Good customer relationship management, according to GWC Valves, in simple terms means that customers will be happy. Happiness amongst customers envelopes many factors, processes, and environments though. Results of customers happiness and satisfaction are that are their long term loyalty and them passing on positive feedback about GWC Valves and their products. Many studies have concluded that customers will be loyal based on how satisfied they were with previous interactions with the company. If they were more satisfied, they would likely go back to the give company for more services and goods. On the other hand, if they were less satisfied, they would likely explore alternative options before returning to the given company. The slightest slip up in GWC Valves’ satisfaction can have a huge impact on customer loyalty. For this reason, employee/company to customer relationships are GWC Valves’ priority.
The aim of customer relationship management is not only to satisfy the customer but to create a positive relationship that they feel comfortable and happy in.
The recent economic recession in North America put a lot of stress on companies to uphold their customer’s satisfaction. This was especially scary for more expensive companies because they were losing customers. A conducted survey revealed that customers rather, in times of difficulty, buy for price rather than brand or quality.
As a results, GWC Valves understood that they would have to retain customers with customer lifetime value. Customer lifetime value is the value of an entire stream of buys that a consumer would make from a given company or brand over their lifetime. This could only happen if GWC Valves’ provided customers with better services, environments, and relationships and engagements. So far, GWC Valves, through the recession to today, has captured the majority of their market share. Their employee training in relationship management and investments in customer retention has paid off. GWC Valves intend to continue their pursuit of consumer happiness.