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 can compile this information from a range of different communication channels, including a company’s website, telephone, email, live chat, marketing materials, and social media. These systems allow businesses to learn more about their target audiences and how to best cater to their needs, thus retaining customers and driving sales growth.
Early customer relationship management was carried out by evaluating customer satisfaction using annual surveys or by frontline asking. Today technology advancements have allowed CRM processes to evolve to stand-alone and cloud-hosted systems.
Why invest in a CRM?
- A CRM has the ability to increase customer loyalty and usage behavior as well as reduce customer complaints and the likelihood of customer defection, hence improving the economic performance of the company
- By accumulating information across customer interactions and processing this information to discover hidden patterns, CRM applications help firms customize their offerings to suit the individual tastes of their customers.
- CRM applications also enable firms to provide timely, accurate processing of customer orders and requests and the ongoing management of customer accounts.
- CRM applications also help firms manage customer relationships more effectively across the stages of relationship initiation, maintenance, and termination
- It helps everyone in a business to easily update records and to get access to the latest information hence improving accuracy and efficiency. For cloud-based systems, this task can be fulfilled at any location on any connected device.
HOW CRM works
The key features of a CRM system typically include:
- Contact management
All the latest information about customers such as contact details and service conversations is easily available to access and update.
- Lead management
A CRM tracks the company’s leads, allowing marketing teams to enter new leads into the system (automatically or manually) and to track and analyze data about them.
- Sales forecasting
Forecasting reports enable salespeople to get better visibility over their pipelines, qualify leads more accurately, and see how close they are to hitting their targets. Sales managers can use reports to motivate and manage their people
- Instant messaging between employees
Real-time instant messaging functionality makes it easier for coworkers to ask and answer each other’s queries. Managers can check in on staff in the field, and employees can ask for instant feedback or support as needed.
- File and content sharing
Team members can upload information to a centrally stored location, and share it easily and instantly with coworkers.
- Individualized customer experiences
You can also use a CRM to create personalized and consistent experiences for your potential customers across various marketing channels, which may help increase conversions and boost brand awareness.
Some CRM systems include:
- Data warehouse technology
It is used to aggregate transaction information, to merge the information with CRM products, and to provide key performance indicators.
- Opportunity management
This helps the company to manage unpredictable growth and demand, and implement a good forecasting model to integrate sales history with sales projections.
- CRM that is available as a software as a service (SaaS)
It delivers via the internet and accessed via a web browser instead of being installed on a local computer. Businesses using the software do not purchase it, but typically pay a recurring subscription fee to the software vendor.
- Systems for non-profit and membership-based organizations
These help track constituents, fundraising, sponsors’ demographics, membership levels, membership directories, volunteering, and communication with individuals.
With over fifteen years of experience in providing IT solutions for enterprises, Infinity computers (I3C) is your trusted partner in developing an effective CRM system for your business.
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