Customer Relationship Management

CUSTOMER RELATIONSHIP MANAGEMENT 1
CUSTOMER RELATIONSHIP MANAGEMENT
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CUSTOMER RELATIONSHIP MANAGEMENT 2
Introduction
Customer relationship management is an approach used by a company to manage the
relationship with its current and potential customers. It combines a number of strategies,
technologies as well as practices that are used by companies to analyze and manage customer
relations throughout the lifecycle of a customer. The main goal of customer relationship
management is improvement of customers service relations, customer satisfaction hence
customer retention and also ensuring continuous customer acquisition. It is an important aspect
since it helps the company to remain connected to its customers, ensure efficient processes as
well as raising its profits. In our paper, we shall expound more about the customer relationship
management and some processes involved in the same.
Customer acquisition
Customer acquisition can be understood in simple terms as a company gaining new customers
(Nguyen et.al 2018, p21). It involves convincing new customers to purchase a company’s
products or services (Akbar and Tracogna 2018, p.87). Regardless of it being an expensive
process, customer acquisition is an important aspect in running a company. This is because, for a
company to continue running well, there has to be continuous customer acquisition (Stettina et al
2018, p.66). It also helps in growing a company. There exists various way of acquiring
customers as discussed in the context below.
1. Giving out free giveaways. Giveaways are a great way of attracting new customer’s
attention. While offering these giveaways, explain to the potential customers the value of
the product you are offering and ensure they understand that you are offering an ideal
product or service (Stettina et al 2018, p.69). This will help turning them to your paying

CUSTOMER RELATIONSHIP MANAGEMENT 3
customers. Also, a company should provide free services. This applies for a service-based
business where they offer their services for free. In return, the customers give an
explanation of the advantages of the service provided (Bylund 2019, p.50). This is the
most preferred method since it is the nature of humans to get attracted to free things.
Hence, with continuous receiving of free gifts as well as free services, new customer keep
on buying the company’s products.
2. Listen to your existing customers. Existing customers can give you an insight of what
you are doing right in the business (Akbar and Tracogna 2018, p.100). They let you know
what your strengths are hence turning them into possibilities. Additionally, by ensuring a
continuous conversation with your customers, you can solve issues that could lead to lose
of a customer. Also, depending on the quality of the products or services offered, existing
customers act as the best referrals where they refer their family and friends to try out your
company’s product.
3. Word of mouth marketing. This is the oldest form of marketing. It involves approaching
potential customers and offering an over view to your product. It turns out to be the most
cost effective (Garnefeld et.al 2015, p.29). It is also highly preferred since it offers the
best environment for customers to interact with company personnel at a personal level.
Hence these customers get a chance to ask every question they have concerning the
products the company sells.
4. Keep fresh content. This is simply updating social media accounts and website whenever
you have new products. This shows the customers that you are on your toes on informing
them about your products or services hence attracting new customers (Nguyen and
Calantone 2018, p.70). Additionally, these new products should those mostly needed by