As the name suggests, Customer Relationship Management deals with strengthening the relationships with existing customers, finding prospective customers and attracting former ones. When the information related to customers is collected, organized and managed in the form of software, this system is brought into being. Implementation of CRM strategy is beneficial for both small and large scale business ventures.
Here is how the CRM software can prove out to be a solution for the success of your company.
It improves customer relations
Customer satisfaction is one of the major benefits of CRM software. The dealings involving marketing, selling and servicing products to customers can be easily carried in a systematic and organized manner making use of this. Customer services can be improved by having better understanding of issues related to them which decreases their agitation and increases loyalty. Loyal customers are more likely to give feedback for your products which again is beneficial for you. They may also spread a positive word-of-mouth.
It increases revenues for the company
Making use of the CRM strategy, revenues of the company can be increased manifold. The marketing campaigns of a company may be put up in a more effective manner making use of the data collected by CRM. Promotions can reach a wider range of customers; both new and existing ones thus increasing the revenue.
It maximises up-selling and cross-selling
CRM system lets the customers have the advantage of getting premium products which fall in the category of their purchase. It also lets customers have complementary products based on their purchase history. This is done by understanding the needs, wants and purchase patterns of the customers. All the data is stored in a central database that is easily accessible to employees of the company. In this way things run in a geared-up manner. As soon as an opportunity arises, employees can easily do promotional things.
It improves Internal Communication
A better communication relationship can be built up within a company by following CRM strategy. Easy sharing and accessibility of data to various departments within the company enables it to run as a team. This helps in making the working style faster and better.
It optimises marketing
CRM lets a company understand the needs and wants of its customers which helps in cutting down the time and cost in identifying the correct opportunity to market a product. CRM also helps in identifying the most profitable customer group which lets the company save time spent on less profitable groups.
Some of the best CRM software used worldwide are:
- Relate IQ
CRM systems have come a long way since 90s. Salesforce.com is believed to provide the best CRM system and is the market leader with 16% market share in the year 2013. SAP and Oracle follow salesforce with 13 and 10% market share respectively.
CRM thus helps in a lot of ways. It saves time and money, makes you look professional, it is convenient and also secure.