Page 30 - Banking Finance JANUARY 2017

ARTICLE

BUILDING

CUSTOMER

RELATIONSHIP -

KEY TO LONG

TERM SURVIVAL

Abstract What has made this transition possible?

The paper tries to examine the concept of customer re- This has been made possible by change in the business model.
lationship management in building customer relationship. Today the focus has shifted from transaction to relationship.
The paper throws light on the evolution of customer re- Customers are no longer seen as mere one time customers
lationship through various phases. but as long term partners. Therefore, all companies are
today looking for building long term relationship by provid-
T he core of competition has changed over the ized that retaining customer is more profitable than acquir-
ing quality services with innovations. It has also been real-
period of time. The new empowered customer
ing customers; therefore, most companies are looking for
is very powerful today. The companies which
realize this important change have started mak-
ing changes in their business model. building relationship with their customers.
Customer Relationship Management is the key tool today
in the hands of strategic planners and manager. Customer
Their vision and mission statements are now more custom-
Relationship Management is a comprehensive approach for
ers driven than before. Their values and strategies have also creating, maintaining and expanding customer relationships.
been changing and are largely customer driven today.
The concept of CRM is comprehensive as it touches all. CRM
looks at creating, maintaining and expanding the entire cus-
About the author
tomer cycle.
Dr. Abhijeet K. Chattoraj
Associate Professor CRM captures and analyzes data about the targeted cus-
Amity University, tomer-trying to understand their buying habits with a view
Mumbai to predicting their behaviour. Cultivating the current cus-

30 | 2017 | JANUARY | BANKING FINANCE

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