BLOG 2 CUSTOMER RELATIONSHIP MANAGEMENT
CUSTOMER RELATIONSHIP MANAGEMENT:
Customer relationship management(CRM) Iis a strategy for managing all your company’s relationships and interactions with your customers. It helps you improve your profitability.
Most commonly, when people talk about CRM they are usually referring to a CRM system, a tool which helps with contact management, sales management, workflow processes, productivity and more.
CRM enables you to focus on your organization’s relationships with individual people- whether those are customers, service users, colleagues or suppliers. CRM is not just for sales. Some of the biggest gains in productivity can come from moving beyond CRM as a sales and marketing tool and embedding it in your business- from HR to customer services and supply-chain management.
When people talk about CRM, they might mean any of three things:
CRM as technology: this is a technology product, often in the cloud, that teams use to record, report and analyse interactions between the company and users. This is also called a CRM system or solution.
CRM as a strategy: this is a business philosophy about how relationships with customers and potential customers should be managed.
CRM as a process: think of this as the system a business adopts to nurture and manage those relationships.
What does CMR software do?
CMR software records customer contact information such as email, telephone, website social media profile, and more. It can also automatically pull in other information, such as a client’s personal preferences on communications.
The CRM system organizes this information to give you a complete record of individuals and companies, so you can better understand your relationship over time.
CRM software improves customer relationship management by creating a 360 degree view of the customer, capturing their interactions with the business, and by surfacing the information needed to have better conversations with customers.
Benefits of CRM:
By collecting and organising data about customer interactions, making it accessible and actionable for all, and facilitating analysis of that data, CRM offers many benefits and advantages.
- Enhanced contact management.
- Cross-team collaboration.
- Heightened productivity.
- Empowered sales management.
- Accurate sales forecasting.
- Reliable reporting.
- Improved sales metrics.
- Increased customer satisfaction and retention.
How do different business functions benefit from using CRM?
While the importance of CRM has traditionally been as a sales and marketing tool, some of the biggest gains can come in other areas, such as customer service, HR supply-chain and partner management.
Here’s how different business functions benefit from using CRM:
- Sales team can use CRM to understand their sales pipeline better.
- Marketing teams can use CRM to make forecasting simplier and more accurate.
- Customer service teams cn effectively track conversations across channels.
- Supply-chain, procurement and partner management teams can manage relationships better.
- The HR team can use CRM to accelerate the recruitment process and track employee performance.