For businesses large and small, their profitability and
success depends upon customer retention, customer relationship
enhancements and customer acquisition. This is often known as
Customer Relationship Management or CRM. CRM is the managing of
all business and interactions with customers. The main purpose
of Customer Relationship Management is to allow businesses to
better manage their customers through the introduction of
reliable systems, processes and procedures for interacting with
those customers. A good CRM program helps the business acquire
customers and service the customers. Good CRM also helps retain
good customers, and identify which customers can be given a
higher level of service.
CRM is a complex mix of business processes, enterprise
strategies and information technologies, which are used to study
customers' needs and behaviors to help businesses develop more
substantial relationships with them in order to get greater
results.
In the late 90's, customer relationship management mainly
consisted of just an index file, an answering machine and a
telephone. Today, an advanced CRM system has evolved into an
Excel spreadsheet and more. CRM systems normally consist of
email and/or snail mail, marketing campaigns, contact manager
programs, sales tracking program, and multi-media contact center
or voice mail system.
A successful CRM strategy doesn't just mean simply installing
and integrating a software package; it also involves a wider
approach including modifying business processes based on the
needs of customer, training of employees, adopting relevant IT
systems and software, and IT services that allows firms to track
their CRM strategies.
Good CRM software can help run an entire business by allowing
companies to maintain all customer records in one centralized
location that is accessible to the whole organization. Front
line offices have systems that are set up to collect data from
the customers for processing at the data warehouse where data is
stored, orders are filled and tracked, and sales data analyzed.
One of the most common causes for customer relationship
management system failure is poor data quality, which can be
easily avoided. CRM systems are as useful as the information it
provides. The old saying "garbage in, garbage out" can be
applied to CRM data quality. To ensure good CRM data quality, be
sure to input the data accurately; check data entries twice to
minimize the possibility of duplication; if there is an error in
the provided information or if the information is not complete,
then re-establish contact with the customer to recheck the data.
Customers generally do not get annoyed at this; instead it makes
them more appreciative of the extra customer service.
Source: Susan Jan
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