Introduction to Social Media Analytics
Social media strategy is key when it comes to reaching your audience and spreading the word about your business. But no strategy is complete without a clear plan for measuring the results. So, how do you understand the impact of your social media strategy? The answer is through social media analytics. What is Social Media […]
Brand Positioning Strategy
Brand knowledge comprises of brand awareness and brand image contribute to establishing of customer based brand equity. The process is gradual and requires in-depth understanding of consumer mind. Connection between brand and consumer leads to long term partnership and loyalty. And, continued support to marketing efforts of the company. So when a company is trying […]
Advertising Myths – Ifs and Buts of the Advertising Industry
Advertising is considered as the best tool to make people aware of the product a company wants to sell. This is the best way to communicate with the audience and to inform them about the product but with a proper media selection and of course timing. But there are some myths which have been creating […]
Modernization of International Retailing Industry
International Retail Industry’s evolution can be traced to the period around 1990s with the ECR – Efficient Consumer Response initiatives that led to the evolution of new supply chain trends and gave the industry a new dimension. Europe is said to have spearheaded the evolution closely followed by US. The implementation of new supply chain […]
Need for a Uniform International Corporate Governance Code
With the globalization of the world economy starting in the 1970s, continuing through the 1980s and accelerating since the 1990s reaching its zenith in the first decade of the new millennium, there has been a concomitant trend of global corporations expanding their international footprint and operating in multiple countries around the world. This meant that […]
Customers are the most important part of business. There cannot be any business without them. Only satisfied customers will be interested in buying and they will also refer other customers to buy. By measuring customer satisfaction a supplier can maintain a quality and long term relationship with customers and secure their future business and financial assets. This measurement is essential for suppliers to understand that their strategies are in right direction.
Market research or market survey is the tool that can be implemented to measure customer relationship, customer satisfaction and customer loyalty. This tool is capable to furnish accurate information on the following main facets of customer relationship - 1) Loyalty 2) Satisfaction 3) Customer Behavior 4) Response 5) Service 6) Customer Compensation 7) Customer Needs.
This tool furnishes the above related information not only with accuracy but also with their future aspects which is a very important asset for business perspectives. By knowing the future perspectives of customers it becomes easy and efficacious for suppliers to build a medium term or even long term relationships with customers. These future perspectives of customers are related to following factors:
Market research is a strong tool that renders the customers with important and unique data on customers’ needs which helps them to create business strategies and come up with considerable business decisions. It helps the organization to encapsulate future business by determining business goals and objectives to meet business targets. It also helps providing feedback regarding image and performance of the organization so that they could leverage the strategies to meet the targets. It helps them to be always on top.
Building relationship with customers in current market trends is the most important aspect that an organization should focus on. Today distinction and eminence are the most sustainable approaches for which developing good relationship with customers is essential. Hence incorporating techniques which could measure the relations with customers are very important for all the organizations so that they remain in this bonding forever.
Every business unit uses different approaches according to the business they posses to measure their relationship with customers. Also, these approaches of measuring customer relationships are associated differently to different types of customers according to their individual importance. By doing this the organizations are able to decide which area requires application of resources to get best business impact.
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