CRM is considered to be the most advanced and creative invention in the customer service domain today. The prime role of sales CRM system is to help the management team and customer service reps to cope with the issues and concerns of the loyal customers. Customer Relationship Management actually involves collecting of data and information of the customers. This data and information collected is further used to facilitate customer service transactions and resolving the concerns and issues of customers. The results offered are more satisfied customers, more profitable business and more resources available for the support team. With a robust CRM strategy any organization can easily decide the future course of the company.
Types of Customer Relationship Management
CRM, as already mentioned, is a business strategy that is used to choose and manage customers to optimize long term value. This strategy requires a proven and effective customer centric business philosophy along with culture to aid efficient sales, marketing and service processes. CRM is distinguished amongst three major types:
- Operational CRM
- Analytical CRM
- Collaborative CRM
- Operational CRM – Operational CRM is basically related to usual business functions that involves order management, customer services, sales/marketing automation, invoice/billing and management.
- Analytical CRM – This is the type of Customer Relationship Management that involves activities to store, capture, process, extract, report, and interpret customer data to the users, who further analyse the data as required.
- Collaborative CRM – This CRM system manages all essential communications, coordination and create collaboration between customers and the vendors.
Why Make Use of Customer Relationship Management?
CRM is widely used today as corporate strategy to help businesses:
- Understand their customers
- Understand their customer’s requirements and wants
- Serve the customer effectively and more efficiently
In turn, CRM strategy has the potential to help businesses improve their staff productivity, decrease operational costs, improve the effectiveness of interactions with customers and most importantly enhance customer satisfaction.
Possibilities and Benefits of CRM
Apart from enabling organizations to understand the requirements and demands of their customers, the Customer Relationship Management process also helps companies to track complaints and proactively act on them before the situation dribbles from bad to worse. Certainly, the possibilities as well as the benefits of CRM are limitless.
The information and data coming from CRM system should not be static; instead, the data must be updated at regular interval of time to enable the organizations easily track the customer’s purchasing behaviour, spending habits and changing trends. Thereby, the company can respond promptly according to the changing trends before losing their loyal customer base. The benefits offered by the updated facts and statics of CRM software are driving organizations to make use of software solutions which can help them to ease the acquisition and management of data.
Organizations can enjoy a wide variety of add-on enhancements with robust CRM system. The support team of your organization can now easily collect information of customers whenever required and they can share and collaborate the information with in-house working staff and come forth with quick analysis on consolidated data collected from different sources. This increases the productivity of workers.