Answer :
The correct answer is b) Companies serving a large number of customers with infrequent interactions. CRM systems are particularly useful for companies working towards customer loyalty and those with large customer bases and infrequent interactions. They help to optimize customer experience and maximize lifetime value by tailoring products and services to individual needs and preferences.
Customer Relationship Management (CRM) systems are particularly beneficial for companies that focus on building long-term customer loyalty and those managing a large number of customer interactions. Companies serving a large number of customers with infrequent interactions can significantly benefit from CRM systems by maintaining customer details, thus allowing for personalized communication and offers to enhance the customer experience when interactions do occur.
Additionally, businesses in sectors with low customer loyalty can utilize CRMs to strategically target customer retention efforts, by understanding individual customer needs and preferences to offer tailored services and promotions.
CRMs empower these companies to segment their customers efficiently, analyze purchasing patterns and preferences, and design dedicated marketing strategies to enhance customer satisfaction and loyalty. In comparison to transactional companies or those with no customer base, companies focusing on customer intimacy, such as Nordstrom, leverage CRM systems to prioritize customer lifetime value over single transactions.
For example, sophisticated CRM systems can recognize individual customers by telephone number and route them to the appropriate service channel. By tracking customer interactions and analyzing data, companies can direct specific value-added services or products to different customer segments, thereby optimizing the customer experience and boosting profitability. The correct answer is b) Companies serving a large number of customers with infrequent interactions.
