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Transcript of CRM
It allows easier collaboration with customers, suppliers, and business partners and, thus, enhances sales and customer services across all the marketing channels. The major goal of collaborative customer relationship management applications is to improve the quality of services provided to the customers, thereby increasing the customers loyalty. Examples of collaborative CRM applications are partner relationship management (PRM), customer self-service and feedback, etc.
TYPES OF CRM
It enables to analyze customer data generated by operational CRM applications, understand the customers’ behavior, and derive their true value to the organization. This helps to approach the customers with pertinent information and proposals that satisfy their needs. The analytical customer relationship management applications use analytical marketing tools like data mining to extract meaningful information like the buying patterns of the customers, target market, profitable and unprofitable customers, etc., that help to improve performance of the business.
It provides support to front-office business processes that involve direct interaction with customers through any communication channel, such as phone, fax, e-mail, etc. The details of every interaction with customers, including their requirements, preferences, topics of discussion etc., are stored in the customers’ contact history and can be retrieved by the organization’s staff whenever required.
Thus, it presents a unified view of customers across the organization and across all communication channels. Examples of operational CRM applications are sales force automation (SFA), customer service and support (CSS), enterprise marketing automation (EMA),etc.
Customer Relationship Management
Customer Relationship Management (CRM)
is defined as business and technology discipline that manages the way and organization deals with its customers, in order to enhance the revenue, profitability, customer satisfaction and retention. In short, CRM is about introducing the right product to the right customer of the right time through the right channel to satisfy the customer’s evolving demands.
Benefits of Customer Relationship Management (CRM)
Effective customer relationship management systems can realize the following benefits to an organization.
• Help organizations to determine their most profitable customers and establish a long-term relationship with them. This can increase the firm’s sales revenue.
• Results in reduced churn rate (the number of customers who stop buying or using products of a company) by enabling the firms to customize and personalize the products according to user needs, preferences. buying habits, etc.
• Enables provision of better customer service and support across all the touch points, whichever the customer uses.
CRM systems for marketing track and measure campaigns over multiple channels, such as email, search, social media, telephone and direct mail. These systems track clicks, responses, leads and deals.
CRM systems can be used to create, assign and manage requests made by customers, such as call center software which helps direct customers to agents.CRM software can also be used to identify and reward loyal customers over a period of time.
Customer Service and Support
CRM systems can automatically suggest suitable appointment times to customers via e-mail or the web. These can then be synchronized with the representative or agent's calendar.
For small businesses a CRM system may simply consist of a contact manager system which integrates emails, documents, jobs, faxes, and scheduling for individual accounts. CRM systems available for specific markets (legal, finance) frequently focus on event management and relationship tracking as opposed to financial return on investment (ROI).
CRM often makes use of social media to build up customer relationships. Some CRM systems integrate social media sites like Twitter, LinkedIn and Facebook to track and communicate with customers sharing their opinions and experiences with a company, products and services. Enterprise Feedback Management software platforms such as Confirit, Medallia, and Satmetrix combine internal survey data with trends identified through social media to allow businesses to make more accurate decisions on which products to supply
Mobile CRM lets your mobile or remote employees use mobile devices such as smartphones and tablets to access, update and interact with customer data wherever they are. The best mobile CRM solutions let mobile workers do everything they could do with CRM at their desktop, with the addition of advanced mobile CRM features.
While the phrase customer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
Customer relationship management solutions provide you with the customer business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up sell more effectively, close deals, retain current customers and understand who the customer is.
How CRM is Used Today
. CRM is often thought of as a business strategy that enables businesses to:
Understand the customer
Retain customers through better customer experience
Attract new customer
Win new clients and contracts
Decrease customer management costs
Systems for non-profit and membership-based organizations help track constituents, fund-raising, demographics, membership levels, membership directories, volunteering and communication with individuals.
Non-profit and membership-based
Customer-Centric Relationship Management (CCRM)
CCRM is a style of customer relationship management that focuses on customer preferences, instead of customer leverage. This is a nascent sub-discipline of traditional customer relationship management, to take advantage of changes in communications technology.