Customer Relationship Management
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers.
Benefits OF CRM
- A strategy widely used by companies and organizations to record and manage their overall data and interactions with current, past and potential customers.
- CRM works to ensure that all customer-interfacing organizational functions (i.e., sales, marketing, technical support) are efficient and synchronized, ensuring that former and potential customers are adequately and appropriately served.
- It helps in building Better client relationships and Connect customers across all channels on a single platform.
- Enhanced sales force efficiency and effectiveness and Enable cross-selling and up-selling through historic sales analysis.
- Enhanced ability to target profitable customers.
- Deliver a clear understanding of specific customer requirements and Improve customer service efficiency and effectiveness.
The focus of the crm is on creating value for the customer and the company over the long term.
- Creating a crm strategy--The organization should have a clear set of objectives which it would like to achieve through the crm
- Identifying current and planned needs of the customer for service development to shape a new product and analyzing future prediction.
- Increasing sales by choosing the right technology and better timing approaches to create better experiences.
- Understanding customer expectations and identifying unprofitable customers and managing them in more cost-effective ways.
- Sales and marketing process integration by managing the crm application.
- Systemizing customer feedback process.
How We Manage
It is important that the crm processes should be clearly defined. For developing CRM, a strategic review of the organisation’s current position, core business and how will it evolve in the future, IT infrastructure ,partners, sales appropriate for the business and marketing should be considered.
Collecting,Storing and Accessing customer information to deliver a consistent customer experience across all channels.
Selecting the appropriate technology and training the employees how to use it.
Tracking the customer behavior throughout the sales cycle to generate more reliable sales .
Maintaining customer satisfaction by Increasing value from existing customers, and reducing costs by supporting and servicing them.
Managing the Application-The business operation should properly map with the CRM application.
- Customer relationship management may be fragmented.
- New methods with which to improve customer service and reduce related costs are not utilized.
- Lack of knowledge on the part of one section of an enterprise regarding interactions with a customer on the part of another can lead to customer frustration and embarrassment.
- Inability to respond to market demands caused by lack of integration among order-entry systems or, even worse, due to infrastructure.
- Lack of visibility of the order status along the whole supply chain.
- Lack of true integration of SCM and CRM systems.
- Inefficient routing protocols send voice calls and emails into a black hole where they are never retrieved or responded to.
- Inadequate staffing provides for an overloaded workforce where responses to inquiries may be unacceptably delayed or never answered at all.
- Web pages are static (not constantly updated), thus they do not respond to customer needs and demands.