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Customer relationship management (CRM)

CRM stands for ‘Customer Relationship Management’ and refers to all strategies, methods, techniques, tools, and technologies used by organizations for developing, retaining existing customers and acquiring customers. these technologies permit strategy, and find and manage customer relationships, directly or virtually. this software provides performance to the companies in four segments: sales, digital commerce, customer service and marketing.

Social media is single way companies adapt to ongoing trends that benefit their bottom line. The entire point of Customer Relationship Management is to construct positive experiences with users to keep them bring back so that a company can generate a growing base of returning their customers.

Rapidly Increasing, the word Customer Relationship Management is being used to refer to the technology companies .

Why CRM benefits businesses:

  • The use of CRM systems can benefit organizations ranging from small businesses to large corporations, through:
  • Having customer details such as past purchases and interaction details of past transactions easily accessible can help consumer support representatives provide good and much faster customer service.
  • Automation of menial, but necessary, sales funnel and customer support tasks.

Why CRM benefits businesses:

  • The use of CRM systems can benefit organizations ranging from small businesses to large corporations, through:
  • Having customer details such as past purchases and interaction details of past transactions easily accessible can help consumer support representatives provide good and much faster customer service.
  • Collection of and access to customer data can help businesses identify trends and insights about their customers through reporting and visualization features.
  • Automation of menial, but necessary, sales funnel and customer support tasks.

3 Types of Customer Relationship Management:

Now a days CRM Majorly divided into three types, they are Operational, Collaborative, and Analytical.

  1. Operational CRM:

The main purpose of operational Customer Relationship Management is to create leads and then turn them into contact while gathering all the required details and also to provide best service throughout the consumer life  There is an operational Customer Relationship Management database which can stores all the details about consumers including the transactions, requirements, priorities, discussion topics etc.

  1. Analytical CRM:

Analytical Customer Relationship Management helps to calculate the data of customers that is generated by the above type of CRM apps. Analytical Customer Relationship Management also helps to understand the characteristics of customers and help them to derive their real value to the business. This will help to the company to contact customers with useful information and give them which addresses their needs and helps to satisfy them.

 

  1. Collaborative CRM:

This is also known as strategic Customer Relationship Management which helps your organization to share the details of customers to various business units like sales team, marketing team, technical support, support team. let me give an example, feedback from the Sales team could be useful.  It is seen that every business process unit works independently as a separate group and rarely shares their entire information of customers with other teams which rarely causes a loss in business.

 

Need for Customer Relationship Management:

  • CRM leads to satisfied customers and in the end higher business every time.
  • CRM goes a long way in hold on to existing customers.
  • CRM ensures customers bring back home with a smile.
  • CRM improves the relationship between the company and consumers.

 

Finally, by using CRM Software we can develop better knowledge of persons, customer is more than just a sales opportunity. You might be having the best product in the territory but if u don’t know how to treat your consumers 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 customer.

 

 

About COEPD

COEPD is a primarily a community of Business Analysts. Objective of COEPD is to minimize project failures by contributing in the areas of Business Analysis. All BAs who are committed towards this cause, gathered and formed this COEPD Community. Through COEPD, we are striving to bring awareness of Business Analyst role and also the benefits of having a BA in project. As a part of this, we are imparting Business Analysis knowledge to all enthusiastic professionals, who are keen in getting into this BA role.

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