Customer Relationship management

Customer Relationship management

We can define Customer relationship management as something where we can manage all company’s relationships and interactions with the customers which help to improve business relationships, stay connected to important customers, streamline processes and increase the profit rate of the organization. A CRM model is a framework for how your company will manage these customer relationships, from acquisition to further development of product.

The main objective of customer relationship management is: –Sales optimization, retaining established customers and Improving customer satisfaction. Sales Performance Optimization is the discipline of maximizing sales financially by making use of available resources such as systems, processes, people, technology and finance.

Finding customers for a business have not been easy since ages, and once you find them, it’s not easy to maintain the strong relationship with them all the time. So, CRM software helps to centralize, optimize and streamline communication with the customers.

There are several benefits of CRM software which focus on customer relationship areas which allows high quality, consistent and time to time interactions with customers. Better relationships lead to high customer satisfaction. As your company grows, database grows. Eventually it becomes more and more difficult to centralize and streamline communications with existing customers as well as new customers.

Firstly, by using CRM Software we can develop better knowledge of customers, customer is more than just a sales opportunity. You might be having the best product in the world but if u don’t treat your customers right, you won’t sell a thing. So, it’s important to have a better knowledge of customers. You will have the whole information of the customer which helps in knowing how to communicate with that person.

Secondly with the help of CRM you can save all activities, projects, sale, live chat, messages, email exchanges, invoices, orders, contracts or customer service request that a contact has even involved in. In other words, a CRM system allows you to know better who your contacts are and what they want. Next is CRM allows you to break down data by categories and criteria, making it easy to create focused lists, nobody wants to do business with a faceless crowd. Everybody wants to deal with a perfect audience.

When you are addressing the same customer again, you will know what they want and what you have to offer. There by you can increase your sales pitch.

Apart from being a great asset in finding and nurturing your potential and new customers, CRM is also a great tool for keeping your existing customers happy. This is called as customer retention. In this system, it will remind you about appointments or when to send follow up emails.

But what makes the real trick here is that CRM can also prompt you to reach out to those customers who have not been contacted in while, and those who neglected.

It’s easier to sell things to customer when you’ve been tracking their buying habits. We feel more confident when we know what to expect. This is where you are getting customer interaction history which helps salespeople to sell more and sell faster.

CRM system provides great customer service.

CRM helps for better and speedier communication.

Types of CRM: –

1) Operational CRM: – This is the type where the organization focuses directly on the customer. Basically, this is focused on improving and enhancing business process by customer facing. Example of this type is service center.

2) Analytical CRM: – In this type customer interaction happens through telephones, email, fax, web etc.

3) Collaborative CRM:- It is the type of CRM where various departments of an organization work collectively by sharing information that they have gathered while interaction with customers. These departments can be sales, marketing, technical support.

Using CRM helps in better improvement of organization and also the image of the organization is improved by satisfying the customers and adding value to shareholders.