The better the relations maintained in a business, better will be the chances for its success. So customers need should be efficiently and effectively managed. With the use of various methods, strategy and software relationship management is being performed. In this report we will discuss about the various methods through which an organization manages its customer relationship. Also the importance of customer relationship management and theories given on it would be discussed in this report. At last the contribution of each elements of the QCi customer management model will be discussed and explained. The main purpose of this report is to explain the customer relationship management and all the elements related to it.
One of the simplest and best definition for customer relationship management can be given as "CRM is the strategic process of determining the interaction between a company and its customers with the goal of maximizing customer satisfaction and their current and lifetime value to the company which is driven by three components Quality, Database Marketing (DBM) and Information Technology (IT)". In other words it can also be described as the formation of loyal customers for the company by providing them with good quality, facilities and services with the use of database and technology. This is practiced by the companies in an order to gain more and more customer trust on the company and its services. This is also a great advantage to the organization to gain a competitive advantage over their rivals and it's very important in this highly competitive market.
Customer Relationship Management includes various activities regarding the needs of the customer to maintaining the track record of each and every customer. It starts with targeting the potential customer for their product or service and then following with the enquiry management of them. But the most important among all is getting to know about the customer. It generally includes data storage, regular update of the existing data and used data and then to select whom to select and whom to drop among that. Another fascinating way is the management of customer's complaints. Complaint management is highly effective in maintain the customers relationship with the company in an order to gain the customer's trust on the organization and to provide an assurance that the company considers their suggestions and requests. This can make an effective impact on customer's mind that they are being considered and respected by the organization. These all steps can gain the positive customers for the company. CMAT assessment is highly capable of judging the customer- company relationship. CMAT assessment is very good to for objective and quantitative assessment for judging that how good the company is in managing the customer relationship. Also a good comparison between the rival companies can be analysed and benchmarked. Further strategies as per the accordance of customer's need can be decided and made.