Question

The web contains numerous examples of customer power. Customers are using YouTube, Facebook, blogs, and a number of other web tools to slam or praise companies. Do you believe that the most influential person in your business is your customer? How could customers hurt or help your business? Will your employees agree that customers are the most important part in business? Lastly, explain the REM formula in CRM.

Answer 1

It is very true and I firmly believe that customer is the most influential person for the success of any business. Regardless of what industry you are in and what ever goods or products or services you sell your customer is the most important and crucial part of your business.

Goods and services are produced for the customer.Without the customer you can't see any sales.Customer satisfaction is the most important part for the success of any product or service.If your products do not meet the customer satisfaction than it will be a failure in today's competitive market.In a value chain customers play a very vital role in driving the sales of a business. They bare the ones who indirectly or directly affect the sales and profits of the company.Customer feedback is considered for formulating strategies and plans and for making product improvement.So, if any business fails to take customers viewsinto account than it will be not successful.

In today's digital world where everything is changing fast but the role of customer has remained the same and only the means through which customer expresses his views has changed.Today customer is expressing his views through various digital platforms like what's app, Facebook, twitter , Instagram etc.Through these platforms the feedback of a product by one single customer is reaching to millions other customers within a fraction is a second.This has resulted in the frequent improvement of a product or service.Not only the customer bit thr businesses are also using digital platforms for selling their products.Apps like Amazon and flipkart are used by the business to sell their products. Not only selling but also they are getting customer feedback from the customers quickly.

Social media has made transperancy a crucial element in the decision making process of a customer.The modern customer is more conscious and are doing more research on a product before buying it .

So to be successful in a business the companies should be very careful while attending the complaints and greivences of the customer.A core value of any business should be customer satisfaction and to make the customer happy.

Yes, from the above it is understood that customer is the most important part for the success of the product.Therefore every employee in a business has to agree that customer is important.Because of customer business is existing and since is business is existing the employees are there in the organisation.

REM in CRM means Retail Execution and Monitoring system.REM aims at improving customer satisfaction and increasing the sales of a product.It boosts sales from guided selling capabilities.It helps in understanding how a brand is being perceived by the customer.It helps in controlling and managing distribution channels.It helps in tracking Key performance indicators (KPI) of a product.

Thus, for the success of a business customer is the most important person and his satisfaction must be the ultimate goal of any business.