Introduction
Large customer management (LCM) is a system that includes not only the customers immediate order, but also the customer specific purchase policy and other supporting activities, such as after sales services, that may be necessary to maintain the customer relationship. It is the basic strategy of companies to develop, manage and service a portfolio of large customers that are defined by specific criteria. The purpose of LCM is to build and maintain long-term relationships and develop a unified plan to optimize the customers satisfaction. LCM focuses on customer needs and develops strategies to satisfy those needs in an effective and efficient manner.
Features
LCM can provide companies with an organized and thoughtful approach to managing their large customers. It may include tools and techniques such as:
• Monitoring customer data to identify customer trends and preferences.
• Developing customer profiles to organize and understand customer information.
• Analyzing customer data to identify opportunities for closer and more profitable customer relationships.
• Developing customer segmentation models to better understand customer needs and tailor services accordingly.
• Establishing a customer contact strategy to align customer expectations and company objectives.
• Optimizing processes to ensure customer satisfaction and loyalty.
• Developing customer loyalty programs to reward customer loyalty and drive customer satisfaction.
• Developing customer communication strategies to create meaningful customer relationships.
Benefits
• Increased customer loyalty, which leads to higher customer retention, market share, and profits.
• Improved customer satisfaction, which leads to increased customer referrals and repeat purchases.
• Improved customer perceptions of the company and its products, leading to higher customer profits and sales.
• Increased efficiency in customer service and support, leading to lower operational costs and higher customer satisfaction.
• Increased customer visibility, allowing companies to better understand customer needs and preferences.
Conclusion
Large customer management is a critical success factor for many companies today. It allows companies to better understand their customer needs and expectations, develop strategies to satisfy those needs in an effective and efficient manner, and maintain customer loyalty, which leads to increased customer retention, market share, and profits. By implementing an effective LCM system, companies can ensure that their customers are satisfied and loyal, while also realizing operational efficiency and cost savings.
