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    Customer Relationship Management: Faculty: Prof. Santosh Sood

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    swati pancholi
    Customer satisfaction alone is not sufficient to build strong relationships between companies and their customers. Three types of relationships can exist: 1) an acquaintance relationship where customers can easily switch to competitors; 2) a friendly relationship based on differentiated value; and 3) a partner relationship with mutual commitment and customized value. To develop loyalty beyond satisfaction, companies should provide benefits to customers, match service performance with expectations, and recognize high value customers.

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    Customer Relationship Management: Faculty: Prof. Santosh Sood

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    swati pancholi
    22 views8 pages
    Customer satisfaction alone is not sufficient to build strong relationships between companies and their customers. Three types of relationships can exist: 1) an acquaintance relationship where customers can easily switch to competitors; 2) a friendly relationship based on differentiated value; and 3) a partner relationship with mutual commitment and customized value. To develop loyalty beyond satisfaction, companies should provide benefits to customers, match service performance with expectations, and recognize high value customers.

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    Customer satisfaction alone is not sufficient to build strong relationships between companies and their customers. Three types of relationships can exist: 1) an acquaintance relationship where customers can easily switch to competitors; 2) a friendly relationship based on differentiated value; and 3) a partner relationship with mutual commitment and customized value. To develop loyalty beyond satisfaction, companies should provide benefits to customers, match service performance with expectations, and recognize high value customers.

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    22 views8 pages

    Customer Relationship Management: Faculty: Prof. Santosh Sood

    Uploaded by

    swati pancholi
    Customer satisfaction alone is not sufficient to build strong relationships between companies and their customers. Three types of relationships can exist: 1) an acquaintance relationship where customers can easily switch to competitors; 2) a friendly relationship based on differentiated value; and 3) a partner relationship with mutual commitment and customized value. To develop loyalty beyond satisfaction, companies should provide benefits to customers, match service performance with expectations, and recognize high value customers.

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    Customer Relationship Management

    Faculty : Prof. Santosh Sood


    Q. As a measure of the bond that exists between a customer and a company,
    satisfaction was previously seen as key. However, some view company-
    customer relationships based only on satisfaction as weak. What types of
    relationships can exist between customers and a company?

    Group members: David Deori


    Amandeep Singh
    Chawla
    Manas Singh
    Lovely Anand
    Gaurav Mishra
    Customer Satisfaction/loyalty
     Earlier
    Bond that exists between customer and
    company as satisfaction was seen valid and
    appropriate .

    However B.B Jackson viewed relationship based


    only on satisfaction weakest.

    The concept of loyalty gained momentum and


    became topic for discussion .
    Customer Satisfaction
    “If service rendered exceeds than what was expected, the
    customer is satisfied. If it is below than what was expected
    the customer is dissatisfied.”

    Why do a company need to maintain it?


    Reasons:
    Dissatisfied customer would definitely be not loyal, if they
    have a choice.
    Loss of business, due to negative word of mouth
     Social networking
    Company - customer relationships
     An Acquaintance relationship:
    Customer can shift to competitiors products

     A Friendly relationship:
    when the customer believes
    that a company provides differentiated value.

     A partner relationship: there is a mutual commitment, and the


    company provides customized value.

    A study says-
     With only 1% increase in satisfaction, a firm’s market value
    increases by 31% (approx)
     With a 1% drop in satisfaction decreases ROI by 5.1% (approx)
    What should a company do, if not only satisfy
    customers?
    Creation of benefits for customers

    Matching service performance with customers' expectations

    Organize and make accessible a database of information on individual


    customer needs, preferences, contacts, purchase frequency, and
    satisfaction.

    Make it easy for customers to reach appropriate company personnel, and


    express their needs, perception, and complaints.

    Give customer recognition: ( Platinum customers/ gold customer/iron


    customers/ lead customers) * by Customer Profitability
    Analysis

    learn about the strategies of the other (aggressive competitive intelligence


    )
    Maintaining relationship with customers.
    BENEFITS:
    Functional benefits
    Emotional benefits
    “Social Media” adds on to emotional benefits
     Interactions
     Public Relations

    “ Facebook ”
    A company whose customer loyalty level is
    considerably stable
    BSNL users
    Trust (reputation/govt institution)
    Coverage
    High credit limit
    Other factors
    Do not want to lose their phone numbers.
    To avoid incurring switching cost
    Emotional factor

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