Customer Relationship Management(CRM). What is CRM ? . Customer relationship management (CRM) is a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects. The purpose of CRM.
Customer relationship management (CRM) is a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects
*The focus of CRM is on creating value for the customer and the company .
*customer service that they receive from suppliers, they are less likely to look to alternative suppliers for their needs .
*CRM enables organisations to gain ‘competitive advantage’ over competitors that supply similar products or services
*Quality and efficiency
*Decrease in overall costs
*growth in numbers of customers
When introducing or developing CRM, a strategic review of the organisation’s current position should be undertaken
So Organisations need to address two issues:-
1-what is our core business and how will it evolve in the future?
2-What IT infrastructure do we have and what do we need to support the future organisation needs?
Operational CRM means supporting the so-called "front office" business processes, which include customer contact (sales, marketing and service). Tasks resulting from these processes are forwarded to employees responsible for them, as well as the information necessary for carrying out the tasks and interfaces to back-end applications are being provided and activities with customers are being documented for further reference.
In analytical CRM, data gathered within operational CRM are analyzed to segment customers or to identify cross- and up-selling potential. Data collection and analysis is viewed as a continuing and iterative process. Ideally, business decisions are refined over time, based on feedback from earlier analysis and decisions. Business Intelligence offers some more functionality as separate application software.
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Collaborative CRM facilitates interactions with customers through all channels (personal, letter, fax, phone, web, e-mail) and supports co-ordination of employee teams and channels. It is a solution that brings people, processes and data together so companies can better serve and retain their customers. The data/activities can be structured, unstructured, conversational, and/or transactional in nature.
Sales force automation (SFA) involves using software to streamline all phases of the sales process, minimizing the time that sales representatives need to spend on each phase.
CRM systems for marketing help the enterprise identify and target potential clients and generate leads for the sales team. A key marketing capability is tracking and measuring multichannel campaigns, including email, search, social media, telephone and direct mail.
Recognizing that service is an important factor in attracting and retaining customers, organizations are increasingly turning to technology to help them improve their clients’ experience while aiming to increase .efficiency and minimize costs
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