Aabar Property Company is located in Abu Dhabi in the UAE. For the success of the company, there needs to be a strategy and implementation of the strategies. As the CRM executive am entitled to the mandate of customer relationship management. Customers are what an organization revolves around. The relationship is the key to the growth of a company through engagements of the stakeholders, prospects, and customers. When the customer and the relationship are managed, the value of the company increases. CRM strategy revolves around consumer behavior and changes that may affect profit, revenues and the consumer satisfaction of the service provided. The CRM strategy correlates with other strategies in the organization so that they can all work.
Importance of CRM strategy
The strategy will help Aabar property company understand what each customer wants, therefore, meet their needs as required. Besides, the strategy enables the company reduces customer churn. Therefore, customers are retained and lowering of prices of property is not considered as it may cause losses (Bohling & Bowman et al. ,2006). Increase in proceeds due to referrals are given by the customers. The served customers spread the word about the company due to its consumer-centered operations which result in consumer satisfaction. The consumer act as an advertising platform for the company. Lastly, there is consistency in the delivery experience every time a customer is served. Return customers are also served just like they had been before.
Challenges Faced When Interacting With The Customers.
Interactions with the customer could be challenging especially if one does not understand how important marketing is on impacting of sales and the lack of vision on the future business performance.
Marketing is a fundamental way of strategizing. The right channels of marketing need to be used. The consumer should be the primary advertiser of the company by how well the company treats them. Information should also be passed onto the right people. The wrong offers could be given to the wrong customers. There is also the probability of sending or mixing up information on different advertisement platforms.
Sales are another challenge that may face the company. The failure to generate sales could be as a result of teams not working together. The sales representatives should understand how much they need to sell to the customer depending on the resources put into the work. The sales executives are also unable to see the future of the companys sales. The executives need to set sales according to both future and present variants like the increase or decrease of consumer markets in the future. The sales representatives could also choose to work with their own systems which may not coincide with the companys systems.
There is also an issue with the support customers are given. The customers that are frequent and good cannot receive the same offers as the average customers. The requests by the customers should also not take too long to be processed by the company. The sales representatives are also expected to call on upset customers and listen to their complaints. The complaint should receive immediate action.
There are changes from how traditional systems worked. Consumers were consistent in the goods and services they sought. They were loyal to the brands they had preferred from the beginning. Currently, consumer behavior is affected by the internet, changes in technology and changes in the buyer behavior.
Building blocks of CRM
Vision: Aabar properties will play a great role in bringing Abu Dhabis vision 2030 to life that is the country becoming a leading business and tourism destination (Radcliffe,2001).
CRM strategy: Its objectives are to increase the profits of the organization and ensure the relationship between the company and the costumer are maintained.
Customer experience is valued: This is done by understanding what the customer may require and checking on what they expect from the company. The company must also ensure that despite the competition in the market consumer satisfaction should be maintained. The customers should also be given a chance to contribute suggestions on how the company could improve.
The collaboration of the organization (Radcliffe,2001).: The culture and how a company works is an important aspect of the people working in the company can follow and adapt to the culture they get. The company has a culture which its core is consumer satisfaction which the employees work towards. Employee communication is also another key to success, and the need to work as a team is very important.
Other building blocks include technology, information, and technology (Radcliffe,2001). The change and advance in technology should be noted in the companies and implemented. There is currently a shift in advertisement platforms. Social media has become a standard channel for advertisement and growth of brands. Therefore, the company should be able to take up such changes.
CRM Strategy Consideration
The strategies should consider people, technology, and process. The core consideration is the people because they can see and analyses situations, therefore, communicate the vision of the company. They also recognize the shift in the consumer behaviors in the market. The company trains staff on how to deal with consumers especially for the Aabar company that deals with real estate and also how to solve a conflict with the customer. The customer should be made the core of business and monitoring should also be conducted in the company through things like surveys or social media monitoring.
The processes should be in harmony with each other. From the advertising to the sale of property there needs to be teamwork to achieve the common goal. The systems should ensure nothing goes wrong from the marketing to the accounting of the properties sold. The service desk is more crucial as they interact one on one with the customer; therefore, the people in that area of service should be able to relate well with the customers and be able to solve and handle conflict if it emerges.
