What is Customer Satisfaction ?
February 12, 2025
Multi Level Marketing is a very interesting concept which makes selling very easy. The fact that anyone and everyone can join the Network marketing business and earn handsome income by selling the products without any investment or risk makes it the most attractive business proposition to people. MLM companies spend a lot of money and […]
Challenges Facing Marketers and Small Businesses These days, marketers everywhere face significant challenges in terms of reaching out to customers across multiple channels, being alert and agile to newer trends in a media driven 24/7 world where Twitter has more power than any other marketing approach. Thus, it is very important for businesses on knowing […]
Orientation of customer means how the customer’s preferences are possessed or in what areas of business the customers are conscious. A customer can be cost oriented, value oriented or technology oriented as discussed below: Cost Oriented Customers- A cost-oriented customer focuses on least costs products and is ready to compromise on efficacy, performance and quality. […]
Every work to be done needs a plan of action so that the work is done in a desired and correct manner. Media Strategy plays a very important role in Advertising. The role of Media Strategy is to find out the right path to transfer or say deliver the message to the targeted customers. How […]
Today’s markets represent the surplus market, with a wide range of product available for sell. Consumer has huge product offering to choose from, for soap, there are more than dozen brands and each brand has at least 4 or 5 varieties. Companies have to work on strategies, which would differentiate their products from competitors. This […]
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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