Customer Relationship Manager(CRM) Question:

There are seven core customer management strategies −

► Start a relationship − When a customer is identified as having a high potential to bring profits, start a relationship.

► Protect the relationship − When the customer is significant for the business and when there is a possibility of the competitor's attraction, then the managers need to protect the relationship.

► Relationship re-engineering − This is necessary when the managers find that the customer is not profitable as desired at the current stage. In such a case, serve the customer by low-cost automated channels.

► Enhance the relationship − The managers identify up-selling and cross-selling opportunities and try to boost the customer on the scale of value.

► Harvest the relationship − When the managers do not want to spend much on the existing customer development, they use the cash flow from these customers to develop new customers.

► End the relationship − It is good to end the relationship when the customer shows no sign of contributing to future business profit.

► Regain the customer − When the customer goes to the competitor while choosing another option to fulfill his requirement, then the managers need to implement win-back strategies to regain the customer and understand the reason of departing the customer.