The full form of CRM is Customer Relationship Management. This business strategy designed to reduce costs and increase profitability by solidifying customer loyalty. CRM brings all the data together within an organization and give each customer information. This will allows only in field of sales, customer support and marketing, with these sales executive can make quick decision regarding cross selling and up-selling opportunities to target marketing strategies to competitive positioning tactics.
There are Three key elements to a successful CRM: 1-People 2- Process and 3- Technology. These three elements are most important elements in CRM, because every single business CEO and employees depends on customer data and it should be easy to use for the employee.
Here is the image which gives the knowledge about how CRM looks like. Every business designed their own CRM software.
There are different types of CRM like Sales force automation, Marketing, Customer service and support, Appointment, Analytics, Integrated/collaborative, Small business, Social media, Non-profit and membership-based. CRM is developed to learn more about customer's needs and also developed strong relationship with them.We can not consider CRM only technological way, CRM is process that will help bring together lots of information about customers, sales, marketing and also market trends.If customer relationships are the heart of the business success, CRM is the valve the pumps a company's life blood. Three elements people, process and technology gain insight in to behavior and value of the customers. This will allows for improves increased call center efficiency, cross and up-sell opportunity, improved customer profiling and targeting and customer service.
http://www.destinationcrm.com/Articles/CRM-News/Daily-News/What-Is-CRM-46033.aspx
http://en.wikipedia.org/wiki/Customer_relationship_management#Market_structures
Well written post Falgun, thanks for the new information.
ReplyDeleteNowadays CRM relies heavily on technology, as your video shows that companies use special software in order to store the customer’s information, so that companies can be specific when dealing with each customer, and therefore, this is what improves and increases customer satisfaction.
Good job,it is very useful information that I read because CRM is very important for every businesses these days to be successful in the marketplace.
ReplyDeleteCustomer relationship Management (CRM)is very important marketing strategy for marketers today. Falgun, you sum up the the defination and the the important of CRM. CRM reduces cost, increases prffit, and build strong customer loyalty. You did a good job Falgun, thank you.
ReplyDeleteI agree that CRM is very important for businesses to unerstand and take seriously. It is important that as a marketer (or business) that we truly understand what our customers wants and needs are. Without our customers, we would not be a business!
ReplyDeleteGreat post!
Great Post!
ReplyDeleteI totally agree with what you said about CRM. It is crucial to many large business to effectively and successfully. Keeping customers happy and apart of your business keeps them coming back and becoming a repeat customer!
Excellent post! CRM is essential for success for any online business. The future of CRM will be intertwined with social media.
DeleteCRM will always be important for companies and organizations. A happy customer is a good customer and may continue to use our products or service. It is very important for businesses to not overlook CRM to be successful.
ReplyDeleteExcellent post on CMR! I agree that CRM heavily relies on the three topics you listed. I think that all businesses need to understand these factors to be able to create a happy customer base, and gain loyal customers as well. With today's tough competition, customers can switch their choice of company or brand, on the sole purpose of how their relationship with that company is.
ReplyDeleteCreating a positive experience with your customers is vital in a brands success. Almost like a meeting a new person for the first time, first time experiences are crucial in depicting the quality of the brand. Therefore building a relationship with the certain brand
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteA company should never forget how much CRM important for them, CRM helps a company in efficiently dealing with all the costumers and providing them what they actually need and this increases customer satisfaction. This even increases the chance of getting more business which enhances turnover and profit for a company. More satisfied a customer is, more loyal it would be for the company which in the result in the growth of a business.
ReplyDeleteCRM is so crucial in today's marketing world. It is essential for brands to connect with the consumer. They can do this through effective CRM. CRM is important because it highly influences the consumer's perception of your brand. Word-of-mouth marketing can play a big role in the potential customer's perception of your brand, as well as their choice to test out your product/service. Effective CRM ensures that the word of mouth is positive.
ReplyDeletegreat post, CRM is crucial to having a successful company..
ReplyDeleteyou have to be sure the customer enjoys the service he/she receives because if they dont, they will probably dislike the company and worst.. tell other people about there negative experience which could affect potential future sales