Growing a business is a practice that business owners, employers and managers do not have an option to. Once businesses are established, they must be taken through the task of nurturing them to grow. Business growth and development has however become even more challenging in the face of global economic meltdowns.
The prevailing economic crisis has resulted in massive competition among businesses of all sizes to survive the tension and pressure. It is not surprising therefore that a lot more companies – even bigger corporations are closing down (Prempeh, 2003, p. 113).
Some of the factors that make the running of businesses very difficult when economic conditions are not good include lack of access to credit to undertake strategic business expansions. Harsh economic climate also deprive ordinary people of enhanced revenue and therefore change their spending habits. People become more cautious with what they do with their monies.
It is however not as if every other business or company would collapse because the global economic meltdown. As a matter of fact it is in the face of such trailing moment that good businesses are separated from bad ones. When the general business climate is unfair, it takes focused business planners to succeed because they are the kind of people who can come out with innovative ways of winning the hearts of the few customers who will be ready to do business (McLean, 2009, p. 94).
Making mention of customer brings to discussion, the innovative skill of attracting customers when there are actually several businesses competing for few customers. The growth of every business depends largely on customers than on any other factor or group of people (McLean, 2009, p. 95). This is because customers are the ultimate injectors of money and funds into businesses.
Though the implementation of strategic plans goes a long way to help in the growth of businesses, there is no denying the fact that every strategic plan ultimately seeks to attract more customers and make businesses grow (Frimpong, 2004, p. 37). Ensuring the welfare of customers therefore seeks to be the ultimate thing any business setup could do to ensure continual growth and development even in the face of unfavorable business climate. Because of this, customer relationship management has always remained an important and integral part of the growth of businesses the world over.
Because a business can hardly survive in the absence of customers, a business also hardly survive in the absence of an effective customer relationship management program. This is because customer relationship management sets its self-up as a tool for identifying all needs of customers and the best ways of meeting these needs (Nardi, 2006, p.56).
Frimpong, 2004, ‘Approaches to Customer Relationship Management’ New York: Free Press.
McLean G, 2009, ‘Modern Media and Customer Relationship Management’ New York: Free Press.
Nardi, P. 2006. Doing Survey Research: A GT Quantitative Methods: A Guide to Quantitative Methods (2. edition). Boston: Pearson/Allyn & Bacon.
Prempeh G, 2003, ‘Basic Research Conduct’, PrintMark Corporate Press: Durban