Customer Relationship Management: Strategies & Benefits

Significance of Customer Relationship Management

If you want to be a successful marketer, implementing useful strategies is mandatory to meet your sales targets, profitability, and business objectives. How can you get updated and reliable information pertaining to your company’s success? It is quite impossible to check the pool of data coming from customer service staff, sales team, customer reviews, social media updates and maintain client satisfaction independently.

CRM will help you to tackle your business ventures smoothly by giving you a distinct overview of your customers. It includes a customizable dashboard that gives you an insight into the customer’s previous buying history, their order status, outstanding service issues and other useful information crucial to your business’s success.

A successful Customer Relationship Management (CRM) involves particular strategies that organizations implement to manage the interactions and relationships with the customers. Read this blog for relevant insights.

Customer Relationship Management (CRM)

The objective of Customer Relationship Management is to focus on creating positive experiences for the customers and ensure a growing base of returning customers. The fundamental features of CRM range from a few call-to-action emails to mass mailing and several telephone calls. Social media also plays a huge part in building a connection with potential customers.

CRM has a global market value of forty billion dollars (as estimated in 2018) and is cited as the fastest growing ‘software as a service’ (SaaS) market. Some of the significant contributors of CRM market include cloud computing giant Salesforce, SAP, Oracle, Adobe Systems and Microsoft.

Grand View Research provides an estimate that the CRM market will expand to over $80 billion by the year 2025.
One should remember that though Customer Relationship Management deals with every aspect of ‘company-customer interactions,’ nowadays the term is increasingly being used to refer to the technology used to manage relationships.

The different types of technologies used for Customer Relationship Management are:

CRM Software
Companies use this special type of software to access contact data, acquire purchase history and previous interaction with customer care representatives. Analysis of these data helps to determine customer needs, recognize customer updates, track the sales goals and make customer interactions more productive.
CRM Cloud Solutions:

Cloud-based systems are beneficial in providing real-time data to on-field sales agents. It provides heightened accessibility to customer information and eliminates complicated installation processes required by some software.
Management of artificial intelligence

The information of software around the globe becomes useless without proper human intervention to interpret the data to their advantage. Companies need to figure out useful information among the cluster of duplicate and incomplete records to get accurate information about customers.

Despite the requirement for analysis of data, industry analysts are worried about the impact Artificial Intelligence might have in the CRM market in the near future. AI can boost productivity by speeding up the sales, optimizing the prices and distribution logistics, lowering call costs, increasing resolution rates, detecting fraud and thereby preventing unnecessary loss.

Though AI is in the early stages of development, a handful of companies like Microsoft and Salesforce have already started incorporating AI components in their existing CRM systems.

Importance of Customer Relationship Management

“Without a CRM system, 79% of all marketing leads are never converted to sales” –PARDOT

If you are yet to invest in CRM, take a look at the ways in which it can help your business:

Builds sustainable relationships
Helps to explore the challenges faced by the customers
Helps to engage with the customers
Reduces the cost of sales
Improves the efficiency of sales
Increases employee productivity
Aids in the process of offering better customer service
Improves customer retention

CRM will give you a complete view of the leads and prospects that will help your company to grow. With immediate access to the customer’s history, providing personalized solutions becomes easy. This facilitates interactions and assists the company to deliver better service to the customers.

How Customer Relationship Management is Going to be Beneficial For Your Business

Loyal customers are the primary asset that helps a business to flourish. An organization has 60 to 70% chance of selling their products to an existing customer. As compared to this, the chances of selling to a new prospect range from 5 to 20 percent. Given below are the ways in which CRM can be beneficial for a business:

Genuinely respecting your customer’s concerns, issues, feedback and working on them will increase the chances that they will be eager to engage in business dealings in the future.
It will help you to figure out the root cause behind the stalled deals. You will be able to take the necessary measures to address the problems and focus on the necessary efforts you must take to generate higher revenue.
It will generate a standardized sales process and provide a foolproof plan of action to the salespeople. It will point out the exact steps they need to follow to boost sales.
CRM will help you to focus on your customers. The information about the extensive details of your customers’ behavior and interests will help you to pursue the right opportunities at the right time.
A successful CRM will also help you to anticipate your customer’s requirements long before they arise.
CRM will greet you with data patterns that will assist you in analyzing effective methods to improve sales.
Extensive data on sales opportunities, trends and forecasts will be extremely crucial for drafting the immediate and long-term plans of the company. You will be able to identify the most profitable prospects for your business and adjust your strategies accordingly to reach the goals.

Careful planning, implementing strategies and online software are important to maintain a cordial relationship with all your customers.

As a student of management, you might be assigned assignments and presentations on Customer Relationship Management (CRM) throughout your academic career. Unclear and improper approaches might be extremely harmful to a business. CRM will assist you to overcome the challenges and usher in success for your business.

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