Posted on 09/8/17 1:22 PM
In short, CRM, is an attempt made towards creating, developing and maintaining healthy and long-lasting relationship with customers.
The term has been into use since early 1990s. Only after this, concept of business has changed from being transactional to relational.
So, in this post, we’ll be discussing the very basic concepts of CRM.
‘CRM is an organized approach. It helps in developing a profitable relationship with customers.’
‘CRM is a software which assists marketing, merchandising and smooth service business
‘We can also define CRM as a core business strategy which integrates internal and external processes to deliver value to target customers at profit.’
So, the primary purpose of CRM is – increasing customer loyalty and improving business profitability.
There are various ingredients which work together to form successful CRM system.
Customer care service
Human resource management
Sales flow automation
Work flow automation
Prominent menthods of using Customer relationship management includes –
Expansion of customer base
Work flow productivity
Business sale enhancement
An emergence of material resource planning i.e. MRP.
The formation of database marketing.
Types of CRM
There are four basic types of CRM.
1. Strategic – customer centered
2. Operational – selling, marketing, customer service
3. Analytical – intelligent mining of customer data
4. Collaborative – application of technology across organization boundaries
A company or business has to keep various points in mind when selecting CRM software –
– Size of business
– Budget and context
– Customer base
– Business strategy
– Business requirements
Evolution of Relationship
What is Relationship?
It is a way in which two or more are things are connected. For survival of any relationship – trust, transparency, communication are of vital importance.
Marketing professor at Lindner College, F. Robert Dwyer has given five phases on customer and supplier relation evolves –
CRM Technology Market
There are 4 main vendors of CRM system –
Well, there are many others too. But, above four are choices for large corporations.
Now, let’s wrap up our discussion on CRM. The big business benefit of using CRM is to have all your data stored and accessed from single location. Other benefits could include 360 degree view of customer information, knowledge of customer wants and needs and integration with existing applications.
That’s all folks. See you with my another blog post.
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