Customer Relationship Management is an integral part of modern business. In order to stay ahead of the competition, companies look for ways and means to effectively manage customer relationship, right from sales, operations, logistics and service delivery.
Thought to be one of the critical success drivers in today’s corporate environment, CRM is an overall strategy that helps:
1. Appreciate the requirements of customer
2. Employ tools and approaches that enable astute customer servicing
3. Source and retain newer customer and clientele
4. Increase customer engagement and reduce costs involved
The recent and evolving technological advancements has opened newer avenues for customers to purchase products or services and at the same time has provided alternatives options for corporate houses to attract customers and manage them efficiently. The twin proliferation of Web and smartphones has now provided better opportunities for managing customer expectations.
As a small example, we see supermarkets offering gift coupons on selected purchases. Implementing CRM ensures that not only is customer induced to purchase more though such offers, but the supermarket also benefits from such steps, as the gift coupon also tracks customer purchase profile and keeps a detailed account of the same. This helps the supermarket to devise offers and strategies that are in line with the customer’s purchase profile thus leading to a happier customer and a profitable supermarket.
The broad categories that CRM process cycle entails are:
1. Lead generation: Using an easy-to-access format CRM helps tracking customer details, demographics, purchase history, shopping patterns and profiling to create an elaborate database that targets customer satisfaction. How do you think the magazine you subscribed for, tracks and sends a birthday message every year without fail? That’s CRM for you
2. Sales integration: Once the information and report is ready, sales people use this to maintain a healthy customer relationship. An example would be the post sales communication channel that stays open between sales people and customers that not only strengthen the relationship but also help attract referrals.
In a nutshell CRM uses technology as a core enabler to collect, analyze and manage important information about customers and supply ways and means to link information in such a way that helps smart and innovative customer relationship management to attract new customers and retain existing ones satisfactorily.
Resource: Copywriting Services