Customer Relationship Management (CRM), is a system for managing a company’s interactions with customers. It involves using technology to organize, automate, synchronize and analyze sales, marketing, customer service, and technical support. CRM is the backbone on which the Customer Services are managed and delivered.
“Customers are assets of any organization or company”
The best CRM platforms are customized powerhouses that can bring together data from all corners of an organization as well as outside of it, to provide a view of the business’s customers and consumer interaction. CRM is used for managing all communications with customers, clients, and sales prospects, so as in the future every data is available to help generate new business.
CRM is not easily recognizable to most organizational taskforce, but there are several benefits of using it, as listed below:
• Build stronger customer relationships
Bringing all Customer details in a single location with easy access helps in unifying the data, which in turn helps in building a stronger relationship.
• Increased Productivity
The Productivity of the team will be increased on implementing CRM as the team will spend more productive time with strong leads rather than wasting time on cold leads.
• Reduced costs
CRM technology provides various tools inbuilt that helps the sales team in increasing their accuracy and effectiveness. It eliminates the time to spend behind correcting the errors.
• Enhanced communication
Communication within the sales team is critical when it comes to customer management. CRM application is a great way to help increase communication between the sales force and sales management.
• Organized Data
Using CRM the team members can manage their task with priority and get optimized output.
• Comprehensive view of your customers
CRM technology provides a complete picture of all of your Past, Current and Potential clients
• Useful for customer service
Businesses can use automated CRM applications to analyze customer complaints, or compliments, and change the business processes accordingly.
• Increased customer satisfaction
CRM technology can help to increase customer satisfaction by analyzing the customer feedback collected by the team members. Customer satisfaction leads to increased loyalty and increased profit margins.
How CRM impacts on the organization
CRM impacts an organization through:
- shifting the focus from product to customer
- integrating the customer’s needs and requirements
- improve business by effectively doing cross-sell and up sell more
- effectively close deals, retain customers and better understand where your business is.
- provide better customer service and increased business
Benefits of Effective CRM Solution
There are significant business benefits which accrue from an effective, integrated Customer Relationship Management approach. The biggest benefit an organization realizes when moving to a CRM system comes directly from having all your business data stored and accessed from a single location, the others are:
- Reduced costs, due to wide accessibility and availability of data for all
- Increased customer satisfaction, because they are provided with required services
- Growth in numbers of customers
- Maximization of opportunities
- Long term profitability and sustainability
- Inter Departmental collaboration
- Efficient, automated and improved business processes
For any business, to be successful in this competitive business world, Customer Relationship Management has become an important tool. The Customer expectations are increasing and to service these expectations, a unified CRM system helps in consolidating these businesses. CRM makes it easy for an organization to connect with their customers and therefore serve them better. Businesses with a successful CRM strategy can generate increase in sales, customer satisfaction, and overall business.