A Guide for Beginners- What is CRM?

By Pranjali Manore




A majority of people misinterpret CRM as software. In actual fact, CRM is more than just software. CRM stands for Customer Relationship Management, which blends technology and strategy to guarantee a great customer experience. 

 

No matter what business it is, be it a B2B, B2C, B2B2C, etc., customers are always at the center. The success of your business completely depends on the experience your customer has with you. Basically, there are four touchpoints in any business- marketing, sales, delivery, and service. 

 

This is where CRM systems come into play. The systems are designed to manage and attract your customers via these digital tools, as well as help you retain clients while supporting your company’s growth. In this blog, you’ll get to know what CRM is and how does it work. 

 

What is CRM?

Customer relationship management is a comprehensive business strategy designed to improve revenues and profitability, minimize costs, and increase customer loyalty. 

 

To elaborate, when your business looks at every single transaction through the eyes of the customer, you undoubtedly serve excellent services to your customers, which in turn builds trust for your company. 

 

In a nutshell…

For instance, today, 86% of customers are willing to pay more for a better user experience. One in three customers leave a brand they love after just one negative experience. Not just that, but customer-centric companies are 60% more profitable than those that aren’t. 

 

Hope so far you would have at least got an idea about CRM! 

 

How CRM function?

No matter how advanced it is, no technology can be successful if no strategy is implemented and used. Technology and business strategy should work together to bring a customer-centric plan to life. 

Let’s have a look....


1. Support a customer-centric strategy:

A CRM system supports a strategy that says that ‘put the customer first.’ This strategy should be based on clear goals and a vision of what a meaningful experience looks like. Every time a customer is connected with a company via any of its channels like email marketing system, social media platforms, and company’s website, the customer has an opportunity to form an opinion- be it bad, good or indifferent. 

 

2. Centralizes all your customer data:

CRM software combines all marketing, sales, and customer service information into one central database. Customer information consists of addresses, contact numbers, and last contact made, but it is not restricted. 

This information is basically collected to manage, measure, and keep track of marketing, sales, and customer service activities related to the customer. Overall, it shapes greater customer loyalty and better customer experience.

 

3. Automates customer-facing business processes:

Companies have business-facing processes and customer-facing processes. Business-facing processes make the business run more efficiently, like budgeting and planning, whereas customer-facing processes such as marketing, sales, and customer service. In short, the CRM system keeps track of all lead-related actions and what’s been said and done. 

 

Conclusion:

As per the above information, so far, you must have got an idea that a CRM system can create a big difference in whether you gain a new customer or retain an existing one. Clients who are valued and satisfied are happy clients, and happy customers mean repeat business- not to mention, here, your mission gets accomplished. 

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