CRM – Definition and Overview
CRM is the more commonly used abbreviation for “Customer Relationship Management”, a widely employed strategy for the management of a business’ interactions with their current clients or customers and their potential prospects.
Technology is utilized for automating, organizing, and synchronizing processes of the business. CRM primarily applies to sales and sales force activities but is also used for customer service, marketing, and tech support.
Primary Goals of Customer Relationship Management (or CRM)
- attract, find, and win over new clients or customers
- continue to nurture the current ones that are already in the company sales database
- entice former clients or customers back to the company
- reduce the costs of customer service and marketing efforts
Customer Relationship Management is typically a company-wide business strategy incorporating customer interfacing from across departments. In order to successfully implement this particular strategy, you have to be able to measure and value your client or customer relationships.
The Benefits of CRM
A properly implemented Customer Relationship Management system carries with it a number of benefits for a business.
Primary Benefits of Customer Relationship Management
- better retention of clients or customers
- decision-making support
- distributed and/or shared data
- improved client or customer loyalty, service (efficiency and quality), and satisfaction
- increased profitability
- more new and repeat business
- reduction of costs
The initiative of choosing and implementing a CRM system can be executed successfully but it requires that the CRM system is defined, all risks are assessed, and costs or related expenses need to be quantified according to “The Three P’s.”
People: the employee culture of the company In order for a CRM system to succeed, the business must convince its people or staff members that this newer technology and the workflows that will result are going to benefit the employee as well as the client or customer
Procedures: the way in which business is conducted “]Despite the fact that any CRM system contains a number of technological components, the core values of the system revolve around business processes and client or customer service.
This must be evaluated according to several key factors including aligning this business strategy with the goals of the company, being able to deliver the right data and information to the appropriate employees, and ease of adoption, implementation, and use of the system.
Why should you choose Marketing Optimizer
Marketing Optimizer includes one of the most innovative and robust CRM software applications currently available on the market. It will enable you to improve your sales and profitability while substantially reducing your stress.
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