Nurture Customer relationship – more precious than gold… Mr Rahul Kale
In today’s fast changing business environment, excellent customer service and nurturing is essential for success. In fact service this may be the key in differentiating your business from the competition, said Mr Rahul Kale, Co founder of Iraya, while delivering a talk at VIA hall this evening.
Mr Rahul Kale was speaking on “lifetime value of a customer” in a programme organized by VIA Marketing forum.
Every business has a customer base, and each customer represents a quantifiable value to that business that goes beyond that first sale. The “lifetime” value of the customer refers to the measure of worth (value) over the lifetime of your business relationship with that customer.
With the help of Power Point presentation Rahul went on to explain on How to calculate Return on Investment [ROI], which is the financial concept that measures the profitability of an investment. He said there are several methods to determine ROI but the most common is to divide net profit by total assets. He added that common definition for ROI is ‘”a profitability measures that evaluates the performance of a business by dividing net profit by net worth.”
He then went on to explain Customer retention strategies which apply for any business, large or small.
Superlative customer service involves more than just training people to smile. It’s about treating people the way they wanted to be treated giving clients what they want, when they want it and how they want it. It really comes down to the fact that good communication and human relations skills equals good customer relations.
Finally, he said that if you can turn a one time buyer into a life-time customer, six things happen and all of them are good i.e. your sales go up which hurts yours competitors, they stay with you longer ,that loyalty builds a barrier to competition, and it is easier to get customers to buy more, in other words it is always easier to sell additional products and services to people with whom you already have a good relationship.
Earlier, Mr Akash Agrawal, Chairman – VIA Marketing Forum, delivered his welcome address, while Ms Shikha Khare, Convener – Marketing Forum introduced the speaker, conducted the proceedings and also summed up & proposed a vote of thanks.