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The visionary statement
was made by the father of our
nation - Mahatma Gandhi, almost 120 years ago when
the world was faced with a seller's market. In the present era of
cut-throat competition, consumerism and buyer's market, the consumer is in
a commanding position. The level of market segmentation is
radically shifting towards niche and micro-markets. Customization is
the buzzword of the day and many organizations are working on it.
The market pyramid has turned on its head and fortune lies at the
bottom of the pyramid. Corporates are now
targeting rural consumers to expand their businesses. Under these
circumstances, acquiring customers and retaining them have
attained added importance.
Merely attracting new customers is not good enough. It is very
important to build a long-term relationship with them so that they provide
repeat business, thereby ensuring sustainable revenues and profits. In the
case of restaurants and hotels for example, if one is successful in
building good relations with customers, they are more likely to visit again
and also, recommend the place to others.
In the modern competitive world, customer relationship
management has become an important method for developing, nurturing and
retaining customers. With the advent of computers and allied technology, the
use of IT-enabled CRM software has become comparatively common.
No doubt, such tools lend strong support in providing good quality
customer service, by developing and using a rich and systematic database.
However, this alone is not adequate. Much more important for CRM is
the personal touch that one can bring in to the dealings with the
customer, which would go a very long way. CRM is, therefore, not a
mechanical task triggered by an information system. It is much more human, as
we would see in the examples below. |
