Customer relationship management is an important aspect of the business model canvas. Customer relationship management is a combination of practices, technologies, and strategies that companies use to manage and analyze customer interactions. This practice also involves an analysis of customer lifecycle data. Besides, the goal of this practice is to improve customer service relationships and assist in customer retention hence drive sales growth. Business model canvas is a strategy of management tools to quickly and easily define and communicate a business idea or concept. Essentially, this model is a visual chart with elements describing a firm’s value and products.
BENEFITS OF A BUSINESS MODEL CANVAS ON DEVELOPING A PRODUCT ROADMAP
Business model canvas has several benefits in developing a product roadmap as follows. Firstly, it helps to prepare the roadmap quickly. This canvas only requires a few hours to prepare. Moreover, it only requires preparation of the highlights rather than writing the entire document. Additionally, it is more agile since it accurately reflects the strategic thinking of a company’s current reality. This helps is customer relationship management hence any changes are easily detected and adjusted. Lastly, the model allows the business to pivot as needed. This is because the document enables the company to quickly spot any items or plans that need updating.
STRATEGIES OF CUSTOMER RELATIONSHIP MANAGEMENT
There are various strategies applied in customer relationship management. Customer interaction and behavior tracking enable the company to track their customers hence understand their preferences and needs. Also, there are loyalty and rewards programs that motivate customers to come back after receiving rewards. CRM also does tailor and target marketing. This is through personalizing emails to customers, segmenting customers, and being specific. This, therefore, helps to attract the right customers. Lastly, there is the customer relationship identification. With the help of the business model canvas, businesses can understand the kind of relationship between them and their customers.