Customer relationship management is a practice, strategy and technology which is used by companies to analyse and manage customer interactions. CRM is used to improve the customer service relationships and drive sales growth. CRM system collect the customer data from company’s different channels, compiles it and helps in sales growth. It helps companies stay connected to customers and improves profitability. Everyone in the company can see how customers have been communicated with, what they have bought, when they last purchased, what they paid etc. CRM system helps to focus on organization’s relationship with each customer throughout the lifecycle with them, including finding new customers, providing services and support and additional services throughout the relationship.
Who uses the Customer relationship Management system?
Customer Relationship management systems can be easily customized to meet the specific needs of any business type and size. start-ups, large enterprises, and verticals like real-estate, healthcare, insurance, legal, media, restaurants, travel, banking, tax, freelancers, and non-profits all use a customer relationship management software for increasing their sales, marketing and customer support efforts.
Considering an example of banking sector:
In banking CRM system is used for the interaction between the client and employee. CRM systems collect the customer’s data from different channels like Retails, Salary, Corporate etc. and compile it. Then CRM system provides the best solution or selling scheme based on the customer’s profile. With visibility and easy access to data, it is easier to collaborate and increase productivity. CRM Next makes the life of bankers easier , the client who is having any type of relationship with the bank their details get stores in the CRM System. This helps the employee to take the client details and connect with them for future business reference.
Here how CRM system can help today’s business:
- Identify and categorize potential leads.
- Increase referral from existing customers.
- Offer better customer support.
- Improve product and services.
- Provide detail history of customer purchase.
- Increase sales growth.
- Improve lead conversion rate.
- Helps in deal management.
- CRM manages the contactability.