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.
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.
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:
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.
“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:
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.
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:
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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