First coined in the 1990s, Customer Relationship Management or CRM means managing the relationship with your customer. Now-a-days, it is used to describe IT systems and software designed to help you manage this relationship. CRM enables organizations to better serve their customers through the introduction of reliable processes and procedures for interacting with those customers. Hence, CRM serves to enhance the customer's overall experience.
1. Operational CRM- It streamlines the business process that includes Sales automation, Marketing automation and Service automation.
2. Analytical CRM- It helps top management, marketing, sales and support personnel to determine the better way to serve customers.
3. Strategic CRM- It is usually customer-centric, based on acquiring and maintaining profitable customers.
4. Collaborative CRM- It is based on application of technology across organization boundaries with a view to optimize the organization and customers.
Following are the various phases a business needs to go through while implementing CRM projects:
The contemporary business culture has changed from the traditional customer relationship management software, as it is expensive to install and maintain, and opting for web or hosted relationship management instead. Web CRM helps to manage leads and create well recorded and successful client interactions when Salesforce uses a pay-as-you-go model that saves you money?
CRM explained in detail
Happy customers are the key to success in any business. However with ease comes the complexity too, as satisfying the customers is not an easy task. With limitations like lack of proper response, duplicate information’s, long menu etc… in a typical IVR (Interactive Voice Response), organizations are running behind newer technologies to gratify their customers. Businesses who fail to implement the right data management and customer interaction strategy will lose out on a 25% increase in potential new revenue, according to Gartner, an American research and advisory firm.
A CRM system refers to use of certain methods, strategy and technologies by Companies to examine customer interactions and their data throughout their operating period. CRM (Customer Relationship Management) provides a superior way to organize the relationships between the customer and the organization in any business, which leads to huge productivity. Though it especially is fruitful for smaller businesses, it also helps in driving business growths to all other size of organizations. Organizations are also working on recording customer emotions such as their overall satisfaction and ratings on how likely they would suggest the product in order to expand marketing and service strategies.
The goal of CRM is simple yet effective; it improves customer relationship by staying connected with the customers and streamlining the process, thereby improving the business growth. It integrates customer information’s and catalogs it into a single CRM database for easy access and manageability. It permits everyone in an organization to observe customer communications, their purchase, time of their purchase, the amount paid and a lot more. It also allows to access information’s from their social media accounts, their opinion on the company and its competitors, their wish list etc... In simpler words, it gives an explicit overview of the customers.
The main functions of the software are that it records customer interaction through various channels like phone calls, messages, social media, email etc… depending on the system’s potential. It allows tracking every move of the customer and provides a single view of the customer for all the teams of an organization. It provides a consistent customer experience across all the channels.
1. Operational: A CRM that is powerful in this sector will excel in contact management, pipeline analysis in sales, lead management, help desk etc… It primarily works on automating progress seamlessly in customer service, marketing, and sales which to manage the repetitive tasks and increase the speed of work.
OPERATED BY: Managers, tech supporters, marketers, service representatives and salespeople
2. Analytical: A strong analytical CRM can obtain big data from the various point of contacts and stabilize them into useful and accurate informations for strategic planning. It produces real-time data with a powerful reporting and dashboard features.
OPERATED BY: Department heads, team leaders, CEOs, and executives,
3. Collaborative: With a deep clarity in sales and marketing, this tool primarily focuses on boosting the teamwork with the purpose to improve the quality of customer service. It possesses communication tools encompassing social discussion, chat option and email facility, which are noteworthy. It supports in sharing customer information and also synchronizes customer activities. Furthermore, it has an efficient file sharing and editing control properties.
Most of the solutions, in spite of possessing all the three types, are only forceful in any one or two.
CRM software will continue to expand in the coming years and as a proof to that, there are a lot of trends occurring in the software. The major trend that is ready to occur in CRM is the integration with external tools and services. Customers are demanding for more mobile features and that are being gradually fulfilled. This will increase user productivity and will support customers to perform actions seamlessly. Vendors are working on integrating data’s across sectors like accounting, management, purchasing etc… which are other than sales and marketing
AI (Artificial Intelligence) will be the next generation technology in the CRM system and would be the most significant improvement for CRM in the near future which will rapidly drive the sales cycle. AI will boost the CRM system and will enable the organization to anticipate the needs of the customers and will help in answering all the questions of the customers, which will enhance the customer experience. AI integrated CRM will comprehend the usage pattern, scrutinize data’s, predicts trends, makes essential conclusions and automatically performs the everyday task; by this, it will reduce the workload of the employees.
To get closer to the customers, businesses have started to utilize social networks developing virtual communities. Allowing a healthy interaction with the existing customers it helps in fixing complications with ease.
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