What is CRM

What is CRM

CRM also known as Customer Relationship Management is the new concept in running organized Business portfolio. Though the concept is very old and since ages is being used everywhere, doing business but was not used as a scientific concept.

CRM also known as Customer Relationship Management is the new concept in running organized Business portfolio. Though the concept is very old and since ages is being used everywhere, doing business but was not used as a scientific concept. Small to large businesses were managing their relationship with their customers based on their own philosophy and understanding.

Customer Relationship Management is the scientific tool or an interface that handle healthy, friendly and fruitful relationship between any organization and existing customers or customers in probable market.

What is the goal of CRM

  • The ultimate goal of this exercise of CRM is to boost the sales of the organization in such a way that leads to win-win situation for both the parties, organization and the customer.
  • A good customer is the God but a bad customer can damage the whole reputation of the organization, earned in quite a long time. This scientific technique, if used honestly, will help organizations in finding out the good and the bad in very effective way.

How CRM can help Sales Team

  • To understand the customer journey and life cycle in more effective, scientific and calculated way.
  • To understand sales funnel for better customer insights
  • To understand what customer need and expects from the organization and how to convert that lead into a sale.
  • Customer engagement for better sales results
  • To understand when and how to run a sales campaign for better sales output
  • To manage data of multiple platforms can be kept centralized and analyzed effectively.
  • To help in analyzing customer history and purchase behavior and based on past records and purchase behavior products and schemes specific products and schemes can be briefed in very effective way.
  • In a very effective way can help and support the customers

How CRM can help Organization

  • Normally in organizations, customer relation is based on its Marketing or Sales team. Every executive who is handling any customer, develop a good bonding with that customer.

 It is a human psychology when two persons are in a long term relationship, develop comfort zone. The problem occurs when that executive leaves the organization and also takes that customer relationship with him.

Now what organization will do, train other executive and again pitch that customer and invest long time in getting in customer sales funnel. A good CRM will help in making relationship with the organization and not the executives.

  • Centralized data storing facility of customer data like Contact details, Telephonic Interaction and communication, interest, past sales behavior, satisfaction level, life and journey, if honestly analyzed, will help in taking early and right decisions to boost sales with customer satisfaction.
  • At all marketing data is summing up at one centralized location hence multiple sales teams from different markets and verticals can be managed very effectively.
  • Real time data is available hence it will be very easy to take strategic decisions based on customers and market insights.
  • By analyzing customer funnel, a clear picture of customer behavior and market trend can be analyzed in very effective and strategic way to do more personalized communication with all the customers according to their satisfaction level and sales behavior.
  • It is always true one marketing practice or campaign that is working very good in one market or vertical may or may not work as effective in another market product segment. Organizations, using CRM tools can very effectively test and analyze data at very early stage and if need to change or drop that campaign or practice, can take decision at early stage without making a huge loss.
  • After some time when customer’s data start growing with purchase behavior, more personalized and effective communication can be done from them and new products range according to their interest can be communicate them in more professional and personalized manner.
  • To retain customer, based on purchase behavior, personalized rewards, schemes or gifts can be considered at centralized level.
  • Sharing personalized content helps organizations in dealing psychologically with the customers. It always helps in boosting satisfaction level of the customer during its journey. It also helps in increasing customer life cycle with the organization.
  • CRM helps organizations in dealing and closing its sales deals very effectively and precisely at early stage with right approach.

How CRM can help Customers

  • Customer can book their order Online
  • Customer can give feedback on services and product
  • Customer can view stock available
  • Customer can track their order status
  • Customer can check their account statements
  • Customer can do an analysis of its past purchase history
  • Customer can lodge and track a complaint about product or service

Salesforce, Zoho, mailchimp are some good CRM tools, organizations can think of.