Lesson 4 Flashcards
(32 cards)
What is the main focus of customer relationship management (CRM) in microfinance institutions?
Managing relationships with customers to enhance business growth and retention
CRM is essential for connecting with customers across multiple channels.
What is one of the primary benefits of implementing a CRM system?
Improved customer service and retention
CRM systems manage business contacts and store important customer information.
How does CRM contribute to increased sales?
By streamlining the sales process and automating tasks
CRMs help analyze sales data and create a centralized sales pipeline.
Why are analytics important in CRM systems?
They help understand customer behavior and optimize business strategies
Built-in analytics can contextualize customer data and highlight optimization opportunities.
Fill in the blank: Using CRM software can lead to higher _______.
Productivity
CRM software allows employees to focus on human-centered work instead of mundane tasks.
What role does nurturing customer relationships play in CRM?
It helps cultivate new leads and maintain existing customer relationships
Good communication and tracking interactions are key in nurturing.
How does customer feedback enhance marketing in CRM?
It provides insights into customer expectations and experience
Acting on feedback builds trust and encourages continued business.
What is the benefit of creating a multichannel customer experience?
It provides a consistent communication journey for customers
Integrated channels allow customers to continue interactions seamlessly.
What does personalization in CRM involve?
Tailoring interactions based on customer preferences and behavior
This includes product recommendations and preferred contact methods.
True or False: AI can be used to empower customers through CRM.
True
AI tools like chatbots assist with repetitive tasks and improve customer support.
What is one way to keep in touch with customers?
Following up through their preferred contact method
Mailing lists can be used for personalized recommendations and updates.
Fill in the blank: A _______ page helps customers resolve common issues independently.
FAQ
An effective FAQ page can significantly enhance the customer experience.
What is one method for measuring customer experience effectiveness?
Using customer satisfaction scores (CSAT) and Net Promoter Scores (NPS)
CSAT measures satisfaction with specific products, while NPS gauges overall brand loyalty.
How can analyzing customer churn rate help businesses?
It reveals reasons for customer loss and helps prevent future churn
Understanding churn can inform strategies to improve customer experience.
What is the purpose of a community forum in customer relationship management?
To serve as a virtual focus group for understanding customer pain points
Forums can provide direct insights into customer feedback and suggestions.
What is a significant benefit of improved customer experience?
Greater profits through higher customer retention
Retaining customers is often cheaper than acquiring new ones.
What role does word of mouth play in customer experience?
It drives organic growth through customer recommendations
Satisfied customers are likely to share their positive experiences.
What is the significance of building a strong brand image?
It enhances trust and customer loyalty
A strong brand image helps attract and retain clients.
What does an omnichannel presence entail?
Integrating multiple communication channels for a seamless customer experience
This allows consistent messaging and service across various platforms.
How does automating customer support benefit businesses?
It provides immediate responses and reduces labor costs
Automation enhances engagement and improves customer satisfaction.
Fill in the blank: Consistent customer engagement helps customers feel _______.
Appreciated
Engaged customers are more likely to remain loyal and provide feedback.
What is the impact of excellent branding on customer loyalty?
Increases customer loyalty, creates a relatable identity, and improves reputation
Excellent branding helps businesses advance by offering excellent services and quality products.
What do top managers aim to achieve by developing their brand image?
Maintain the trust of their customers
Top managers focus on offering reliable services and products to strengthen brand image.
How does branding affect customer perception?
Significantly impacts what customers think of the products
A strong brand builds confidence among customers and helps gain a competitive edge.
