In modern day business, some of the most valuable and coveted data for any commercial entity is a customers’ list. Companies are spending large chunks of their annual sales and marketing budgets on arranging their customer data in it’s most accurate form. Customer relationship management (CRM), when used correctly, can be the answer to this.
CRM is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales and marketing, customer support and technical support departments.
CRMs are built with complicated processes, involving sophisticated computer technology. When used correctly a CRM can identify what customers need and then systematically align demand generation processes to meet those needs in a timely manner. A great CRM provides transparency; streamlined processes and can generate actionable information for your company.
The core objective of CRM is to develop streamlined business processes and increase sales.
CRM and its Advantages
There are many advantage of using a CRM, including but not limited to:
Centralized data storing and data access
CRM helps companies save resources and generate actionable information. This helps the whole company including: sales, marketing, customer services, accounting, service delivery and Management etc. CRM’s allow these
departments to all use data from a centralized location and maintain their notes from within the same place. This results in structured, automated processes throughout your company.
CRM provides you with a 360-degree view of your entire business growth pipeline such as: appointments, tasks, telephone notes, correspondence, sales opportunities, complaints, orders, delivery notes and projects. This will cause your employees to be well informed and your customers to be taken care of.
Value of information
In CRM’s all of the interactions between your customer and company have been stored and tracked. You have access to all valuable information in one place. In this way, you can know what your staff is doing and you can cater to the needs of your customer. Also, since you have customer’ segments and reports and know their historical buying capacity your sales team can plan and implement campaigns according actionable data regarding a particular customer segment.
There are many success stories where use of a CRM System has helped companies increase their customer retention and increase business growth. CRM systems have led to better organized business processes.