Crm Three Letters That Have Changed The Way Organizations Look At Customers
In todays challenging and competitive business environment
, the best run organizations are continuously focusing on their most prized possessions their customers. Organizations realize that improving the customer interaction, customer support and thus the entire customer experience will help them enhance their productivity and beat the competition in the market. CRM (Customer Relationship Management) is a strategy employed to improve the companys interaction with its various customers.
Some of the benefits of CRM include
Develops better communication channels
Makes it easy to collect customer related data more efficiently
Helps create detailed profiles of individual customers
Results in increased customer satisfaction
Provides access to customer account history, order information, and customer information at all touch points
Helps identify new selling opportunities
Results in increased market share and profit margin
Helps in increasing revenues
There are three kinds of CRMs Operation CRM, Analytical CRM and Collaborative CRM.
The operational application of CRM enables effective interaction with customers. For this purpose various tools are used. These contact management tools help to reduce costs by improving process efficiency and use of media based communication channels. These are also aimed to provide customers with a consistent interface across all communication channels. To achieve this relevant customer data is collected and also displayed at all customer touch points. This is the customer master data. Another set of data where employees contact with customers is also logged. This has information like topics discussed, customer requirements, soft customer data like hobbies, preferences, interests, details about children and other minor stuffs. The data collected here is analyzed to segment customers. Ex: Banks are an exemplary implementation of CRM as customer contact management.
Analytical solutions provided for different organizations are an integrated view of customers across all channels and applications, campaign performance analysis, customer profitability analysis, cross-selling and up selling. The analytical solutions help answer questions like:
Who are their best customers?
Whom they are likely to loose?
How to retain them?
Collaborative CRM helps the various departments of company like the sales, technical support, and marketing, share the information they collect about customers. The objective is to improve the quality of customer service and increase customer loyalty and thus collaborate the activities of the different departments together.
CRM softwares help organizations not only to reduce cost and increase decision making capability but also help companies achieve differentiated capabilities which would help it to compete effectively against others over the long term.
The use of CRM will keep on increasing as the future of the global economy is decided by the value an organization provides to the customers. Therefore, as we go forward, the companies that constantly innovate to improve their customer interaction will succeed.
Contact our CRM Experts to know more: +91 11 40712488 / 81 / 82
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by: Rakesh Dutta
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Crm Three Letters That Have Changed The Way Organizations Look At Customers Anaheim