The role of Customer Relationship Management (CRM)

The petty trader who engages his customers in some form of chitchat as they purchase goods from his store, occasionally giving them freebies popularly known as 'jara' is practicing the simplest form of customer relationship management.

This is because he makes sure his customers feel special is his own little way and they'll keep coming back to purchase more goods which will in turn increase his revenue.

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In this digital age where business-customer interaction is becoming more and more insufficient, this could be detrimental to the growth of many brands because CRM is more important than ever in this age.

Most times it isn't because of the excellent product a business or brand offers customers that keep them coming back, it's simply the kind of relationship a customer builds overtime with the company, business or brand that makes them not only return but never think of going to a competitor.

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Building this kind of relationship is getting more difficult because there are thousand competitors in your line of business; customers are getting wiser and have the ability to change their minds at just the snap of a finger.

A brand or business that does not engage its customers in some kind of relationship will have to work twice as hard as its competitors in keeping its customers as well as gaining new ones.

Defining Customer Relationship Management (CRM)

CRM can be described as a business approach focused on customers which is based on encouraging and strengthening meaningful relationship between a brand and the business.

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This concept isn't about making immediate profit, but about the lifetime value of a customer. It's about the purchases they'll make in future and how they'll spread positive news about your brand as a result of loyalty.

A good CRM will enable a business to unite with customers to inform overall business strategies, drive business processes, support brand development and maximize return on investment (ROI).

Customers are everywhere and same goes for potential customers. Their voices can be heard on various media platforms like review sites, blogs, threads on forums, social media platforms. A happy customer can only tell one person at a time but word spreads faster about your brand from a disgruntled customer.

CRM can be classified into a simple model which many brands can rely on to build hat relationship with customers. The model ideally is a summation of what CRM in this digital age is all about.

A great CRM practiced by brands, companies, online business can turn strangers into customers, customers into friends and friends into advocates and evangelist for your business.

At RDM, we build, strengthen and encourage this kind of relationship to keep your customers loyal and gain more potential customers for your brands and businesses.

Article written by Oge Okonkwo

This is a feature by RDM