Customer Relationship Management and Customer Loyalty: Successful Marketing Strategies of the Banking Industry in Hong Kong

* Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction

For this reason, poor customer service of a bank may increase the bargaining power of customer and could drive down the revenue of Maybank. For instance, if Maybank could not understand what actually customers require or ineffectively handle the customer complaints, it could reduce the switching cost of customers and they will finally switch to other banks for a better service. In order to avoid a high bargaining power implanted in customers, Maybank has invested in an Analytical Customer Relationship Management system to efficiently utilise the information gained from each customer for improvement purpose. This system enables Maybank get to know the expectations of customers towards the bank. Then, Maybank formulates strategies and comes out with superior performance to cater the needs of customers. Right now, Maybank is hoping to generate a complete picture of a customer’s lifecycle by using the system to grow their business. Besides establishing of the feedback dropper on their website, Maybank also focus on the fundamental values of hospitality, friendliness and skills in handling customer complaints. To do this, Maybank promotes various incentive programmes to reward the customers, eventually enhance the customers’ loyalty towards the

An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers’ needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)

The most important aspect of healthcare management is being able to form a relationship between the healthcare provider and the patients. Higher satisfaction will increase customer value and higher consumer retention. Customer relationship management (CRM) is a combination of people, processes and technology that seeks to understand a company 's customers. It is an integrated approach to managing relationships by focusing on customer retention and relationship development. CRM has evolved from advances in information technology and organizational changes in customer‐centric processes (Chen, I et al., 2003).

The main goal of Customer relationship management is to create a strong bond between customers and the company. The strong bond can be build by focusing on the two main objectives of CRM. Providing the organization and all of the employees that treat customers with a single and complete view of every customer at every touch point and across all channels and providing the customer a single and complete view of the company and its extended channels (O’Brien, A & Marakas, G. 2004).

Customer relationship management is one of the strongest and most efficient approaches to creating and maintaining relationships with customers. It ideates strong personal bonding between people and the development of this type of bonding drives any business to new levels of success. A strong customer relationship

The purchaser purchasing procedure is a complex matter as many internal and external factors have an impact on the buying decisions of the consumer. Before a business can create promoting schemes, they should understand the factors which influence buyer behavior and how they settle purchase choices to fulfill their requirements and needs. Buyer behavior result from profound qualities and dispositions. Customer Relationship management is the strongest and the most effective methodology in keeping up and making associations with customers. It is also unadulterated business as well as ideal and strong individual behavior within people. Although this is about growing long term relationships with the customer, nowadays, it can be

Relationship marketing is very important concept to attract and keep the customers in organizations. In modern business world, marketing focus reflect the move away from transactional marketing to relationship marketing. Establishing, maintaining and enhancing customer relationships have always been an important aspect of business. However, over the last few years there has been a significant increase in customer relationship marketing (CRM). The concept of customer relationship marketing (CRM) is widely understood, both academically and professionally. Its goal is to bolster strong relationships and convert indifferent customers into loyal ones. Customer relationship marketing is determined by trust, commitment, empathy, power, cooperation, financial

Through 3 years of studying in the Antonin University the phrase customer relationship management has passed in several courses I've taken as an effective plan a firm can take to be successful. CRM is a system that tries to gather information about customers and help managers to make a good relation that will lead to a feeling of interest to the customer and loyalty to the firm. Firms today realized that being unique or competitive in an innovative product or service is short lived, that what made the relation with customers a strategy of being competitive. CRM is an important step any company can take to be effective and efficient in managing their business. The purpose of this project is to study the challenges of CRM in the Lebanese market and why most of the companies are not applying this process that will lead to their growth. This project will take into consideration the case of Hotel La Memoire that succeeded in investing in

An analysis of the factors of successful implementation of customer relationship management in chain of supermarkets in the United Kingdom

This paper discusses why building customer relationships is a key factor in the overall success of any business. The objective of developing customer relationships is to enable a business to learn who its customers are and what value they can bring to the business. As businesses look for new ways to strategically build their customers retention, a determined customer-oriented staff is imperative. It will increase customer satisfaction and loyalty because the entire service experience will be exceptional. Managers should therefore select, train, and reward employees who have developed great relationships with customers. This paper will show that when customer relationships are effectively utilized, results will increase profitability and greater customer loyalty, two key needs for any organization.

Customer relationship management (CRM) is a business philosophy and set of strategies, programs, and systems that focuses on identifying and building loyalty with a retailer’s most valued customers (Levy, Weitz 275). A loyal customer is one who is committed to purchasing merchandise and services from a specific retailer, he or she resists the efforts of competitors, and also has an emotional attachment to a retailer. The four steps involved in the formation of a CRM program are collecting customer data, analyzing customer data, developing a CRM program, and implementing the CRM program. Implementing CRM programs can be extremely beneficial in increasing business and creating/maintaining a competitive edge. They also categorize customers

The purpose of this document is to understand the customer relationship management and how it impacts the overall organization’s objective.

Improving customer satisfaction and longevity, providing a competitive edge and reducing marketing expenses are just relationship marketing strategies that have a great impact on a company. By adopting this marketing pattern, there are created benefits, not only for the service firm but also for its loyal customers, such as lower marketing expenditures, stability, new barriers for new competitors and reduced uncertainty. A big advantage for the relationship marketing approach is that it lowers the operating costs. Having loyal customers means that the company gets to know its buyers more and more with each transaction. Being based on a relationship approach, a company requires less information about the customer because with each encounter with him, the firm adds new information to the customer database.

I hereby declare that this project is entirely my own work and that any additional sources of information have been duly cited.