Customer Relationship Management (CRM

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Customer relationship management (CRM) is a broadly recognized, widely-implemented strategy for managing and nurturing a company¶s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes ² principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management denotes a company-wide business strategy embracing all client-facing departments and even beyond. When an implementation is effective, people, processes, and technology work in synergy to increase profitability, and reduce operational costs.
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Origin of CRM
Tesco's Achievements
Tesco was instrumental in bringing this about. Dunham¶s collaboration with it due to the influence of Edwina Dunn and Clive proved to be the foundation for CRM. Since these two individuals had realized the importance of knowing and understanding their customers, they understood the supreme need for adopting the right customer approach. Tesco the second largest grocer in the UK collaborated with Dunham and implemented a customer loyalty program used in 12 of their stores. Known as the Tesco Club Card Program it focused entirely on the customer and implemented the necessary business activity changes with the customer in view. While doing this it assisted in the collation of the information about customer preferences and the net result was amazing. Profits soared, competitors complained and Tesco reigned supreme. Its additional focus on customers proved to be the focal point of success. Watching competitors realized that this was but the right approach to adopt and that it generated huge funds. They realized that customer retention and customer loyalty were but a natural by-product.

CRM in Vogue
Proving absolutely rewarding the new trend of CRM -'on hire basis' has proven to be the new advantage. Initially, owning CRM was regarded as absolutely advantageous but with the passage of time it became imminently clear that CRM ownership is not as helpful to an organization as it could be. Owning a CRM solution was less beneficial than acquiring it on a hire basis. Clearly it is more practical from the cost covering aspect. With a hired model, phased implementation also becomes easier. The history of CRM has yet another page added to it as CRM in the new millennium becomes a necessary tool for almost all industries aspiring to make their customers their focal point of success.

Definition of CRM
CRM, Customer Relationship Management is a business strategy that enables organizations to get closer with their customers, to better serve their needs, improve customer service, enhance customer satisfaction and thereby maximize customer loyalty and retention. With human relationships at its core, CRM tools help to add value to business by streamlining operational processes and business functions. The key focus is towards retaining customers, improving customer loyalty and

CRM is as vital to a company as its employees.Why is it Important? Every business has to focus on the needs of the customer. CRM solutions help to safely store volumes of customer data in an organized easyto-access manner. Why CRM is your organizations biggest asset Why CRM? When we look around us we see that the hand of business touches us in every walk of life. Customer loyalty and customer retention go a long way in boosting profits as is evidenced by CRM. Customer Relationship Management serves to:        Increases the efficiency in a call centre Streamlines sales Assists remarkably in reducing costs and aiding marketing Improves cross selling and hangs on to sales leads Increases the market share Endeavors to upgrade the entire marketing process Contributes to overall organization efficiency and profitability CRM brings together information from all data sources within an organization. management and resources. analyze preferences and provide one-to-one services to maximize customer satisfaction. etc. Customer Relationship Management is not a technical term. We're faced with products and services at every single turn. Such a customer-centric approach helps to augment customer loyalty and increase their value to the company. CRM also boasts of doubling a company's profits in a 5/6 year period and manages to achieve this with its customer centric strategies. likes. dislikes. CRM (Customer relationship management) is the array of processes that help a company to understand the preferences or dislikes of individual customers in order to build lasting relationships. CRMs Promise Why CRM? Several organizations are moving ahead -the ones who place their customers¶ first. CRM (Customer Relationship Management) . This allows employees who are in the front line to solve customer oriented problems. By analyzing this data businesspersons can determine individual customer behaviour.one that serves the collation of data from within and outside the organization and serves to assimilate and use this data in customer centred strategies. CRM can be thought of more in terms of being a process . This comprehensive data collected proves to be useful in holding on to sales leads. How many of those products and service providers actually . It enables sales and marketing to learn more about customer needs and behaviours in order to develop stronger relationships with them. CRM uses the varied resources available at its disposal and tries to collect as much information as possible about the customer and how to deal with them in the appropriate manner.thereby maximizing profitability. It also collects information about the customer from outside resources and endeavors to give an overall view of the customers purchasing patterns. to assimilate and use in sales dealings. Boost your Organizations Capacities The sales department makes use of the stored customer data.

and fundamentally contributes to the overall development of the company. The essentials of a CRM program include focus.service. Here's how the CRM process actually works in an organization. Why choose CRM? CRM (Customer Relationship Management) software aids in increasing efficiency. customer attitude.SAP. endeavouring to gain customers. Know your Biggest Asset Several million dollars are lost yearly as corporations scramble to make profits. Their preferences are taken into consideration and used to coordinate and implement a customer centric business strategy that focuses primarily on the customer.Amdocs etc and they are marketing. often in vain. The customer is in reality the king. boosts the marketing function by providing the marketing department with a clear idea of what the customer needs are and enables them to work accordingly. and stay ahead in the rat race.know the person who uses them? Major corporations fail to realize that it is the customer who is their biggest ally. Social media like twitter etc. What is it that the "lucky few" or shall we say "successful few" organizations have. It also manages to work towards organizational goals. serves to aid the sales department in all of its efforts. contact center.Salesforce. commitment to CRM goals and above all a desire to be customer focused.Microsoft. employees. manages to boost sales. customer billing. Huge amounts of money are spent on marketing. market trends. This is achieved through a concise study of potential customers. the one who makes the difference between a company¶s success or failure and yet from the corporate giant to the small entrepreneur struggling to keep his business alive. customer retention etc. Why CRM? CRM helps in integrating all the essential information available in the organization itself and from outside resources and serves to assimilate information about sales. yields to recording the importance of his ideas and suggestions and results in increased customer retention. that actually give them that edge over the others? Why is it that organizations very often find their best customers drawn to competitors? Most organizations have an extremely faulty customer centred system being adopted. . Difference between the success and failure of million dollar enterprises? The answer lies in a company¶s "attitude" towards its customers. marketing. IT service management. They are not open to customer suggestions and more often than not they do not provide the customer with a proper avenue to vent his ideas. The marketing department is yet another department that stands to gain enormously as CRM aids in marketing functions. E-Commerce. This often leads to unhappy customers and eventually their loss. There are various CRM applications provided by the vendors(Suppliers) like Oracle. CRM is rewarding The benefits of CRM are enormous. CRM Application Find out how the CRM process works The CRM process is the most influential customer oriented strategy of the decade. sales. The customer centred strategy that provides information on potential customers. beat competitors. Despite its humble origins it has evolved into a relatively complex strategy. This approach is by far the most vital in any organization. CRM raises the market share by keeping a keen eye on the various market segments and adopting strategies accordingly.

There is little doubt that in current day business scenario customer remains the king. CRM tools enable you to focus on the right kind of customers to maximize loyalty and also to make customers more useful to your business. and therefore poor customer retention. Select the Right CRM Tool Installing and using an automotive CRM tool involves purchasing the base CRM platform and then customizing it to suit your company sales. of course. if you have a hosted CRM in mind then the process may be just slightly different.A look at the steps in the CRM process Establishing CRM goals Educating other departments Assembling customer information Designing the data model Vendor study Selecting the CRM solution Establishing authority & responsibility Pilot projects Communication with customers through direct mail. . This drastically pulls down business profits and you eventually lose grounds to your competitor. Losing customer confidence means a fall in customer satisfaction and business customer-relationships. electronic mail etc Customer surveys Customer satisfaction program Collection of customer information Provision of customer information to employees Usage of customer information in the business activities Feedback Analyze Documenting a new process Implementing final methodology CRM Tool Losing Customer Confidence? A Feature-rich CRM Tool may be the Right Solution If your business-customer relationships are not on the right note then it is time you checked and invested in the right kind of CRM tool. CRM tools help you to establish a customer-focused business strategy to fine-tune business-customer relationships. marketing and customer support processes.

hosted CRM or even desktop solutions. Pick the kind of solution that suites your unique business strategy. simple to install. and completely secure Low cost feature-rich CRM software solution Secure data storing and retrieving capability Ability to integrate key business functions Securely collaborates across business functions Achieves effective sales force automation Ability to track and manage market activities Comprehensive reporting tools Provide quick secure access to always up-to-date data Easy to maintain and update. etc. secure.. navigation. especially considering the numerous options to pick from. Your Unique Business Nature will determine the Best Automotive CRM Tool Yes. You can choose between on-premise CRM and hosted CRM software. quickly customizable. marketing and customer service functions.A good CRM tool is one that aligns with your company goals perfectly and integrates different organization functions to establish a customer-centric business strategy. Overall application usability. Selecting the right kind of CRM tool is not easy. responsive and quickly accessible Software should be absolutely secure and hassle-free to use User-friendly intuitive interface is a definite plus Example: Choosing the Right Sales CRM Software. Desktop CRM are also entering the fray. easy to deploy and quickly customizable The system should be reliable. Look for a CRM tools which is affordable. Any other add-ons. A basic CRM contains comprehensive tools to integrate and manage company sales. Here are few additional features to look for in an ideal sales CRM software: y y y y y y y y y y Easily scalable. choosing the right option for your business may not be easy. Take a look at few features to look for in a good customer relationship management CRM software: y y y y y Look for a low-cost feature-rich system that helps to manage all aspects of customer interactions The software should be scalable. inbuilt tools and services. user friendliness. Look for an automated CRM tool which enables knowledge sharing and workflow automation. Of course the best approach is to study your individual business needs and then choose the CRM tool that best meets your requirements. You can choose between on-premise software. . scalable. How to Identify Good CRM (Customer Relationship Management) Software? Good customer relationship management CRM software is one that helps you to understand customer expectations and provide services accordingly. user-friendly. and cost effectiveness are the key influencing factors while choosing sales CRM software. like customer billing. quickly customizable. With numerous CRM software and solutions flooding the market. the type of customer relationship management tool to buy will vary based on your business requirements. security. easy to maintain and upgrade. may or may not exist and might mean additional payments for each requested facility.

its comprehensive study of customer preferences helps boost profits.A look at the Industries that can adopt CRM Who uses CRM? CRM costs approximately $500 . Pharmaceuticals & Life Science The Pharmaceuticals & Life Science sector is unlike any other. With prices as low as this the earlier notion that CRM is but only an option for large corporate does not hold good. Real Estate Agents and property professionals face major problems with clients. Implementing CRM software helps to build. Travel CRM enables airlines and travels minimize time and cost as it contains a comprehensive amount of data on customers that can be used in daily dealings with them. Financial Services The financial services marketplace is rapidly expanding. Manufacturing Normally we tend to think of large machinery. physicians etc. employers. marketing and service requirements of car companies. increase efficiency and manage customers while retaining relationships with them. sales and service operations and helps the organization understand and manage its clients effectively. This creates a holistic view of customers. to develop marketing campaigns and increase sales directly or through dealers. It makes sure that the right services are offered to the right people at the right time. distributors. Retail The Retail industry is symbolic of and closer to the customer than any other industry.$750 per year for small/medium businesses. Implementing CRM enables them to use available customer information to manage leads. private equity and other financial institutions are trying to manage client relationships while developing overall sales. CRM predicts future medical needs in the industry. Investment banking. With increasing competition the real estate industry is more challenging than ever before. Banking CRM enables the banking industry to maintain a customer profile. Health care Customer Relationship Management helps hundreds of health care clients achieve their marketing goals. . manage and serve your client base. It requires large amounts of data and information processing. CRM provides for this demand with its ability to store volumes of customer data. Automotive CRM Automotive meets the sales. It helps greater return on investment for hospitals. sales and customer retention. CRM's knowledge of the customer. factories etc when we think of manufacturing but this industry as well needs CRM to maximize profits. dealers etc. CRM helps marketing. CRM achieves this with its ability to cut costs. CRM enables them to sell to customers both directly and indirectly. CRM's application includes a wide range of industries ranging from retail to education to the health sector.

It is important to cooperate in order to retain customers and increase customer loyalty.the Right Way! What do firms need to do to get the most out of their CRM implementation? Here's a look at what can be done to get the utmost out of your CRM choice. An organization should Start self-service and FAQ's Support outbound message management within the organization Proper decision should be taken about the choice of CRM solution only after appropriate information has been sought and analyzed. y y y y y y y y y y y y y y y y y y y y . a CRM implementation will essentially involve a healthy contribution from functional staff. It also helps in solving customer problems. etc. CRM solutions need to be aligned with the business strategy. A customer information file is absolutely essential as it indicates various relationships. CRM Implementation . Firms must implement new business processes that support the CRM choice. Secondly. Firms need to put customers first. A common ground with customers should be identified. partners etc. There should be no barriers to the flow of information. Technology should be integrated with core business areas While automating business processes Give call centre staff customer profiles using existing data.Insurance CRM is essential to enable organizations offer their customers the chance to review policy coverage information. Organizations should identify anything that affects the customer negatively A company should build a cross-functional cooperation across your company. customers. This means that care should be taken to assign the roles of the project team and functional staff in a manner that is not inappropriate CRM implementation should involve process re-engineering CRM implementation must never follow a stringent application and configuration CRM development should be multi-tiered Provide scripting for call centre and telesales support service It is critical to understand the complexity of your CRM program It is important for an organization to ensure that CRM development is executed around a structured development business process It is also important to ensure that a sound development roadmap is set forth in order to ensure things go as per schedule. customers. Employees. leaders. need to work together in addressing key issues. To do that it needs to increase the number of people involved in the CRM process. The CRM process should bring together employees. suppliers. check policy/claim status etc. Implementing these Steps can e nsure that Success follows: y CRM should be implemented right across all business units. In the adopted strategy CRM solution should address change management Adequate CRM training should be provided within the organization. Organizations need to put down and keep it safely.

medium and large industries. It manages to . It also manages to keep track of customer preferences. cater to the needs of the older ones and basically achieve customer retention. The work of CRM involves focusing on service automated processes. This is done through implementing a successful CRM strategy through a software package that has been specifically designed to support these business processes and procedures. It deals directly with the customer. It enables them to retrieve and store information and serve the customer efficiently. Customer relationship management helps the organization to improve customer service. Why do large corporate need CRM? It basically helps them to know their customers intimately and to use that knowledge in delivering better products and services. From the sales perspective it enables corporate giants to increase sales opportunities and hikes the chances for sales leads. CRM is also beneficial to the entire organization.y y The business-planning phase should clearly state the overall goals of the CRM implementation Scoping and prioritizing CRM projects should be done: Here it is important to do the following: o o o o o Understand the technologies involved in the CRM implementation Learn the skills needed to implement CRM Determine the number of staff members that will be working on it Determine whether consultants will be used and if so what the number will be Establish a time frame Implementing the above steps can go a long way in ensuring success. For ex call center use Customer Relationship Management to store customer information. CRM's Top Business Models are in High Demand The purpose of Customer Relationship Management (CRM) is to enable various organizations serve customers better through introducing them to a series of processes and procedures that better the buying experience for customers. Oracle provides CRM applications that aid the organization through improved business processes. It assists in lead management as well as relationship marketing. In addition to that the functionality it offers is just as important. It also helps them to encourage new customers. Finding a CRM software vendor is easy work but what's important is getting one that works for you. information requests. information gathering and processing. Customer relationship management succeeds at focusing its attention on forging tighter connections with its customers in an effort to stay competitive in a growing economy. What does Oracle have to offer? The answer is accurate information. CRM implementation without adequate attention paid to the smallest details can have disastrous results. The company currently offers 50 CRM applications that are able to provide for all the customer service requirements of small. complaints etc. buying habits. deals with service requests. The leaders in the field include: Oracle Oracle is the leader in the CRM field. Inter-departmental conflict is resolved and goals are worked towards efficiently and speedily. integrating and automating various customer serving processes in a company. The CRM systems adopted should be used in such a manner that it gives its utmost to the organization.

Its main feature is its ability to manage and share information easily. It enables company's address their business needs adequately. sales. SAP CRM supports the customer-related processes and deals with all customer-related activities across all departments. Sales Force This unique provider manages to provide simple yet effective customer relationship management products that equip the business with the capacity to increase its effectiveness. It helps the organization to support the various departments like marketing. It manages to provide a range of solutions that cater to every aspect of the business.provide excellent support for all departments within the organization like customer support. manages to achieve the business objectives and reaps the required return on investment.000 customers. It aids on-demand applications and succeeds extremely well at this. It boasts of having the Knowledge. and service and provides them with good analytics as well as excellent interaction capabilities. SAP has a presence in more than 50 countries. The benefits from SAP are: y y y y y Better efficiency Cost reduction Better performance Adaptability to business environment Overall Growth One advantage SAP has is that SAP Ventures invests in new companies that are interested in finding new technologies. It boasts of being the world's first ondemand application-sharing service. It sources and gathers together all customer data in the organization in order to facilitate better decisions. It is the world's third-largest independent software provider overall and employs more than 35. added services and additional SAP SAP was established in 1972 and is now a leader in the provision of business solutions for all types of industries. SAP offers several solutions for Customer Relationship Management and is able to deliver customer-centric solutions that revolve around each customer.000 people. They are able to provide excellent customer service and support. Its provisions include: y y y y y Analytics Sales Force Automation Custom Applications Marketing Automation Customer Service & Support . It offers a wide range of solutions from marketing to sales force automation to customer service and support. It provides customizable CRM solutions that integrate extremely well. Experience. It is the world's largest business software company. This enables them to stay ahead in the rat race. and Technology that is needed to optimize Business efficiency. It is a CRM software vendor that caters to businesses worldwide and currently serves more than 32.

References: http://smartlifeblog. It also helps in identifying customers. Sales revenue increases along with overall productivity and growth. satisfying them and ultimately retaining them. The sales department as well benefits as shorter sales cycles. increased revenue from sales. Its clients number more than 1.Right Now Business Models Right Now Technologies provides organizations with the necessary on demand CRM solutions that are needed to build a customer centered business. It is able to achieve better customer relationships that cater to customers¶ needs adequately.org/wiki/Customer_relationship_management .com/the-10-best-customer-relationship-management-crm-tools/ http://en. commitment to customer success and its ability to deliver a high ROI and capacity to achieve customer retention.400 organizations. It helps organizations to understand and deal with their customers better. Its appeal lies in its technology.wikipedia. It increases the quality of service effectiveness. and better sales efforts. Right Now manages to provide a holistic view of the customer and the customer data.

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