Customer relationship management is an integrated approach that manages a company's interactions with the existing and future customers. It helps to identify, acquire and maintain customers for successful growth of the business. It enables business organizations to plan & coordinate to reach across different departments and channels. A CRM model use smart technology for organizing, automating, synchronizing sales, customer service, marketing, and technical support.
What is CRM meant for?
The customer relationship management models help the businesses to monitor and control the business activities along with addressing end-to-end customer requirements. Besides, CRM focuses to -
1. Create database describing the customers, their purchasing behaviors and their relationship with the company.
2. Provide enough details to the business firm that help in understanding client needs. This is how business enterprise is able to meet the expectations and offer appropriate products/ services matching well with their pocket and requirements.
3. Prepare documentation presenting information about the past purchases of the customers.
THREE Phases of CRM
Customer relationship management mainly covers three main aspects of customer life cycle; namely: acquisition, retention and extension.
1. Acquisition - This focuses more on employee promotion, managing their profiles, sending direct emails, customer service, incentives and services.
2. Retention - It benefits customers and add value to the customer selection by adopting loyalty schemes, promotions, community, extranets and personalization.
3. Extension - The customer selection is extended by direct emails, onsite promotions and learning.
In today's competent era, it is important for every business organization to work on the customer relationship management model for making the business processes more organized and profitable. There are countless reasons to implement CRM in a business environment.
1. Help the business marketing departments for identifying and targeting their potential clients, managing business marketing campaigns and discovering qualified leads.
2. Establish individual relationship with the happy customers.
3. Boost sales and streamline existing processes.
4. Provide accurate information to the employees required for improving customer services and understand their needs better.
CRM is a faster way to...
1. Identify and handle problems/ complaints of the clients regarding business processes.
2. Monitor all the sources of contact between the company's potential clients and the business organization.
3. Bestow employees with essential information on the product specifications, technical support and product use criterions.
4. Schedule and manage follow-up sales and conduct periodical calls for assessing the customer satisfaction rates & their repurchase probabilities.
CRM is leading businesses to...
1. Identify business prospects and help them in converting to potential clients.
2. Close sales on a more effectual note.
3. Allow clients to conduct business transactions easily and faster.
4. Offer better services and improved customer support following specific sales.
No doubt, customer relationship management leads to great customer services which directly give benefits to the customers and convince then for giving repeat business. All this helps in improving the business profitability that improves the return-on-investment graph.
Don't give second thought while implementing CRM solutions to your business as this approach has been successful in bringing endless benefits to business enterprises.
Ebele Kemery is associated with JPMorgan Asset Management; she has provided institutional client relationship management and tailored risk management solutions in the Investment Bank’s Global Commodities Group. Ms. Kemery is also a Member of the Editorial Advisory Board of the Global Commodities Applied Research Digest, and fulltuition scholar from toptier University possessing a Bachelors of Engineering in Electrical Engineering.
For more details please visit: https://medium.com/@ebele_kemery
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