Although some brands market to and engage their customers online your customer's problem then you build rapport and foster the digital relationship that you. Request PDF on ResearchGate | Online customer relationship marketing tactics through social media and perceived customer retention orientation of the green. This combination of the internet, technology and relationship marketing is referred to as customer relationship management. Customer relationship marketing.
The existing customers are the main focus of relationship marketing.
- E Marketing and Customer Relationship Management - Two sides of the same coin
The reason for targeting existing customer base is that there is no customer acquisition cost, lesser extent, of discount or vouchers, reduced price sensitivity, increase probability of referral and assured revenue growth.
Now within a defined existing customer base, organizations need to develop strategies to maximize return on relationship investments. The existing customers are divided into three broad categories like most valued customers, most potential customers and no value customers.
The most valued customers as the name suggest are frequent buyers and their loyalty is highest towards the company.CRM Customer Relationship Management - Marketing Video Lecture by Prof Vijay Prakash Anand
So companies need to develop strategy to retain them. For the most potential customers' companies need to develop strategies under which they become frequent buyers. Electronic Customer Relationship Management The concept of developing strategies through usage of the internet and other digital platform for customer relationship management is called as electronic customer relationship management.
Relationship Marketing Using the Internet
The activities likely to get covered in customer relationship management are: Website as a base for customer development. Applying internet to upsell and cross-sell. Great customer purchase experience. The internet is used extensively for relationship marketing by integrating customer database and web site. The key benefits of e-CRM are as follows: Customer marketing becomes more cost effective and return on investment is much better as companies are able to develop more focused strategy.
The marketing messages can be made more customized and cost effective with use of emails.
Customer can be served in much more in-depth fashion by providing them specific information. This also increases contact frequency between the company and the consumer.
Digital technologies like email, online chat, rich web content its help company reduce their overhead cost thus improving their bottom line. The customer relationship management provides key support to marketing activities through the following: Sales forces receive active support in efforts by providing them real time customer related information.
What is Customer Relationship Marketing (CRM)? - Definition from Techopedia
Customer service agents are able to effectively serve consumers as they have a ready database containing customer and their purchase related information. Customer Lifecycle Management A customer lifecycle management from an organization perspective contains selection, acquisition, retention, and an extension of the customer. This also includes developing marketing strategies for customer acquisition, retention and extension.
This includes targeting high potential and value customers. This includes identifying product offering based on customer profile. This includes upsell, cross-sell, re-sell and lead generation.
Any customer who has been happy with the service received is likely to be loyal to the Company and most probably he will be ready to compromise or over look certain defects over superior quality of service. This is not all. When you have one happy customer, you can be sure that in good time he will refer many more customers from his social friends circle as well as family too.
This can be a double edged sword.
Relationship Marketing Using the Internet
In case a customer is not happy with his experience or the product, he can spread talk ill about the Company as well as the product to his friends and family too.
When you create an E Commerce platform and choose promote your products and services, paying attention to Customer Relationship Management becomes that much more important. Using E Commerce as your sales engine, you are going to focus on wider markets and volume of prospects and customers too. For one thing, with increase in volume of sales, you will need to create the necessary backend process and E enabled System infrastructure to cater to After Sales Service as well as Customer Relationship Management.
The internet has changed the consumer behaviour. Customers today expect superior service and immediately. The delivery and service expectations have gone up. Servicing a larger customer base in a short span of time calls for robust CRM system and process backup. It is important to remember that the internet customers have the power of instant communication across the world wide web. What does this mean to your business?