Answer to Question #266860 in Finance for Jabs

Question #266860

4.1    WRITE a short description of the client's needs. Your description must include the following:


Background information about the client:

·        their business profile;

·        the buying processes they typically follow;

·        their general preferences and needs for product information and support

Description of their business operation including:

·        a description of their products/services

·        market;

·        profitability;

·        competition;

·        organisational characteristics;

·        etc.

Description of how you saw their needs for banking products/services:

·        were they price sensitive;

·        how did they prefer to have their services distributed;

·        what products were they likely to need and why;

·        etc.

Expert's answer

The more effectively a company manages its client connections, the more successful it will be. As a result, IT solutions that handle the challenges of dealing with consumers daily are becoming increasingly popular. Customer relationship management (CRM) is more than simply a technology implementation; it's a strategy for learning more about customers' wants and behaviors to build better bonds with them. As a result, it's more of a corporate concept than a technological solution for successfully and efficiently dealing with consumers. Nonetheless, CRM success is dependent on the usage of technology.

Implementing a customer relationship management (CRM) solution may take a long time and cost a lot of money. However, there are several possible advantages.

The building of improved relationships with your existing clients may be a significant benefit since it can lead to higher sales due to improved timing as a result of predicting requirements based on previous patterns.

Understanding unique consumer requirements might help you discover demands more efficiently.

cross-selling of other items by emphasizing and recommending upgrades or alternatives, figuring out which clients are lucrative and which aren't

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