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WorksheetsCHATER 3
Total questions: 10
Worksheet time: 5mins
What is a Customer Relationship Management (CRM) strategy?
A plan to grow sales and improve customer service through processes, actions, and technology
A plan to reduce costs and increase employee satisfaction
A plan to outsource customer service operations
A plan to eliminate marketing efforts
Why is customer retention important?
It is 5 to 7 times cheaper than acquiring new customers
It requires less effort than acquiring new customers
It leads to immediate profit gains
It is a regulatory requirement
What is a key step in creating a CRM strategy for your business?
Studying the market and knowing your positioning
Defining your target customer with buyer characters
Investing in CRM software
Setting Key Performance Indicators (KPIs) for each team
What is the purpose of establishing processes for a 360° customer experience?
To reduce customer interactions
To limit customer access to information
To provide an enjoyable customer experience at all touch points
To increase customer wait times
What is the main benefit of investing in CRM software?
Collaboration between teams, storing customer data, and tracking interactions
Reducing customer engagement
Limiting access to customer data
Increasing manual processes
What is the difference between customer retention and customer acquisition?
Customer retention involves bringing new consumers, while customer acquisition focuses on keeping current consumers
Customer acquisition involves bringing new consumers, while customer retention focuses on keeping current consumers
Both terms refer to the same process
Neither term is related to customer management
What is a common challenge faced by businesses in customer retention?
High churn rate
Low competition
Excessive cross-selling
Limited customer base
What is a strategy used in customer recovery for likely defectors?
Improvement strategy: Repairing damaged products, service recovery
Stimulation strategy: Rebates, gifts
Compensation strategy: Replacement of damaged products, reimbursement
Persuasion strategy: Adjustment of product offer, innovation to meet customer needs
What is a step to grow your business through customer acquisition?
Restitution strategy
Persuasion strategy
Improvement strategy
Stimulation strategy
What is a powerful customer retention strategy to grow your business?
Implementing customer acquisition programs
Ignoring customer feedback
Reducing employee satisfaction
Focus on creating a positive customer experience
