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Unit 3 Building Relationships. Building business relationships Customer relationship management. I. Building business relationships. Value of business relationships:

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unit 3 building relationships

Unit 3 Building Relationships

Building business relationships

Customer relationship management

i building business relationships
I. Building business relationships

Value of business relationships:

  • Research shows that even with the best products and business practices, you still need strong relationships to succeed in this marketplace.
  • Marketing and products are only a few of the ways to keep your customers coming back.
  • When it comes to choosing a supplier or business partner, most people prefer someone they know, all things being equal.
i building business relationships1
I. Building business relationships
  • Discussion:

What factors do you consider crucial to building business relationships?

Listening p.22

- “Factors of building strong business relationships”

i building business relationships2
I. Building business relationships

Key factors in success:

  • Communication is key.

- cross-cultural, oral, written, nonverbal

- clear, fluent, fast, appropriate

  • First impressions count.

- present yourself properly & professionally

- never have a second chance to make a first impression.

i building business relationships3
I. Building business relationships

 Managing the stages with cross-cultural awareness:

  • Networking (introductions & socializing)

- language focus: refer to p.67, pp.106-107, p.25 of BOOK 3; p.27 of BOOK 4

  • Making connections
  • Meetings
i building business relationships4
I. Building business relationships

 Listening p.24

“Ways of entering markets”

 cross-cultural communication

ii customer relationship management
II. Customer relationship management
  • Discussion:

Which one is more crucial to a company, building new business relationships or maintaining existing ones? Why?

  • Reading pp.24-25

“Relationship marketing”

- Question:

Why keeping customers matters?

ii customer relationship management crm
II. Customer relationship management (CRM)
  • CRM is the development and maintenance of mutually beneficial long-term relationships with strategically significant customers. (Buttle, 2000)
  • CRM provides selling organisations with the platform to obtain a competitive advantage by embracing customer needs and building value-driven long-term relationships.
determinants of crm
Determinants of CRM
  • Trust
  • The willingness to rely on the ability, integrity, and motivation of one company to serve the needs of the other company as agreed upon implicitly and explicitly.
  • Value
  • The ability of a selling organisation to satisfy the needs of the customer at a comparatively lower cost or higher benefit than that offered by competitors and measured in monetary, temporal, functional and psychological terms.
determinants of crm1
Determinants of CRM
  • In addition to trust and value, salespeople must:
  • Understand customer needs and problems;
  • Meet their commitments;
  • Provide superior after sales support;
  • Make sure that the customer is always told the truth(must be honest);
  • Have a passionate interest in establishing and retaining a long-term relationship (e.g. have long-term perspective).
summary of the unit
Summary of the unit
  • Factors of building strong business relationships
  • Basic concept of CRM