What is Customer Relation Management? How CRM Provides Businesses Opportunities?

What is Customer Relation Management? How CRM Provides Businesses Opportunities?

Carmella Blick

Knowing the emerging opportunities, trends & upcoming technologies in the market compulsory to stay in today’s business competition.

What Challenges a Business Faces to Manage Customer Data?
Nowadays it’s very complex to sustain all customer data in one place with the utmost security. Many enterprise face problems in managing data, difficulty in analysing customer behaviour, data security.

It becomes complicated for companies to provide secure access to critical enterprise data with employees, partners and customers at anytime, anywhere.

Why CRM?
In the industrial world, the value of retaining existing customers is paramount for growing business. Gaining new customers is a great opportunity for business but every existing customer could be very important to maintain that growth. The more opportunities a customer has to conduct business with your company the more you will be able to retain the customer. The best way of accomplishing this is by opening up channels such as direct sales, online sales, franchises, use of agents, etc
Customer relationship management (CRM) supports businesses to gain an insight into the behaviour of their customers and adjust their business processes to ensure that customers are served in the best possible way.

How Customer Relationship Management(CRM) Resolves Customer Data Management Issues?
The more channels you have, the more complexity you face to manage the customer data. The CRM system is specifically designed to manage customer data. It streamlines your sales pipelines, organizes your customer data, and give insightful analytics effectively and efficiently. On the one hand, this has helped businesses enhance their capabilities and on the other, it improves performance for a better decision-making process.

Why is it important to Maintain Customer Data?
Understanding the importance of maintaining the customer relationship and managing data is very crucial because it helps drive better customer attention by channelizing effective communication between your enterprise and end-users.
With CRM you will be able to:

  • Know your customers’ purchasing habits, opinions and likings
  • Profiling individuals to market more effectively
  • Improve the way you operate to enhance customer service and marketing

Types of CRM solution
Depending on your business needs, there are different types of CRM solution offered by the solution provider. However, primarily focuses of CRM software are category below.

  • Operational CRM
    It takes care of customers’ needs and gives you a complete view of each customer’s journey. The primary goal of Operational CRM is to supports sales, marketing, and service and is a great fit for customer-centric business processes.
  • Analytical CRM
    ‍Track every interaction, look for patterns of customer behaviour for a better understanding of market trends and customers’ needs. The objective of Analytical CRM is to create an automated way to get more insight into your best opportunities. Analytical CRM highlight new opportunities, revenue streams, and capabilities.
  • Collaborative CRM
    The collaborative CRM system is required when companies share customers’ information with outside companies and businesses or with an internal team. It’s geared towards facilitating communication throughout your team, internal or external to maximize profitability, increase customer satisfaction and loyalty.

“Boost sales productivity and customer experience with intelligent and intuitive CRM software”

In the past, CRMs were only available to large organizations, but the rise of cloud-based services has availed CRM platforms to businesses of all sizes. Salesforce is one of the greatest examples of cloud-based CRM service. Many partner companies are offering Salesforce consulting service to add new features and functionality to provide a custom CRM development service.

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