The main component of any good business relationship is value. Service providers that live by their value proposition and consistently deliver on improving their customer's situation would normally be the ones that come out on top. The ability to bring value to any relationship stems from the seller being in a service-based mindset and not just a task-based mindset.
You must also be in consistent communication with your customer base. What you communicate must also be of value to your customer's day-to-day lifestyle. Generic bits of information, pics, quotes, etc. just shows your presence over time. Because customers have access to other valuable bits of information they will start tuning you out.
Customers become attached to providers that add value and they will share your message with their friends, family, co-workers, etc. because they have identified the benefit in what you offer to them.
TRUST is the real currency
Value and consistent communication builds what can be considered to be the main catalyst for business growth which is called trust.
Once customers trust you and agree with your company's morals, values, etc. they will be willing to get into a long term relationship with your organisation which is where customer lifetime value comes in. However, companies struggle with maintaining those relationships because it's not initially part of their overall strategy.
The Management
Companies have challenges here the most. In Trinidad and Tobago customer relationship management is not an integral part of most company's long term strategy and it is reflected by their approach to business and interaction with their customers both pre and post-sale. Within the last year, customer service representatives titles are now being changed to customer success professional. This all sounds good, but it is not real practice.
A proper CRM approach looks at monitoring and measuring the full customer journey from when he/she first identified you as a potential service provider to when they actually make a decision to accept or decline your services. This means that CRM cannot just be for one department like service or sales but across the company including marketing.
Technology
Now while some companies have been able to develop surveys, customer feedback forms, competitive review, etc. to have a better understanding of their customer; these approaches are very labour intensive and archaic.
Companies must start adopting the use of dedicated CRM technology to help them assess their business for gaps to improve their processes for the future. Ten years ago people/employees mainly drove a process with the use of technology which gave them the data needed to make the next move. However, in 2019 that same data has been used to develop technology to drive a process which is now supported by people.
CRM technology now has the ability to bring all aspects of the business together making that organisation much more intelligent, effective and efficient. However, the company must adopt a philosophical approach when implementing a CRM and not just think that technology will change their business overnight. Yes, it will add value but at the end of the day it all comes down to the company's philosophical approach to the customer.