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Hello Everyone! This is _ (your name) _ before you and I will be talking about importance of customers for businesses and customer relationship management. The topic holds key importance and one of the most discussed topics in business management.
The speech will talk about an aspect of Marketing which is known as customer relationship management (CRM)…
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Download file to see previous pages The purpose of this speech is to enable audience to exactly know about the importance of customers, they hold for any business. After the speech, audience will know basics of why maintaining good relations with customers is important, how customer relationship management can be implemented in brief and how it can benefit an organization.
Customers, being the wage payers of employees, are very important for each and every employee of an organization. Especially, people in marketing and sales department should be well aware of their importance. Customers should be treated well, not only when they are making their purchases but also after the time since the post purchase care shown by businesses towards their customers is an important tool to attract customers for being loyal with the organization and repeat their purchase.
Existing or Old customers hold key importance for businesses. Studies have proved that the most effective area of revenue generation for businesses is to attract existing customers. But even then most businesses think that once a customer has made the purchase, he or she is bonded with the organization which ultimately results in to the loss of customer base and number of clients or customers for an organization starts shrinking. Customers are very sensitive to organization's behavior with them. There can be many reasons a customer may feel bad about an organization and wishes not to repeat his or her purchase with the organization. They might think that the organization is no more fair or justified with its offering, or organization is unconcerned with the issues and problems they had from their previous purchase, or a competitor of their previous seller has offered a better product or service.
Customers, if find an organization trustworthy, are very eager to repeat their purchase with this organization since it reduces their time for decision making their purchase. They had an experience with the organization's product or service and they are confident and satisfied with the organization's offering; these things provide them an ease of mind in their purchase decisions which ultimately transform into repeat purchases.
It is always feasible for an organization to work for attracting its existing customers since:
"Repeat customers spend 33% more than new customers.
Referrals among repeat customers are 107% greater than non-customers.
It costs six times more to sell something to a prospect than to sell that same thing to a customer (Laura Lake, 2007)".
Before implementing customer relationship management in an organization, management should know, "what is the actual problem with the existing handling of customers that initiated the need for customer relationship management" (Management-crm, 2007)
"Customer Relationship Management (CRM) is a process companies use to understand their customer ...Download file to see next pagesRead More
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