Customer Relationship Management

Customer Relationship management -An Introduction

Customer Relationship management is one of the most modern technique or process which is implemented in the organizations across the globe. CRM is a management model for managing the company’s interaction with the customers, clients and other business prospects.

 The importance of customer relationship management to business

 Key Aspects of Customer Relationship Management

 Definition of CRM 

Customer relationship management is that branch of management which deals with the effective communication of knowledge and information to the customers and the other outside people associated with the organization.

It is that field of management which involves the use of the latest means of information & technology to make the business work in a more organized, solved and systematic manner. It involves the automation of the business communication and management processes which involves interaction with the customers to move in a managed manner.

The key aspects associated with customer relationship management are-

CRM as a tool for gathering customer related information

All the data related to the customers is collected in and as a part of the CRM process, this data could be further used for a variety of marketing and service related issues. All this information from the company’s point of view as it helps in expanding customer base while providing better services to the clients.

                    

CRM as a system to store customer related information

Electronic storage means are used to store the large and crucial data related to the customers, this information is indeed of much strategic importance to the company. CRM helps in accumulating, organizing and interpreting of crucial customer data. This data is further utilized as information to study customer buying behavior. It also helps in market research and designing marketing strategy to know customer needs & wants, this further help to customized product and services according to needs & wants of customer.

CRM as a management information system tool

All the information is stored in a systematic manner and could be accessed only by the people who are authorized for the same, so in this way the crucial information is safe and will be available to the department which needs it for official process, so in other words CRM manages the flow of information in a systematic and a secure way.

CRM for analysis of the trends related to customer behavior

In this cut throat competition, customer is the king and organizations especially in the service sector have to lay emphasis on the fact of analyzing customer trends so that they can come up with the strategies to devise better strategies for customer service.

CRM as a data collection tool

CRM is one of the major tools in gathering all the crucial data regarding the customers and this data further helps to device marketing strategies and overall increase the quality based services of the company, to improve customer interaction and service.

CRM as a sales uplifting tool

Over the recent years CRM has changed the way organizations work and perform and during this period more emphasis has been laid on the systems that make the things more organized and systematic. CRM acts as a tool which records all the communication which takes place in the sales process. CRM acts as a marketing intelligence system and takes all the information required to boost the sales for a particular company.