To create customer relationships, and keep them strong, you must do all you can to engage customers.As a key to any good relationship, communication is an essential way to build customer relationships. Promoting your business and listening to your customers are equally important. Rather than just telling customers about your business, have conversations with them. Find out what your customers need, then show them that you have a solution to their problem. If you have employees, teach them how to effectively communicate with customers. Instead of waiting for customer service to become a problem, foster communication skills with customers while onboarding new employees. Maintain an employee policy, requiring timely follow-up, to make sure the customer’s needs are met. Make sure your staff returns voicemail messages and emails promptly.

1. Building Customer
Relationships

2. Porter's 5 forces Framework
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3. Criticality of Customer Relationships : Key Challenges Faced by Industry
● Non-traditional competition
○ Airbnb vs Hotel Industry
○ Banks vs Digital Wallets ( Fintechs)
○ On Premise Infra vs public cloud
● Market maturity
○ Base Business / Home Market
○ New Areas / Geo Expansion
● Misalignment between revenue and profits
○ Large vs Small Customers (Customer Subsidisation)
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4. CRM Benefits
Marketing Benefits : Information availability, Customised Offers, Low Cost
personal media, Better targeting
Service Benefits : Customers get audience, Better service more repeat orders
Benefits to Customers/Sales: Simplifying buying tasks, Information processing,
Reduced Risks, Peace of mind (Comfort) , Better CSAT = More Loyalty
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5. Businesses Adopt CRM for Relationship
● Demand Side & Supply side Factors :
○ Demand Side : Customer Affluence, Media, Diversity
○ Supply Side : Technology in Operations
■ Production, Distribution
■ Consumption
Discussion Pointers :
How was our or our customers expectations changed in last 7 years ? Like Information to be
received from brand, Solutions expected, Delivery expectations, interactions of social
media/online. Please be specific and if possible give example
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6. Strategy to built relationships
● IDIC Framework (Identify, Differentiate, Interact, Customise)
○ Identify : Customer Information
○ Differentiate : Customer Value (Revenue,Profit), Customers Need,
○ Interact : Validate info, Get more Info, (Call center, visits, social media, surveys, websites)
○ Customise : 4 P
● Loyalty Strategies : (Ladder of Royalty, Relationship pyramid)
● Bonding Strategies : Financial, Social,Customisation, Structural (Co-creation)
● Reduce Customer Defections :Discuss Switching between Telecom Networks
● All these in CRM Framework (Next)
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7. The CRM Framework
1. Switching : Revenue (Behaviour)
2. Satisfaction : Repeat Customer, Value from product
3. Trust : Confidence in Exchange, People, Service
4. Commitment : Inherent desire to support
5. Loyalty : is not only repeat purchase. Recommend, staying when prices
disadvantage
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8. www.ajitjoshi.in
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