CRM or Customer Relationship Management indicates the technologies, practices, and strategies used by organizations for communicating and managing current and potential customers. It also analyzes customer interactions throughout the customer lifecycle. CRM provides enhanced customer service, improving business relationships, profitability, and driving sales growth. CRM collects and consolidates customer data from various channels. The information is extracted from the company’s website, live chat, direct mail, telephone, social media platforms, marketing materials, and other sources.
Customer Relationship Management
- Understands the needs of the customers.
- Executes or delivers the requirement of the customers.
- Predicts the future needs of the customers.
- Responds to customers’ requirements with targeted communications.
A properly planned customer relationship strategy can control both the business operations and customers interactions at the same time. Sometimes, it includes CRM software. CRM software helps organizations track and organize their customer database. The main focus of CRM is to maintain healthy long-term relationships with customers.
CRM For Businesses
CRM software plays an important role to satisfy the customers in different aspects. A successful CRM program helps organizations to improve their business operations. CRM software first understands the customer requirements, then provides a customized solution according to the customer needs to boost the customer relationship. Additionally, CRM Software helps in making a profit and enhance business. CRM also helps the sales team to close deals faster, maintain existing customers, and find new potential quickly. CRM also makes the marketing and sales process easy. CRM software keeps the track of customers’ interests and engagements to provide a personalized service offering.
Key Features Of CRM
Customer Relationship Management software observes customer data and reports it into a single CRM database. This database helps the users to find the required information and enhance the business process. The information can be accessed anytime according to the requirements.
In recent times, few more additions have been added to the CRM systems that make CRM more complete and useful. Companies can interact with potential or existing customers through various channels or platforms, like social media, cold calling, email marketing, etc. CRM stores those data of interaction for any future needs. Besides these functions, CRM provides various automation process that reduces the human error and saves quality time of the sales team so that the team can concentrate in other more productive and important activities.
Mainly 4 types of CRM systems are available at the present time, among them, Salesforce is recognized as the world’s #1 CRM platform. The followings are the different types of CRM technologies.
The on-premises Customer Relationship Management (CRM) controls the key responsibilities like maintenance, security, administration, collection and storage of the information, and the database of the organization. In this case, organizations mainly buy licenses upfront rather than purchasing annual subscriptions from the Cloud CRM provider. Though the integration process is extended, all the required organizational data can be integrated into one platform. Organizations with special CRM needs definitely get benefited from this form of CRM.
Cloud-Based Customer Relationship Management is also recognized as on-demand CRM or SAAS. The collected organizational data is saved on the external remote network. The employees can access and make required changes to the data from anywhere in the world. Sometimes, CRM solutions may involve a third-party service provider for installation and maintenance. Nowadays, maximum organizations are adopting cloud-based CRM for its cost-effective advantage. This also provides a flexible option of monthly or yearly payment, so users can choose the payment method according to their convenience.
An open-source CRM makes source code available to the public. In this CRM, employing the system does not require any corporate funds. They can simply enable the addition and customization of data links on social media channels, helping the organizations to improve the social CRM practices.
The sales and marketing collect the leads and preserve them in the system with information throughout the customer lifecycle. The contact center collects those data and proceed with technical support interactions.
This CRM helps organizations to engage with the potential as well as existing customers in social media platforms, like Facebook, Twitter, Linked In, and many more. These open social platforms offer the opportunity to share the customers’ reviews and ratings with the companies. Positive feedback helps to boost mileage whereas negative feedback helps to rectify the faults. Businesses use various CRM tools to detect customer interactions on social media. The social CRM adds value to the company through customer communities too. This CRM is suitable for small-level businesses.
In present days, mobile devices work as the primary device for internet surfing. Marketing professionals and sales representatives need to access the required information at any time, in any location. Mobile CRM was introduced to access the CRM data through mobile devices, so accessing the CRM data becomes easy, quick, and convenient for sales and marketing representatives.
It totally depends on the organization’s resources, goals, operations, and business needs for selecting the right CRM solution and deploying it in their system. If you are looking for an effective CRM solution for your organization, CloudVandana is here to guide you in every step of the process. Take a 15 minutes consultation call for any doubts or queries.