COEPD – Center of Excellence for Professional Development Happy Learning
Concept
Customer relationship management (CRM) is all about managing the interaction between company and current, potential customer. It uses history of the customer with the company, specifically focusing on customer retention and ultimately driving sales growth.
Definition
Customer relationship management (CRM) is the combination of strategies and technologies that companies use to analyze customer interactions and data throughout the customer life cycle, with the intention of improving customer service relationships and driving sales growth so that companies will be profitable.
Components of customer management system
- Analytics
It is the process of studying, analyzing and representing data in by using various graphical formats like charts, trends and tables etc, so that it will be easy to observe market trends.
- Business Reporting
Business reporting includes accurate reports of marketing, sales and customer care. These reports are generated by business analysts.
- Customer Service
Customer service includes taking customer concerns, customer inputs. It could be in either way customer can give inputs to the company and when customer needs help company also needs to respond in positive way. So that the relation between customer and companies remains healthy.
- Human Resource Management
Employing most eligible most eligible human resource at required place at the business by conducting necessary interviews.
- Lead Management
Lead Management involves keeping a track of the sales and distribution, managing the campaigns, designing customized forms, finalizing the mailing lists and studying the purchase patterns of the customers. It has all the related records.
- Marketing
First marketing executive study the present market trends and design strategies for implementation of ideas. Marketing companies first study the existing market with existing customers and implement some strategies to pull new customers.
- Sales Force Automation
It includes forecasting, recording sales, processing and keeping a track of the potential interactions. It includes all sales related work and data.
Objectives of customer management system
- Expand the Customer Base
CRM not only focus on existed customer but also show interest in prospective customer so that the prospective customer could be the new customer. They use some techniques like marketing in different way so that the customer can get to know about our brand. First they focus on which are most visiting sites so that the management mainly focus on that area for advertising to pull customers towards our brands.
- Improve Customer Satisfaction
It is the main goal of every organization. Probably every organization will strive for that. Because for this only the brand advertisement done drastically. If one customer is happy with the service he/she share the experience with others so others also show some interest in buying products from the company. Which eventually improve sales growth.
- Enhance Business Sales
Customer relationship management methods can be used to close more deals. CRM helps to create new sales opportunities and thus helps in increasing business revenue.
- Improve Workforce Productivity
A CRM system can create organized manners of working for sales and sales management staff of a business. The sales staff can view customer’s contact information, follow up via email or social media. The sales person directly address the customer’s query and resolve it so that the customer also feel satisfied.
Conclusion
Customer relationship management (CRM) system is the system that integrates management of customer groups, establishment and management of marketing companies referring to relationship marketing. End of the day customer group should be happy.
