Customer Relationship Management
In today’s environment, an abundance of choice crowds the increasingly competitive marketing place. It is no longer enough to know your product and your competitor’s product. Successful businesses know their customer not only by name, but also by purchase behavior, lifestyle, interests, and knowledge. By knowing your customers, you know your prospects.
Customer relationship marketing can be developed to such a degree that the most loyal customers trust and buy the company’s offerings to the exclusion of all competitive products. Managed properly, relationship marketing can further extend its value beyond the first sale to cross selling of both related and unrelated products even from unrelated organizations. Share of customer is as important as market share.
Customer relationship marketing is inherently an information-driven process made possible by the power of the marketing database technology that enables marketers to create, test, measure, properly modify and ultimately implement customized marketing programs and strategies.
To implement relationship marketing you need to know how to:
- Identify and gather relevant data about customers and prospects.
- Use cost-effective database technology to transform raw data into powerful and accessible marketing information.
- Creatively act on the marketing opportunities that emerge from client information and data to maximize prospect response, build loyal customer relationships and to drive business.