CRM BASICALLY ESTABLISHES BONDS WITH EXISTING AS WELL AS POTENTIAL CUSTOMERS BY KNOWING THEIR NEEDS AND REQUIREMENTS AND TRYING TO SERVE THEIR NEEDS IN A BEST POSSIBLE WAY.
FEATURES OF CRM
CRM software is a strategy that is customized according to the needs of customer by an organization. The goal of every organization is to achieve excellence in a business. One of the way by which the organization can achieve its objective is by managing and administering its customers and vendors in an efficient manner.
No organization can anticipate the needs of the customer without knowing them. Therefore it is extremely important to know the likes and dislikes of the customer so that the needs can be ascertained and prioritized.
The reaction of the organization to the queries and activities of the customer is known as customer response. Intelligently dealing with the query is very important as even with small misunderstanding wrong perception can be formed. Effective understanding and interpreting the queries will result in success of the business.
Satisfaction refers to the level at which the organization meets the expectation of the customer. If the level of expectation doesn’t meet, then the customer is dissatisfied. If the level of expectation meets, then the customer is satisfied. If the level of expectation exceeds, the the customer is delighted.
The tendency to remain in a business to buy a particular product on a regular basis is known as customer loyalty. Loyalty can be gained if the customer is very much satisfied by the supplier. Loyalty of the customer is very important as it works on customer satisfaction.
The most important part is to retain the existing customer. Business not only focuses on gaining new customer but it gives proper attention to its existing customers so that they do not diverge or defect other supplier or product.
The challenge for the suppliers is to deal with the complaints of the customer. Normally a complaint depict the act of dissatisfaction of the customer. Complaint can be launched due to some genuine reason or it may arise due to some misunderstanding.
According to organization, the process of giving information and providing services to the customer on all products and brand offered. Customer satisfaction also depends upon the quality of services provided by the supplier.
CUSTOMER ORIENTED MARKETING INCLUDES
Analysing customers buying behavior online
Forecasting future marketing strategies
Building business impact models
BENEFITS OF CRM TO BUSINESS
Crm is a solution to various business activities. It helps in sales management and benefit us from linking various sales and marketing activities which will further in reducing manual labor and processes adversely. ERP can also be included in business systems can be linked with CRM for effective results. online CRM softwares are useful as all the information is already kept in the database and can seen whenever required.
CHALLENGES IN CRM
Amount of investment
Coordination with various business activities and softwares.
Effective training required to operate the softwares effectively
FUTURE OF CRM
Emerging trends in CRM can be business data analytics and big data. Social media will also play a crucial role while integrating it with CRM.If E-CRM and EDI would be used to obtain CRM solutions. CRM solution would become an integral part of overall organization. CRM would be the base for all other business activities.