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Unit 3 Building Relationships

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

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  1. Unit 3 Building Relationships Building business relationships Customer relationship management

  2. 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.

  3. I. Building business relationships • Discussion: What factors do you consider crucial to building business relationships? Listening p.22 - “Factors of building strong business relationships”

  4. 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.

  5. 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

  6. Practical skill: improving business cards

  7. I. Building business relationships  Listening p.24 “Ways of entering markets”  cross-cultural communication

  8. 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?

  9. 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.

  10. 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.

  11. 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).

  12. Summary of the unit • Factors of building strong business relationships • Basic concept of CRM

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