Customer Relationship Management

Customer Relationship Management widely known as CRM. As its name suggests , it is managing relations with your  existing customers and acquiring new customers which In turn , improves business relationships with them . CRM defines basically how you manage your relationship with your customers. The success of a business depends on how it manages its relationship with its customers. The better a business can manage the relationship with its customers the more successful it will become .  CRM is not a technology , infact, it is a strategy to learn more about  its customers needs and behavior for it to develop strong relationship with them. It involves more of  a business philosophy than a technical solution to deal with its respective customer effectively. However , a successful CRM  depends on the usage of technology as well .

It involves a series of practices, strategies and technologies that companies use for the analysis of its  customer interactions and data throughout the lifecycle. The agenda here is to improve the customer service relationships and assist in customer retention and in turn drive the sales growth . It also facilitates the  business to gain an insight into the behavior of its customers and modify or improve  their business operations to ensure that their customers are served in the best possible way in the market and they are profited as well in the mean time.

Why Should one adapt  CRM?

In the fast-paced and competitive world the importance of retaining the existing customers and expanding its business is a big challenge one can ever face. The cost which is associated in finding new customers these days is so high that retaining the  existing customers is very crucial.

The greater the opportunities that a customer provides to a company to conduct its business the better it is. One way of achieving this is by setting up different  channels like direct sales, online sales, franchises, use of agents, etc. However, the larger the channel you have, the greater is  the need to manage your interactions with your customer base.

Benefits of CRM:

• Improved customer Service and relationships.
• Increase in sales
• Customer Retention
• Improved analytics
• Improved efficiency
• Better knowledge sharing
• Increase in transparency

How the CRM works:

CRM pulls off the information from various resources like social media, your website, email, voice calls, and other channels to help you to achieve more customers and retain the ones you have. It gives you a single place to organize and manage your workflows and business processes, so you can collaborate, interact, and close more deals.

Marketing, connects and the project management—these are the essential features of CRM. In other words, these makes the bread and butter feature of it.

Practically, CRM should work in the way your business works. There are many  different types of CRM available out there , but none is one-size-fits-all/right CRM option. However, there is a CRM technology available for every company’s varying requirement according to their own business strategy being followed.

CRM can be achieved by:

1.Analysing about one’s own customer’s purchasing habits, their opinions and their preferences over time.

2.Profiling  individuals and groups to market more effectively and drive in more sales.

3.Modify and improve the way you operate to give better customer service and better marketing .

Conclusion:

• CRM is a rapid business philosophy which is based on trust and value it provides.
• CRM allows a company to align with its strategy ,with the needs of its customer in order to better meet those needs which in turn ensures long-term customer loyalty.
• The incredible outcome of CRM system provides improved customer service, deepened customer relationships with trust , retention of its new customers and its existing customers , and much more successful sales and marketing  strategies and initiatives.

CRM is all about increasing sales,with less consumption of  time and money, and providing customers a service that they remember throughout for all the loyalty and right reasons.

No matter what your business is, what its size is, you can always be assured that an appropriate CRM solution exists for your requirement.   Its time to get into CRM now.