How does Customer Relationship Management affect you?
By A R | 20 Feb 2019 | Business, Popular, Recent, Technology, backup,
The Internet is the fuel of the “Anything, Anytime, Anywhere” economy. Social selling and big data are the most dominant feature of the cutthroat marketing battlespace, the ramifications of not having a solid “Customer Relationship Management” (CRM) are far-reaching and potentially unhealthy for a company’s financial bottom line.
Broadly, CRM encompasses the collective activities, strategies, and technology used by a company to cover their interaction with their customers and prospects over multiple channels such as social media, websites, calls, chats, email, etc. With a record of all historical communication with the customer, businesses gain deep insight into the customer and also on internal processes. Information thus generated is critical for adaptation and improvement of current and future processes for the continual growth of the organization.
CRM can be of the following types:
- Operational: CRMs that deal with most current customers. The data collated here is generated via activities such as sales, marketing and service rendering. Operational CRM has tight integration with all marketing activities, customer purchases and the level of service satisfaction achieved historically in each case. Automated CRM for these processes provides a 3600 view of the individual sales process working out beautifully both for the company and the customer.
- Analytical: Increasingly being taken over by the BI suite, this flavor of the CRM deployment is mainly for crunching and making sense of the data. Understanding patterns and trends in user behavior helps gain valuable insight into the buying behavior of customers. Armed with this potent information companies can pivot and plan sales activities around the peaks and prepare for slumps better
- Collaborative: This deployment version of CRM is mostly B2B, via which businesses shared each other’s data on customers. In the era of GDPR and entire fiasco of how social media companies deal with the data of their Users, this deployment may either completely fall out of favor or will have to abide by stringent privacy regulations.
Why Implement CRM in the first place?
There are several compelling reasons, they all can be surmised broadly in terms of Learning, Organisation, and Customer Satisfaction.
With the data that your sales and marketing activities, there is a ginormous amount of insight that can be gained. Apparent information like details about who your customers are, their buying behavior leads to information on the buying patterns. Such information is critical sales readiness. With access to such data patterns, customers and promotions can be matched for an enhanced probability of purchases.
What is organized?
Proper CRM means that customer flows have been charted and actions based on them have been automated. CRM play a pivotal role in marketing activities, including online marketing activities. Automated processes are designed to target prospects based on their behavior on your company website. Multi-Channel communication with audiences can be logged and collated for personalized communication and enhanced conversion from prospect to customer.
Increased Customer Satisfaction
With optimized processes, companies are able to better able to take care of their customers. Data is centralized and phenomenally easy for references, resulting in swift and decisive resolutions. The ability to service customers efficiently and quickly boosts customers satisfaction and encourages loyalty.
A robust Customer Relationship Management strategy is a smart decision for an organization as it helps stakeholders to get the complete, 360-degree view of their customers and the environment that drives their purchase decisions.
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