Customer Relationship Management (CRM)
Customer Relationship Management (CRM) is the process of collating all information and interactions related to existing and potential customers so that relationships with the customers get managed in a better way. It is a true record of the history of purchase, the existing status and the future potential of customers. In short, it has all the data of the sales peoples’ conversations with the customer, the needs and expectations of the customer and the complaints and grievances of the customer. This record is available to all the departments of the company so that everyone knows about what’s going on with respect to each customer.
Advantages Of Customer Relationship Management (CRM)
CRM helps to
- know the needs and expectations of the customers better and provide the right solutions to them.
- Ensure satisfied customers.
- Ensure the retention of existing customers.
- Ensure improved relations between the sales people and the customers and thus form a strong bond between them.
Requirement Of CRM Systems
CRM Systems facilitate information from various sources like customer feedback, email, website, brick and mortar stores, mobile sales, call centers, marketing and advertising efforts and this requires a CRM software than can store huge data and process it as desired by the company executives or different departments.
The sales force of the company are in constant touch with the buyers and the stores and thus generate huge amounts of data in the form of hand written notes, notes in their laptops, mobile recording, emails etc. A major portion of this information gets lost as new information filters in. Therefore, scheduled meetings get missed, the delivery against out of schedule urgent orders may go awry and the other departments may not have a clue as to what is clearly happening. Moreover, your customers contact you via phone, email and social media and thus communications can be missed in a sea of data. Thus a common technical platform is required that sifts through the data and makes sense of it and delivers you your required reports instantly.
A CRM system lets you identify new leads easily and add them quickly with accurate categorization. Documents and customer relationship management strategies for different clients can be prepared quickly and thus reduce the response time. With time saved, the sales team can move on to the upcoming opportunities with their full attention.
A CRM system will get information from various sources and thus open up new insights for you into the business and the industry as to what the market scenario is and how your customers feel about you. This will give you a better understanding about your customers and their problems and the steps you should take in closing the gap that is there.
With better information and understanding of your customers, up-selling and cross-selling opportunities become clear thus giving you the opportunity to get new business from your existing customers.
Purpose Of CRM
. With an effective CRM strategy, your business can increase revenues by:
- providing the exact services and products that your customers want
- offering the highest level of customer services before sale and after sale both
- cross selling products more effectively
- helping sales people close deals faster
- retaining existing customers and finding new ones
- making call centers more efficient
- simplifying marketing and sales processes.
The Cloud Computing Revolution
The move to cloud computing is a significant development in CRM systems where organisations everywhere are utilizing the benefits of moving data and software to a secure online space. Cloud based CRM systems mean that all the company employees (who are allowed to access the system) and departments have the same information anytime they need.
A cloud based Customer Relationship Management(CRM) system is easy and cheap to install with no expenses on hardware as it is not required. Moreover, the software updates are also automatic. The costs are based per user and on the type of features you need.