Customer Relationship Management in Retail Marketing. MBA Marketing study material.

Maintain and upturn the long-term relationship with the customers is a vital course for the retailers to increase the footfall of the store which eventually converts into the sales. But to make this win-win situation, how the customer relationship management in retail marketing can help the retailers? Let’s have a look further:

Customer Relationship Management (CRM) in Retail Marketing:

It is set of business strategies and system or software which focuses on customer satisfaction and building loyalty with a retailers’ most valued customers. A process or a system which constantly engage the customers by delightful offerings of retailers is called as a customer relationship management in the retail marketing environment.

It aims to convert the end users into the loyal customers at first visit to the retail store by satisfying their needs with attending their attitudes and feelings at very first purchase.

Components of Customer Relationship Management (CRM):

·         Customer Service:

Identifying, collecting and analyzing the customers’ needs and wants is the main goal of customer service support applications. Also, it is very important to analyze the customers’ complaints and suggestions to cater the business in high level. In the modern era, retailers are using various customer database software to integrate the information about every customers’ purchasing pattern their needs and behavior. Customer service is a part of front desk service which directly communicates with the customers promote the products and services and receives the information to maintain a customer database.

·         Sales Force Automation:

Salesforce automation is a very useful tool for customer relationship management. It is primarily designed for sales personals to manage their each and every customer’s records.  It includes the functionality to maintain the sales cycle such as lead generation, lead distribution, follow-ups, tracking records, design work calendar for the sales team, analysis of sales data etc. This tool also helps to forecast the sales which lead to expanding the future opportunities for the retailers. It is beneficial for managing the help-desk or customer care services such as call centers to quickly solve the customers’ problems and complaints.  

·         Market Research:

Market research involves the process of campaigning management which provides support for a marketing budget, promotional campaigns, ad placements, target market, recording customers’ response and analyze the performance of these campaigns. Market research for customer relationship management also helps to provide marketing analysis tools which give the accurate statistical and systematic data analysis.

·         Data Mining and Analytics:

Data mining is a useful process of collection, sorting, analyzing, organizing the data and use this data for identifying future demographic cross-selling opportunities and chance to improve the pattern and modify the process to maintain customer loyalty.

Analytics is an immense study of available data and represent it in a specific logical form to spot the trend or condition of the market. It shows a graphical presentation such as chart, histogram, figures, diagrams etc. of the market situation through analyzing the data. It helps to calculate the progress in customer relationship management accurately.

All of above components of customer relationship management is important to improve the work around the customer satisfaction and loyalty as well as finding the different opportunities to maintain a long-term relationship with customers.