What is Customer Satisfaction ?
February 12, 2025
In current times every company is wanting to be a global player, some companies this out of compulsion, for some its natural extension, whatever the case companies need to have marketing programs, which can create and sustain brand equity across geographical boundaries and market segments. However, before studying the global view for marketing strategies, it […]
“Mass demand has been created almost entirely through the development of Advertising” Calvin Coolidge in the New York Public Library. For the development of advertising and to get best results one need to follow the advertising process step by step. The following are the steps involved in the process of advertising: Step 1 – Briefing: […]
No two individuals have same buying preferences. The buying tendencies of individuals vary as per their age, need, income, lifestyle, geographical location, willingness to spend, family status and so on. An individual’s immediate family members play an essential role in influencing his/her buying behaviour. An individual tends to discuss with his immediate family members before […]
The business environment today has become extremely competitive. Companies are not only facing competition from their local competitors but also from global ones. Different economic and geopolitical factors make global supply chains necessary. The problem with having global supply chains is that operations become broad and complex. It is much easier to manage operations located […]
In recent years, CSR or Corporate Social Responsibility has become the latest buzzword among the companies. This refers to the practice of the corporates in “giving back” to society in the form of programs that benefit the less privileged members of society. They can take the form of outreach programs that adopt schools; communities etc […]
One of the best applications of Market research is in the area of customer relationship management. It helps an organization to get an accurate and sharp feedback on their performance and through different customer opinions helps them to understand what customers feel about them. The following are some subjects in which market research could give valuable feedbacks:
In many organizations the officials and executives are most of the times face to face with customers. The customers rarely provide any negative feedback being face to face as it may be embarrassing for them to do so. In the same manner they also hesitate in giving positive feedback because they are afraid that by doing so they could weaken the negotiation power with the suppliers. It is therefore very important for the organization to perform market surveys and analyze the actual feedback which they are unable to get it revealed from the customers.
In other cases where customers are not face to face, the suppliers do not get the chance to get feedback from them directly. They only get indirect feedbacks from agents or middlemen which are rarely atomistic and do not perceive the actual meaning. Business results and conclusions require more detailed and analytical information. Hence, there is always an essential need for accurate market research or survey to be performed to get proper and reliable customer feedback.
In CRM system, this market research is embedded like market intelligence which is based on real-time customer information. This information is integrated in such a way that it is accessible centrally with the organization irrespective of departments. But it is also validated so that the confidential information is not accessed by the department which does not have the rights to see it. For example, notifications for late payment by customers should only be visible to accounting department and not to customer service departments which are exposed to customers. All the information is stored centrally in one CRM system but is integrated and customized in this intelligent way.
Integration of market research and CRM has turned out to be very efficient as it saves time for analysis and gives more accurate and authentic results as compared to the tradition market research tools.
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