Monday, August 26, 2019
The 4 Classical Activities in Client Relationship Management Assignment
The 4 Classical Activities in Client Relationship Management - Assignment Example This paper illustrates that through market orientation, value creation, and use of innovative IT, a firm is able to increase the number of first-time customers. After the purchase of a given product, the business heads for the second goal, retaining the clients. Customer retention is an imperative part of running a business. If customers do not become loyal clients, it becomes difficult to have referrals to the business and even more difficult to make predictions on demand. In other words, a firm must adopt strategies that help retain the customers who already made a purchase. While most customers would come back to buy the same product if they trust the seller as the best dealer of a particular merchandise, customers may come back for other goods and services, which brings about the third classical activity of CRM, extension. In customer extension, customers must be return customers first. This way, they return to buy products they have purchased before from which the firm introduce s them to other products and services. Sometimes the products may not even relate to those they had purchased before. The goal of a firm is to retain them as loyal customers offering them as diverse products as possible. Customer selection, lastly, involves knowing who the target is, what value they bring to the firmÃ¢â¬â¢s objectives, their life cycle, and where to find the customers. Without this knowledge, a firm may not make proper decisions in marketing and so on.