finance department executives who happen to interact with the customer at various times.
Each of these interactions by different functions is looked upon as coming from the Organisation and the Customer automatically builds his mental image and impressions about the Company and product largely by the quality of such interactions.
Therefore it is important for the Marketing Managers to recognise that Customer Relationship Management is not marketing or customer services function alone. It is important for the Customer Relationship agenda to be owned by the Business Organisation as a whole. When it comes to implementing Relationship Management strategy the Management needs to drive the Relationship Management philosophy through HR function too.
When an Organisation chooses to be customer centric, it needs to have its eyes and ears open to learning from and all about the Customer on an ongoing basis.
RM implantation strategy thereby needs to involve building a Customer friendly culture within the Organisation across all functions especially where the employees get to interact with the Customer.
Secondly it needs to build a culture where the information is gathered from the markets, received and managed by the Organisation.
The starting point of sensitizing the employees to Managing Customer Relationship begins with HR function. Hiring the right workforce with the required attitude is very important. Secondly orienting employees to the Organisational culture and values of treating Customer as the king is imperative.
Going further the HR as well as Marketing functions would need to train and sensitize all the employees that are involved in interaction with the Customers in caring for the customer as well as to be able to learn from the Customer.
Many Business Organisations have developed the strategy of matching the employee profile to that of the specific Customer needs.
In case of major and key customers, many Organizations are known to select and offer the prospective employees for Customer approval to enhance the value of the relationship and operational effectiveness. Matching the customer expectation then becomes the first step towards building and extending relationships.
Thus we see a role for HR and training in the Marketing Strategy implementation and Customer Relationship Management. In the modern day business organisations, all the functions are required to contribute to and be a part of the business and contribute to the business growth.
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