Full Form of CRM- Customer Relationship Management
the process or strategy in which a company, a business manages, controls and maintains the relationship with their projected or future customers as well as the existing or current customers.
This strategy aims at keeping the customers, so that helps in driving the growth of the organization. The process is widely used in various industries.
The process utilizes the analysis of the data to study huge information/ data.
CRM is a system that combines data from various channels of communication like the website of the company, telephone, live chat, social media, etc. This CRM system permits the company or the organization to know more about the target audience and the ways to best cater to the needs of the customers or audience, which helps the companies in retaining their customers and enhancing the sales and the growth of the organization. The CRM system provides the companies with detailed information of audience or customers, including their mobile numbers, comments, advice, suggestions, etc.
- CRM software makes sure that every step of communication with the customers goes without any obstacle or discomfort.
- The software collects the data from the customers and then stores the details for further profits and gains. The software helps in providing a bird's view of the customer and employee relationship.
- CRM Software is a tool that aims at helping organisations, businesses in the process of sales, marketing, and event management and efficient service.
- This software helps in fetching new customers, winning their trust, providing proper support and additional services that are essential for customer satisfaction.
Benefits of CRM Software
There are various benefits of CRM software;
- The most significant advantage of CRM software is that any organisation can benefit from – any company dealing with sales, customer services, recruiting, marketing, etc. An efficient CRM gives an excellent way to manage external relationships.
- CRM system is also beneficial as it helps in storing all the data of the customer at one place, helps in knowing the sales opportunities. Managing campaigns of marketing etc.
- CRM also provides very quick and efficient access to data, so thereby it helps in easy collaboration of various processes and enhances productivity.
- Another significant advantage of CRM is that it is suitable for any business or organisation irrespective of its size and characteristic.
- CRM permits and provides an improves customer experience. It simplifies the entire process from the start till the end to enhancing customer experience and relationships.
- CRM system improves the coordination amongst many sectors of the company. As it has all the data and the all the departments have the same common CRM platform so it can work in more coordination.
- CRM has an impressive advantage that it has the capability of completing small tasks like filling the form, sending the reports on its own. So, as a result, the representatives of the company can focus more on essential tasks.
Characteristics of CRM
Some of the highlighting features of CRM include;
They look into customer needs, responses; pay due attention to customer satisfaction, service and complaints; They also help in retaining the customers.
Functioning Of CRM
- CRM Solutions – This includes all the functions that assist or aid in allowing companies to track their customers through modes like emails, phone calls, etc.
- CRM Software- This includes a set of tools to manage the sales, marketing of the company. This software helps customer service in managing requests of the customers, automating the services, and so on.
- CRM systems – These include tracking features and track as well as record various interactions of the customers online. This system also helps companies and organizations to track and measure the performance and productivity of the company.
Types of CRM
There are broadly two types of CRM systems; These include on-premise CRM and Cloud-based CRM.
- Under this, the company has to purchase the licenses before. This system stores data on the company's servers. This type of system is the right choice for company's where they have a stringent security policy, but at the same time, the implementation might take some time as we all consume considerable resources.
- It is the buyer's responsibility to maintain the system, and the vendor has no burden of its functioning, security of data.
Software-as-a-service (SaaS), cloud or on-demand CRM
- In this type of system, data is stored on the vendor's servers.
- In this, users have complete access to the database, and the vendor has all the burden and responsibility for the operation, function, update as well as support.
- In this system, a company can effortlessly grow its functionality when there is growth in the requirement of the company or the business.
- There is a requirement of a strong internet connection in this system along with an economical fee.