CUSTOMER RELATIONSHIP MANAGEMENT

In this world,communication and better understanding between any group of individuals paces up the smooth flow of any process. The relationship we have with organizations and people in it impacts a lot on the progress of the organization.

Customer relationship management is a process or you can call it technology which is used for managing all the organisation’s relationships and interactions with customers and potential customers.Usually when people talk about Customer relationship management,they refer to a CRM system,a tool that helps with communicating with the organization ,sales of the organization, productivity and more.A CRM system helps in focusing the organization’s relationship with individual people including customers,service users, colleagues,support staff, or suppliers throughout the time period with them.

Customer relationship management tools:-

Some of the CRM tools that are available in IT market are-

• Salesforce CRM
• SAP CRM
• ZOHO CRM
• Oracle CRM
• Microsoft dynamics CRM
• Nimble CRM
• Hubspot CRM
• Pipe drive CRM,etc

CRM systems can be customized according to the business type and size. They maybe start-ups, real estate, large and small enterprises, health care, insurance, media, travel, banking, tax, restaurants. All the above use CRM for increasing their sales,marketing and customer support efforts.

Goal of CRM-

Goal of any customer relationship management would be to improve business relationship,to stay productive in any process and help in profit aspects.

How CRM helps in organizations business:-

• Identifying the potential leads
• Priortising the leads
• Increasing the referral from existing customers
• Offering better customer support
• Improving the product and their services
• Increasing the sales in an organization
• Providing pin to pin details about the customer and his history
• It improves getting the lead to the process
• Helps in closure of the project
• Contacting between the organization and customer would be easy

Pros of CRM:-

• It provides a better and improved customer relationship
• Better knowledge of the customers
• Dislikes of the customer can be dealt
• Better and speedier communication
• Cost effective
• CRM offers both staff and customer satisfaction
• It helps in team bonding and collaboration
• Protection of the data privacy

Cons of CRM:-

• The cost of the CRM
• Lack of leadership
• Can be awaste of time if used incorrectly
• It depends on a proper setup
• Over reliance on the CRM may lead to a bad experience

Example of CRM in banking sector-:-

In banking CRM,sytem is used for the interaction between the customer and the employee.CRM System collects the customers data from different sources and then complies it.Then the CRM system provides the best solution or selling idea based on the customers profile.With visibility and easy access to data ,it is easier to collobarate and increase profits.The CRM ensures the bankers easy way to access the process by storing the type of relationship details the client has with the bank.This helps the bankers to take customer details and connect with them for future business.