What is Customer Relationship Management (CRM)? - Definition by Codetextpro - CodeTextPro | Web Tutorial | Technology

CodeTextPro.com Provides - Web design, Technology gyan, Digital marketing, Online earnings, Seo, Adsense, Technology news, Motivation and inspiration, Latest Technology Affairs, Gadgets, Blogging

Sunday, October 20, 2019

What is Customer Relationship Management (CRM)? - Definition by Codetextpro

Customer Relationship Management(CRM)


What is Customer Relationship Management (CRM)? - Definition by - Codetextpro.com

CRM: 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, assisting in
customer retention and driving sales growth. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, productivity, and more.

A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.



Customer Life Cycle: These activities represent a cyclical process of interactions between each customer and the Enterprise, represented as the Customer Life Cycle (CLC). Using CLC as a tool we can see how CRM capabilities affect customer interactions at various points in the lifecycle. The picture in next slide

depicts this concept.



crm
Customer Relationship Management(CRM)



Who is CRM for?
A CRM system gives everyone — from sales, customer service, business development, recruiting, marketing, or any other line of business — a better way to manage the external interactions and relationships that drive success. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.



Importance of CRM in business:
A CRM system can give you a clear overview of your customers. You can see everything in one place — a simple, customizable dashboard that can tell you a customer’s previous history with you, the status of their orders, any outstanding customer service issues, and more. You can even choose to include information from their public social media activity — their likes and dislikes, what they are saying and sharing about you or your competitors. Marketers can use a CRM solution to better understand the pipeline of sales or prospects coming in, making forecasting simpler and more accurate. You’ll have clear visibility of every opportunity or lead, showing you a clear path from inquiries to sales. Some of the biggest gains in productivity can come from moving beyond CRM as a sales and marketing tool, and embedding it in your business – from HR to customer services and supply-chain management.


Though CRM systems have traditionally been used as sales and marketing tools, customer service teams are seeing great benefits in using them. Today’s customer might raise an issue in one channel — say, Twitter — and then switch to email or telephone to resolve it in private. A CRM platform lets you manage
the inquiry across channels without losing track, and gives sales, service, and marketing a single view of the customer.





What does a CRM system do?
A customer relationship management (CRM) solution helps you find new customers, win their business, and keep them happy by organizing customer and prospect information in a way that helps you build stronger relationships with them and grow your business faster. CRM systems start by collecting a
customer's website, email, telephone, social media data, and more, across multiple sources and channels. It may also automatically pull in other information, such as recent news about the company's activity, and it can store personal details, such as a client's personal preferences on communications. The
CRM tool organizes this information to give you a complete record of individuals and companies overall, so you can better understand your relationship over time. 

A CRM platform can also connect to other business apps that help you to develop customer relationships. CRM solutions today are more open and can integrate with your favorite business tools, such as document signing, accounting and billing, and surveys, so that information flows both ways to

give you a true 360-degree view of your customer.




Features of CRM Product:
A CRM toolkit covers a wide diversity of channels. In order to bring true customer management across the online business, one needs the CRM product to fulfill the following criteria:

Content: Is the system delivering the contents a customer wants to see? How is it being managed on the IT platform?

E-mail Management: Are e-mail campaigns focused to provide an offer that customers can’t refuse? How are these tied in websites so that a customer enjoys a seamless experience?


Customer Management: Is the company managing data across all the sales and marketing functions to its best? E-marketing: How well are e-marketing efforts targeted? How well do they combine with online selling operations?


Assisted Selling: One needs to analyze, whether assisted sell model would help to achieve business success. The business model of Dell helps its business but it may not be true for all the organizations.




Advantages of CRM in business :

1. MAKE IMPROVEMENTS TO YOUR BOTTOM LINE.

Introducing a CRM platform has been shown to produce real results – including direct improvements to the bottom line. CRM applications have a proven track record of increasing.

2. IDENTIFY AND CATEGORIZE LEADS

A CRM system can help you identify and add new leads easily and quickly, and categorize them accurately. By focusing on the right leads, sales can prioritize the opportunities that will close deals, and marketing can identify leads that need more nurturing and prime them to become quality leads.

3. INCREASE REFERRALS FROM EXISTING CUSTOMERS.

By understanding your customers better, cross-selling and upselling opportunities become clear — giving you the chance to win new business from existing customers.

4. OFFER BETTER CUSTOMER SUPPORT.

Today's customers expect fast, personalized support, at any time of day or night. A CRM system can help you provide high-quality service that customers are looking for. Your agents can quickly see what products customers have ordered, and they can get a record of every interaction so they can give
customers the answers they need, fast.

5. IMPROVE PRODUCTS AND SERVICES.

A good CRM system will gather information from a huge variety of sources across your business and beyond. This gives you unprecedented insights into how your customers feel and what they are saying about your organization — so you can improve what you offer, spot problems early, and identify gaps.



1 comment: