CUSTOMER RELATIONSHIP MANAGEMENT

Customer Relationship Management (CRM) in a very broad way can be defined as the efforts
made towards creating, developing, and maintaining a healthy and long-lasting relationship with
the customers using technology. Customer Relationship Management(CRM) is about finding,
getting, and retaining customers

CRM system provides a well defined platform for all business units to interact with their clients
and fulfill all their needs and demands very effectively and to build long-term relationship

CRM software
CRM software consolidates customer information and documents into a single CRM database so
business users can more easily access and manage it. The other main functions of this software
include recording various customer interactions (over email, phone calls, social media or other
channels, depending on system capabilities), automating various workflow processes such as
tasks, calendars and alerts, and giving managers the ability to track performance and productivity
based on information logged within the system.

CRM SYSTEMS IN PRACTICE

Call centers
As well as tracking, recording and storing customer information, CRM systems in call centers
codify the interactions between company and customers by using analytics and key performance
indicators to give the users information on where to focus their marketing and customer service.
The intention is to maximize average revenue per user,

Social media
Social CRM involves the use of social media and technology to engage and learn from
consumers.[44] Because the public, especially among young people, has increasingly using social
networking sites, companies use[13] these sites to draw attention to their products, services and
brands, with the aim of building up customer relationships to increase demand.

Some CRM systems integrate social media sites like Twitter, LinkedIn and Facebook to track and
communicate with customers. These customers also share their own opinions and experiences
with a company's products and services, giving these firms more insight. Therefore, these firms
can both share their own opinions and also track the opinions of their customers.[

FEATURES OF CRM

1. Customers Needs- An organization can never assume what actually a customer needs.
Hence it is extremely important to interview a customer about all the likes and dislikes so
that the actual needs can be ascertained and prioritized.

2. Customer Satisfaction- Customer satisfaction is the measure of how the needs and
responses are collaborated and delivered to excel customer expectation. In todays
competitive business marketplace, customer satisfaction is an important performance
exponent .Hence, the more is customer satisfaction; more is the business and the bonding
with customer.

3. Customer Loyalty- Customer loyalty is the tendency of the customer to remain in

business with a particular supplier and buy the products regularly. This is usually seen
when a customer is very much satisfied by the supplier and re-visits the organization for
business deals, or when he is tended towards re-buying a particular product or brand over
times by that supplier. To continue the customer loyalty the most important aspect an
organization should focus on is customer satisfaction.

4. Customer Retention- Customer retention is a strategic process to keep or retain the

existing customers and not letting them to diverge to other suppliers or organization for
business. Usually a loyal customer is tended towards sticking to a particular brand or
product as far as his basic needs continue to be properly fulfilled. He does not opt for
taking a risk in going for a new product. More is the possibility to retain customers the
more is the probability of net growth of business.

5. Customer Complaints- Always there exists a challenge for suppliers to deal with
complaints raised by customers. Normally raising a complaint indicates the act of
dissatisfaction of the customer. There can be several reasons for a customer to launch a
complaint. A genuine reason can also exist due to which the customer is dissatisfied but
 sometimes complaints are launched due to some sort of misunderstanding in analyzing
and interpreting the conditions of the deal provided by the supplier regarding any product
or service. Handling these complaints to ultimate satisfaction of the customer is important
for any organization and hence it is essential for them to have predefined set of process in
CRM to deal with these complaints and efficiently resolve it in no time.

6. Customer Service- In an organization Customer Service is the process of delivering

information and services regarding all the products and brands. Customer satisfaction
depends on quality of service provided to him by the supplier. The organization has not
only to elaborate and clarify the details of the services to be provided to the customer but
also to abide with the conditions as well. If the quality and trend of service go beyond
customers expectation, the organization is supposed to have a good business with
customers.

Objectives of CRM
The most prominent objectives of using the methods of Customer Relationship Management are
as follows

Improve Customer Satisfaction CRM helps in customer satisfaction as the satisfied

customers remain loyal to the business and spread good word-of-mouth. This can be
accomplished by fostering customer engagement via social networking sites, surveys,
interactive blogs, and various mobile platforms.

Expand the Customer Base CRM not only manages the existing customers but also
creates knowledge for prospective customers who are yet to convert. It helps creating and
managing a huge customer base that fosters profits continuity, even for a seasonal
business.

Enhance Business Sales CRM methods can be used to close more deals, increase
sales, improve forecast accuracy, and suggestion selling. CRM helps to create new sales
opportunities and thus helps in increasing business revenue.

Improve Workforce Productivity A CRM system can create organized manners of

working for sales and sales management staff of a business. The sales staff can view
customers contact information, follow up via email or social media, manage tasks, and
track the salespersons performance. The salespersons can address the customer inquiries
speedily and resolve their problems.
Advantages of CRM

Provide better customer service

Increase customer revenues

Identify, acquire and retain new customers

Cross sell/Up Sell products more effectively

Help sales staff close deals faster

Make call centers more efficient

Simplify marketing and sales processes

Share information between diverse groups securely

Manage cross-discipline project teams more efficiently

Centralize information

Control workflow and documentation procedures