Date of publication: 2017-08-24 17:32
CRM programs enhance the customer-friendly services by automating all proceedings and procedures in a company. All CRM systems are primarily large customer databases capable of storing all customer information such as customer's name, address, customer contacting method, ability to spend money on products, money spending per visit etc. The specific programs built in these systems integrate the stored data on demand to identify good customers and help to create better service plans for them.
This view of CRM completely changed the operations of the organisations. Companies became more concerned about keeping the existing customer than searching for new ones. This new dimension of marketing changed the entire approach, companies changed their marketing strategies, and every customer is different than other, so each one is being treated differently. Different CRM strategies are used by the companies, which allow them to identify their best customers, try to satisfy their needs and continuously increase their level of satisfaction and take them up to the loyalty level.
In simple words, we can say that Transactional Marketing focuses on maximizing the profit of the company by attracting more customers to purchase the firm's product.
sales through mass marketing and promotions of the product. It is based on short period of time, with little or no emphasis on customer service. It is a theory that includes low-price competition, cost cutting, promotion, return on investment etc. They also believe that they can gain market share with only price and customer loyalty is not a major factor.
Loyal customers will pay a higher price. They understand your product and see its value. You don't have to bribe them to buy again. This further improves the profitability of the company.