Customer Relationship Management

What is CRM? It is process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. set of methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way.

Components of CRM

Contact and Account Management Relevant data for customer profile is captured with the help of software. Necessary information is captured from prospective customers. CRM system stores data in common customer database. The database integrates customer account information and present it in desirable format to the company. This database can be accessed on Internet, intranet and on other network links. The data is used for sales, marketing, services and other applications. The contact management software contains various modules of databases, displays, charts, workflow programs.

Sales Sales process management follows a customized sales methodology with specific sales policies and procedures. Sales activities include - Product information, product configuration, sales prospectus, sales quote generation. CRM also provide the history of customer account so that the sales call can be scheduled accordingly.

Marketing and Fulfillment CRM helps the professionals in product marketing, target marketing, relationship marketing and campaign management. By analyzing customer and business value of direct marketing can be estimated. CRM also helps in customer retention, behavior prediction, channel optimization, personalization. Customer response and requests can be quickly scheduled and hence sales contacts.

Customer Service and Support CRM system provides service representatives with adequate software tools and access to customer database. It also helps to create, assign and manage the service requests by customers. Call center software is designed to route customer calls to respective attendants as per the skills and authority to handle special cases. Help desk software is developed to help customer service representative to help customers who face problems with product or service to resolve it. Web-based Self Service means help customer to access personalized information at company website.

Retention and Loyalty programs The primary objective of CRM is to enhance and optimize customer retention and loyalty. CRM systems are also useful in determining most loyal and profitable customers and reward. CRM analytical software includes determining tools and analytical marketing software whereas CRM databases consists of customer data ware house and CRM data marts.

Phases of CRM

Acquisition : techniques used to form relationships with new customers to achieve an online sale. For achieving this special CRM software tools and databases are used. The main purpose of this CRM function is to make aware the customer about the superior product by a distinguished company.

Enhance to keep customer satisfied and happy to offering superior service from specialists. The profitability of the business is increased by CRM sales for a automation and direct marketing. The customer experience the convenience of one stop shopping at reasonable prices.

Retention Customer retention refers to the actions an organization takes to retain existing customers i.e. the techniques to maintain relationships with existing customer. The customer retention has two distinct goals. 1. To retain customers of the organizations (repeat customers). 2. To keep customers using online channel (repeat visits).

CRM : Benefits Excellent customer service is about being aware of customer needs and reacting to them effectively. CRM helps you to understand, anticipate and respond to your customers' needs in a consistent way, right across organization. CRM will help your business if you view it as a set of tools that let you do more for, and get more from, your customer. Keeps all your customer information in one place. Know and understand your customers. Know your best revenue opportunities. Spot the best sales campaigns.

Advantages Of CRM Using CRM, a business can : Provide better customer service Increase customer revenues Discover new customers Help sales staff close deals faster Make call centers more efficient Simplify marketing and sales processes

Challenges of CRM Problems of collecting and coordinating substantial data can lead to privacy problems. Firms still need to be sensitive to customer wishes about unsolicited contacts. Customer privacy request needs to be a part of CRM.

Integrated CRM Integrated CRM Applications Acquire Enhance Retain Customer Life Cycle Acquire Enhance Retain Functions Direct Mktg Cross-sell & Up-sell Proactive Service Sales Force Automation Customer Support Integrated CRM Applications