“A study on customer relationship management (CRM) with reference to Big Bazaar in Bilaspur City”

The customers are very important and play a vital role in any process of marketing. Today, customers are the kings of the market because the customer loyalty and preference are built by the products and the services offered to the customers and they seek for more benefits and worth for the amount they spend.

That is the concept where the customer relationship with management exists, in which various factors are identified that will influence the purchasing behavior of customer, which is profitable to both customer and organization.

The CRM (Customer Relationship Management) is a new technique in marketing where the marketer tries to develop long term relationship with the customers to develop them as life time customers. CRM aims to make the customer climb up the ladder of loyalty.

This paper entails the strategy that Big Bazaar follows in context with CRM practices. The Big Bazaar first tries to determine likely prospects i.e. the people who have a strong potential interest in the product and ability to pay for it. The Big Bazaar hopes to convert many of its qualified prospect into first time customers and then to convert those first time customers into repeat customers. Then the Big Bazaar tries to convert these repeat customers into clients – they are those people who buy only from the Big Bazaar in the relevant product categories. The next challenge for the Big Bazaar is to convert these clients into advocates. Advocates are those clients who praise the Big Bazaar and encourage others to buy from it.

The ultimate challenge is to convert these advocates into partners where the customers and the clients work actively together to discover ways of getting mutual benefit.

Thus in CRM the key performance figure is not just current market share but share of life time value by converting customers into partners.

In CRM the Big Bazaar identified that small percentage of key account holders whose contribution to the Big Bazaar revenues is high. So from this point of view, CRM is also known as key account management.