Customer Relationship Management
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Customer Relatioinship Management
Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
CRM systems compile data from a range of different communication channels, including a company’s website, telephone, email, live chat, marketing materials and more recently, social media.They allow businesses to learn more about their target audiences and how to best cater for their needs, thus retaining customers and driving sales growth. CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as customer relationship management (CRM). This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, and the analysis of consumer patterns and behaviors, from the perspective of the company.
- Contact Management
- Marketing Campagin
- Lead Tracking
- Opporturnity Management
- Service Management
- Collaboration & Analytice
Strategic CRM is concentrated upon the development of a customer-centric business culture. The focus of a business on being customer-centric (in design and implementation of the CRM strategy) will translate into an effective sales strategic action.
The primary goal of customer relationship management systems is to integrate and automate sales, marketing, and customer support. Therefore, these systems typically have a dashboard that gives an overall view of the three functions on a single customer view, a single page for each customer that a company may have. The dashboard may provide client information, past sales, previous marketing efforts, and more, summarizing all of the relationships between the customer and the firm. Operational CRM is made up of 3 main components: sales force automation, marketing automation, and service automation
- Salesforce Automation
- Marketing Automation
- Service Automation
The role of analytical CRM systems is to analyse customer data collected through multiple sources and present it so that business managers can make more informed decisions. Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze the customer data. These analytics help improve customer service by finding small problems which can be solved, perhaps by marketing to different parts of a consumer audience differently.For example, through the analysis of a customer base’s buying behaviour, a company might see that this customer base has not been buying a lot of products recently. After scanning through this data, the company might think to market to this subset of consumers differently, to best communicate how this company’s products might benefit this group specific
The third primary aim of CRM systems is to incorporate external stakeholders such as suppliers, vendors, and distributors, and share customer information across groups/departments and organisations. For example, feedback can be collected from technical support calls, which could help provide direction for marketing products and services to that particular customer in the future