What is CRM?
If you asked what on earth CRM is? What does it function to business practice? CRM simply refers literally to an abbreviation of Customer Relation Management. Management-wise, CRM can define as a combination of business strategies, software and business processes which, if implemented correctly, will bring significant, tangible benefits to your company.
Is CRM beneficial to every business?
Yes and No. CRM systems work very well, but only if they’re implemented correctly and appropriately. How could that happen?
Customers’ expectations are so much more complex and dynamic. The thing to remember is that the customer is the real boss! While they hire us by coming in to our business and buying our services and products and therefore, they can also fire us by simply going to our competition. If you can provide a great customer service and keep your customer coming back to you, then you have half the battle won. It is in these situations that correct CRM preparation is really important. By knowing your customers all the time, you can help them correctly and efficiently. They will come back if they know you understand them.
Accessibility is the most significant advantage of a good CRM system, making it easy to access comprehensive customer information and contact history. Generally, most companies know their customers from A to Z, but with data often stored in many different ways and databases. Information is everywhere in spreadsheets, different databases, on laptops, in email directories, even in the memory bank of the staff.
Well organized and implemented CRM systems bring all this information together. Good features and tools save a lot of time and effort. They’ll help you boost your sales opportunities, run more sophisticated marketing campaigns, improve your sales forecasting and lead management and greatly enhance customer service. And that’s just the beginning. Furthermore, CRM systems have given businesses a deep understanding of what drives their customers, services and products. Once again, if a new CRM system is implemented properly, it can transform a company throughout.
Take a look at an example here, you have a customer who usually deals with your colleague, is on the line with you now. Instead of asking if they can hold while you search for their information or ask them if they don’t mind a call back, you instantly know all the details from the customer’s history of every interaction they’ve had with the company. E.g. they’ve had three phone calls in the last month. It can be seen from a summary of each conversation, and if necessary look at the full details. Similarly you can see all of the contact they’ve had from your staff via email, and their feedback. It was informed that they’ve needed your support service. You know what document of marketing material they’ve received. You know there’s a significant sales opportunity due in seven weeks’ time. It is in the know of the position of the person in the company, their designation and role in decision making and how they initially knew our organization. You know this kind of customer sometimes cares more about delivery times than objecting about the price. Immediately you start talking to them knowledgeably with the familiarity of a long-term acquaintance.
CRM is a way of improving business effectiveness and efficiency. The main goal is about building, maintaining and strengthening customer relationships to keep them coming back, while helping gain new customers. CRM systems streamline internal business processes and by effectively integrating your marketing, sales and customer service functions, a good CRM system makes it easier for everyone inside your company to work together and share critical information. It doesn’t matter how many employees a company has; three, ten, or six-hundred staff handling different customers, Good CRM systems bring significant benefits throughout a business, regardless the size of staff, customers and business activities.