So marketing is important because it is the key to success in the business. Through marketing we may store data, gathered information and analyzed the information to know customer needs and wants, to analyzed customer behavior, to know what’s on the heart of their markets. Through marketing we may select the target market, positioning the product in efficient and effective process. Marketing predict the prospect customer, potential buyer, future trends. Through marketing
Combine sales rep and consultants in solutions team that would face client. Train each of them in cross skills and cross selling with purpose of higher value for customer. Define their roles distinctly to get new and repeat client business. Customer should get the best experience from the team without losing old experience. Define measurable metrics to measure these set/expected behaviours and include them in total rewards plan.
Many of these provide a basis for pay, promotion, and disciplinary action. The performance appraisal information is essential for employee development, since knowledge of results (feedback) is necessary to motivate and guide performance improvements (El-Ghalayini, 2013). The aim of managing organisational performance is to increase organisational effectiveness by obtaining better performance from people by getting them to work well together. Organisational effectiveness can also be helped by improving organisational processes (such as the formulation and implementation of strategy and the achievement of high quality customer service), and facilitating the management of change (Armstrong 2010). In performance appraisals, competencies are used to ensure that performance reviews do not simply focus on outcomes, but also consider the behavioural aspects of how the work is carried out (which determines those outcomes).
With good customer relationship a company gains better information and insight into the customer, their behaviours, preferences and needs. The company is then in a position to target their service levels and strategies for those customer they want to value and reward, increasing customer retention and leading to be better cost management, Hotchkiss, D.A (1996). It also maximises sales and cross selling opportunities to successfully penetrate the market (Unhanandana MI S, & Wattanasupachoke T, 2012). In monitoring and identifying changing needs and preferences through customer relationship, a company
Product Development: “Product development is the process of designing, creating and marketing new products or services to benefit the customers”. Product development comprises of all the processes, which leads the formation of a product starting from the Initial idea to the sale of the final product. It is the key tool to keep the companies in competition with the competitor products and to keep up with the changes and trends in the market. Product development comes into play when a firm wants to develop a new product to target a specific market segment or in improving an existing product or its packaging. Product development plays a key role in the success of a product and also on the lifetime of the product.
This increases the chances of retaining a customer, building customer loyalty and reducing customer churn. Compliance and regulation are the buzz words in today’s business environment. If your customers are convinced that you are complying with all regulatory process, it helps to build trust with your clients. • Measure Customer Service Levels: A business should identify key performance indicators (KPIs), monitor them regularly and make necessary changes as and when required. KPIs can be anything from contacting methodologies, feedback systems, order fulfillment and so on.
& Debra G. (2010) it’s very important for any organization to provide clear directions to its staff in order to guarantee an employees’ contribution to its brand image. For example, the organization provides training, mentoring and coaching to its staff. It also contributes to educating them about its internal and external policies. Moreover, it helps them to acquire more information and knowledge about their products and services. In return, the employees ‘commitment towards the organization will grow gradually.
Therefore, the challenge for today‟s management is to administer motivational programmes which will encourage employees to improve their work performance and productivity. To this end modern day managers of companies in the financial services industries are therefore adopting various kind of motivational packages not only to retain employees but also help them to achieve competitive advantage in the
(Wali and Nkpurukwe, 2008). In view of George, Emmanuel and Christiana (2012) stated that CRM is a procedure of understanding customer needs; comprehending and including customer behavior and creating use of quality communications strategies in order to obtain and keep up customers ' fulfillment. Aside from the way that CRM involves handling of customers and observing their behavior, it also looks for a change of customer 's behavior, so that raise in the company 's revenue. This is because of the company will consider for the customers to choose and those leaving. The main objective of CRM is to identify and customized services to every
These requirements need to be evaluated well to provide tailored products to the customer. One such proposed model could be to not only provide for the capital requirements of the MFI but also help the MFI reach out to its prospective customer and help him/her negotiate the best possible price for the product/service for accelerated growth of both the customer and the MFI. This will provide forward and backward penetration of the MFI in the lines of business of the customers, i.e. the value chain of the customer and their prospective