Customer Relationship Management (CRM)

As a Business Man/Woman, we want to expand and enhance our business. For this, CRM is the best option to manage the growth of our business.

What is CRM?

CRM stands for Customer Rationship

Management. 

•It is a tool or an application in which the details like personal or financial details of the Customers and Organization are stored.

      

•It is an scientific way for sustaining long term business with Customers by satisfying them.

•The CRM software can track the located trends, track the company sales,etc.

CRM is mainly focussed on-

•Existing Customer

•Potential Customer

CRM is of three types:-

1) Operational CRM- It is focused on improvement of business on dealing with customers face to face.

 

2) Collaborative CRM- In this, various departments of any organizations such as sales, marketing share information which they gained by interacting with customers.

3) Analytical CRM- Dealing or interacting with customers via email,web, telephone etc.

Benefits of using CRM

•In real sense of the term it is a way of doing business.

1.Increase customer satisfaction.

2.Boost new business.

3. 360 degree view of business.

4.Quality improved.

5.Increase revenue at low cost.

Ways to use CRM-

1.Update complete and accurate information.

2.Ensure that you save and submit information.

Advantages of using CRM-

1.All data are stored in one location.

2.Access information from anywhere.

3.Reduce the costs.

4.Proper collection and analysis of data.

Disadvantages of using CRM-

1.There is a risk of losing data.

2.Security issues.

3.Elimination of human element.

4.Need of training.

CRM has advantages as well as disadvantages too.  Well, we should consider perfectly whether it is suitable for our company or not. It's depend on us should we use CRM or not.