Customer relationship management (CRM) is a concept whereby firms use their resources and models to understand and meet the changing needs of customers. Positive relationships can also be established whereby consumers present their insights to ensure every issue is addressed. This discussion explores the importance of CRM and marketing in business corporations.
List and explain at least two corporations that utilize Customer Relationship Marketing
Many corporations are presently using CRM to empower their customers and increase profits. To begin with, JetBlu Airway’s core business model is founded on the concept of CRM. The managers at the company are committed to the needs and expectations of every passenger. The CRM approach is implemented by streamlining the booking process. The workers are guided to offer appropriate support to every customer. Satellite television, preflight music, and friendly prices are used to entertain passengers. Studies are done to understand customers’ needs and identify the best practices to maximize satisfaction. The leaders focus on the changing needs of targeted customers. The managers use appropriate technologies and support systems to meet such demands.
Similarly, Wells Fargo has understood the importance of CRM strategies. The company has gone a step further to utilize social media to improve connectivity. The move makes it easier for the corporation to keep in touch with every client. Social networks ensure concerns are addressed within the shortest time possible. Research and development (R&D) are done to understand the needs of customers and come up with immediate solutions. The increased level of satisfaction has attracted more business partners to the company.
These two cases show conclusively that CRM is a necessity in today’s business field. This is the case because the model follows three steps in an attempt to improve performance. The emerging expectations and needs of customers are used to inform service orientation. This model guides companies to support and empower every customer. Satisfied clients engage in repeat business and recommend the targeted products or services to their relatives and friends. The approach can eventually improve performance, increase customer satisfaction, and maximize profitability.
What important aspects of Marketing would you employ if you were to start your own business?
I would consider two unique aspects of marketing for my business. The first one is that of the marketing mix. This means that superior products will be delivered to targeted customers in different locations. Competitive prices and promotional strategies will characterize the process. To make the marketing mix unique from the ones adopted by other corporations, I will use social networks such as Twitter, Pinterest, and Facebook to promote my products. A low-cost strategy will also be considered whereby prices are much lower than those of my competitors. The practice will ensure quality services and products are available to more customers at friendly prices. The decision to deliver products to every customer’s doorstep will make the marketing process appropriate and competitive.
The second aspect to consider is that of customer relationship management. On top of the above mix, feedbacks will be collected from every customer through the use of emails and questionnaires. Social media networks will also be utilized to attract, inform, sensitize, and address the unique challenges facing different stakeholders. A customer support department will also be established to deal with emerging issues and empower every individual. Modern technologies such as online shopping will be incorporated into my marketing model. Customers will be required to present timely insights that can be adopted to maximize service delivery. The employment of these aspects will ensure the marketing model is unique from those of different competitors in the industry.