Part 1 – Introduction to CRM CRM basically stands for Customer Relationship Management. It entails all aspects of interaction that a company has with its customers, whether it is in sales or service-related. Hence, CRM provides the business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up-sell more effectively, close deals, retain current customers and to better understand who your customers are. The main purpose of CRM is generally to provide a better service to your customers. Though, CRM not only improves the service to your customers but a good CRM capability will also reduce costs, wastage, and complaints. In addition, CRM enables instant market research as well as opening the lines of communications with your customers that will give you a direct constant market reaction to your products, services and performance, far better than any market survey.
The strongest feature of CRM is that it is very cost-effective. The advantage of decently implemented CRM system is that there is very less need of paper and manual work which requires lesser staff to manage and lesser resources to deal with. The technologies used in implementing a CRM system are also very cheap and smooth as compared to the traditional way of business. Furthermore, it is not only used to deal with the existing customers but is also useful in acquiring new customers. And by efficiently dealing with all the customers and providing them what they actually need increases the customer satisfaction. This increases the chance of getting more business which ultimately enhances turnover and profit. All this is very easily and efficiently done by an integrated CRM system.
CRM enables and helps companies to make the move towards being a customer centered organization by putting the customer at the center of all the information that