Why Customer Relationship Management (CRM)?
For m/SMEs the question is why Customer Relationship Management (CRM)? In the fast-growing era of tech consumer’s markets, digital and electronic modes for implementing business processes are not only saving big time (man-hours) but also delivering goods/services at much faster rates than ever.
The use of the internet, automation, AI and mobile has made us technologically aware as well as raised our expectations for the best every time. Organizations are adopting Business Intelligence software, CRM, ERP, Cloud Computing, GPS, and other advanced IoT measures to give the best results to their customers.
There are 3_phases_of_CRM :-
- Customer Acquisition.
- Customer Engagement.
- Customer Retention.
CRM is a business program designed to optimize profitability, revenue and customer satisfaction. It is implemented in 3 phases, which are: acquire, retain & develop.
Customer relationship management program helps to identify the needs and expectations of the customers and fulfill them. This also helps in achieving a high level of customer satisfaction. In other words, CRM is a modern business strategy that emphasizes the retention of customers by meeting or exceeding their expectations.
An organization looks at CRM from three different perspectives namely marketing, sales, and service. When a CRM is used to maintain all these perspectives, it leads to happy and satisfied customers who spread positive word of mouth for the organization.
With an accurate CRM solution, an organization can get benefits in:
- Understanding it’s customer needs and preferences.
- Streamlining marketing and sales processes.
- Providing better customer services.
- Acquiring new customers and retaining existing ones.
- Improving organizational efficiency and productivity.
- Reducing operational costs.
New trends in CRM include Social CRM, Mobile CRM, and Global CRM.
Some of the challenges to CRM implementation are lack of guidance, integration problem, inaccurate data and employee problems.
Stay tuned for more.