Strategies for Building and Maintaining Customer Relationships Report

This report examines various strategies for effective customer relationship management (CRM) to foster customer loyalty and drive business success. It highlights methods such as offering cumulative discounts, providing free items for multiple purchases, creating loyalty card schemes, forming business partnerships, celebrating customers, and actively seeking customer feedback. The report also emphasizes the importance of referral marketing, including recognizing and appreciating sources of referrals, ensuring they are well-informed about the products and services, and implementing programs to promote referrals. The analysis underscores the significance of adapting to market fluctuations, providing quality goods and services, and leveraging technology for customer engagement. The report draws on multiple academic sources to support the recommended strategies, providing a well-rounded approach to building and maintaining strong customer relationships. The report underscores the importance of adapting to market fluctuations, providing quality goods and services, and leveraging technology for customer engagement to drive business success and customer loyalty.

Relationship management
Name
Institution
Consistency of a well-managed business depends on loyal customers. Market fluctuation may
dramatically depends on the flow of customers thus maintaining the supply-demand chain.
Though market fluctuation may be inevitable, it may depend on increasing and decreasing of
market quotation. This can mainly be done by providing quality goods and services to the
customers at a fair price. There are different ways to reward these loyal customers for their good
deeds. Some of them include the following;
Offer cumulative discount on selected lines- The management should offer privilege to its
esteemed customers as a way of encouragement. Investors may generally consider the customers
taste by reduction of quantity prices as well credit some discounts to promote the flow of low
quality goods. Price reduction offered to customers constitute to increase the quantity of discount
over a given period of time depending on the volume of goods in the market. In that way the
supply-demand chain will be met as well as maintaining the customers taste and preference.
(Garnefeld, Eggert, Helm, &Tax, 2013). Giving away free items for multiple purchases can also
apply, for example, buy three get one free.
Create a loyalty card scheme-Mostly this tend to be plastic swipe card which is used to store
customer’s points whenever they shop. A time comes when they can purchase goods by the use

of the points available in their card and save their cash (Kuester, & Benkenstein, 2014) .Through
this act the customers are rewarded and value the shopping place compared to others without this
favor.
Partnership of business cartels-Business partnership associations controls the price or supply
of commodities in the market. The monopoly exercised by single investors will cease thus
promoting oligopoly in the market. There are some businesses that offer discounts in favor of
other business. For instance, when u meet a certain climax when making a call on a given
network platform u definitely receive a bonus as a part of promotion. (Kumar, Petersen, &
Leone, 2010).
Celebrate your customers-An investor may surprisingly play some jovial tactics to reward and
delight the customers as a way of thanksgiving. For instance one can invite customers to
promotion of some goods for free, when launching a new offer let them be the first to purchase,
take your best customers for a day out or launch a social platform and invite your customers
online. The recognition will go a long way towards encouraging other customers who love your
business to get more involved in your success as well.
Ask for customer feedback-Most people feel appreciated when requested to give their
suggestion towards a certain product that the business provide to customers. This suggestion will
aid in changing the status quo depending on the market developing policies. The feedback can be
given through dialogue, questionnaire or conducting surveillance.
Steady development of technology has led to discovery of new mechanics of changing our status
quo. This extensive measures has led to improvement of new products in the market sectors

creating loopholes for new businesses. Frequent advertisement and online social developments
has led to quick recognition of daily emerging products. Customers meet this product even
through referrals from the market investors or even from others sources who recognize the
products as well. Some of the ways of collecting effective referrals include the following;
Recognize and appreciate source of referrals-A business owner should express appreciation to
the sources of referrals by either emailing them, through phone calls, or even writing a note of
appreciation to them. They become delighted for being appreciated and as they confess to their
friends they refer them too.
Recognition of products and services found in the market;-–One should ensure that the
source referrals are well conversant with the products and services they offer, so that they can
have enough knowledge to refer other customers (Shi, Prentice, & He, 2014). They can refer to
people within the business area or others that they know regardless of their residence.
Implement programs that promote sources of referrals;-Investors should create a social
platform on website and or advertisement channels that will create a link to the source of
referrals. For example, creating a link on website and add all the friends of one of the referrals
will be able to see the comments sent to them. Encouraging comments will attract more
customers. This is one of the methods that reaches many people (Van Doorn, Lemon, Mittal,
Nass, Pick, Pirner, & Verhoef, 2010).The referrals will also be submitting their comments in the
same page.one should be remarkable as they recommend the clients about the business. The
clients who have referred new customers should be rewarded so that the rest can work towards
the same.

References
Berman, B., 2016. Referral marketing: Harnessing the power of your customers. Business
Horizons, 59(1), pp.19-28.
Garnefeld, I., Eggert, A., Helm, S.V. and Tax, S.S., 2013. Growing existing customers' revenue
streams through customer referral programs. Journal of Marketing, 77(4), pp.17-32.
Kuester, M. and Benkenstein, M., 2014. Turning dissatisfied into satisfied customers: How
referral reward programs affect the referrer׳ s attitude and loyalty toward the recommended
service provider. Journal of Retailing and Consumer Services, 21(6), pp.897-904.
Kumar, V., Petersen, J.A. and Leone, R.P., 2010. Driving profitability by encouraging customer
referrals: who, when, and how. Journal of Marketing, 74(5), pp.1-17.
Shi, Y., Prentice, C. and He, W., 2014. Linking service quality, customer satisfaction and loyalty
in casinos, does membership matter?. International Journal of Hospitality Management, 40,
pp.81-91.
Van Doorn, J., Lemon, K.N., Mittal, V., Nass, S., Pick, D., Pirner, P. and Verhoef, P.C., 2010.
Customer engagement behavior: Theoretical foundations and research directions. Journal of
service research, 13(3), pp.253-266.