Technology changes should be well implemented. CRM systems should work to reinsure the smooth running of the company. The systems should be a source of truth in showing how the company is running from its accounting to its marketing systems. Electronically ran commerce systems should also be implemented in the company.
Marketing mix model
For Aabar company to progress, the marketing mix model would be the best to implement. It analyses past information about a company regarding sales at different market levels. Marketing mix shows the effectiveness of the marketing elements on the volume of the sales. When this aspect is learned they are used to adjust marketing strategies and also the company can know how the sales would be in various market scenarios.
The model is set up with the sales value as the dependent variable and independent variables are those that are made out of different market efforts. The independent variables are used to create models that show the trends of the sales under different market aspects. Aabar could make independent variables like competition to check on sales over a period. Validations are also carried out depending on how consistent the results are.
The profits of each model are used to analyze the market element. The overall in a year are used to show how a company performs generally. In things like advertisement and promotions, the analysis is more sophisticated. The analysis can show the return on investments of aspects like marketing. The review over time gives the company historic background of the sales under different market aspects. The company is, therefore, able to know what marketing activities are more efficient accordingly optimize the marketing budget.
Base sales are one of the components of analysis. Base sales are the profits that come in from the natural demand of the good or service. In the case of labor company base sales are more because the company offers a wide variety of real estate developments that meet a broader scope of peoples needs from office like in the wave development to vacations in the views.
Incremental sales are also analyzed. These are sales that are brought in due to factors like advertising of products and marketing. The sales they bring in is analyzed to check how useful the elements are. There is also the analysis of year to year sales of accompanying and the factors to be considered in the financial year. Aabar company sales could be analyzed according to the sales in a year as well
Aabar base and incremental volumes are measured. The base volumes are measured in regards to its natural customers that actually like the services offered by the company. This element gives a company knowledge about how secure its brand is and the loyalty of its customers. Incremental volumes are the profits brought in after marketing has been done. Aabar could use media platforms to grow its brand. The increase in sales due to such activities gives the company insights and provides the customer with knowledge of the brand.
Pricing is also analyzed in the marketing mix model. In labor, the prices of the real estate developments are not the same. The pricing of the different developments in labor is different. The people that occupy the offices are more likely to be permanent occupants as compared to the ones in the luxury apartments. The office apartments could cost less because the customers are constant unlike in the luxury apartments.
Aabar new launches are also a source of the increase in volumes. The new launches attract a different customer network. It also increases the customers the company has. The attraction to new things buys the consumer should be something the company focuses on.
Competition should also be analyzed. The competition of other companies affects gross income. The company should take up things like an advertisement to reduce the competition. Competition gives the company more ways to increase profits. Aabar should consider marketing strategies to curb competition which may cause a decrease in sales.
Generation of higher ROI in marketing activities (Bohling & Bowman, et.al.2006).
. This is achieved by creating and implementing of campaigns across all marketing platforms. The returns brought about by the campaigns are also measured which is as a result of CRM systems.
The increase in production. Sales systems are organized into single systems. There is an improvement in sales both individually and as a team. The company is also able to have a view on the future of the sales performance.
Creation of consistent customer experiences in the company. The CRM ensures customers support systems are working and knowledge on how to handle customers is shared amongst the whole group. The cost of production is also decreased because the consumers can serve themselves.
Planning becomes easier when CRM is in place (Nguyen, Sherif, & Newby,2007). The objectives of the company are met, and problems that may face the business are identified in advance. The work is done as a team which saves time and effort one would have required to do the task.
Bohling, T., Bowman, D., LaValle, S., Mittal, V., Narayandas, D., Ramani, G., & Varadarajan, R. (2006). CRM implementation: Effectiveness issues and insights. Journal of Service Research, 9(2), 184-194.
Radcliffe, J. (2001). Eight building blocks of CRM: A framework for success. Gartner research, 13, 1-4.
Nguyen, T. H., Sherif, J. S., & Newby,...
If you are the original author of this essay and no longer wish to have it published on the customtermpaperwriting.org website, please click below to request its removal: