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Customer Relationship Management

CRM, or Customer Relationship Management, is company-wide business strategy designed to reduce costs and increase profitability by solidifying customer satisfaction, loyalty, and advocacy. True CRM brings together information from all data sources within an organization (and where appropriate, from outside the organization) to give one, holistic view of each customer in real time, make quick yet informed decisions on everything from cross-selling

Definition. CRM is the abbreviation for customer relationship management. CRM entails all aspects of interaction that a company ahs with its customer, whether it is sales or service-related.

Customer Relationship Management System

CRM is often thought of as a business strategy that enables businesses to:
•    Understand the customer
•    Retain customers through better customer experience
•    Attract new customer
•    Win new clients and contracts
•    Increase profitably
•    Decrease customer management costs

Objectives of CRM

CRM, the technology, along with human resources of the company, enables the company to analyze the behavior of customers and their value. The main areas of focus are as the name suggested customer, relationship, and the management of relationship and the main objectives to implement CRM in the business strategy are:

(a)    To simplify marketing and sales process
(b)    To make call centers more efficient
(c)    To provide better customer service
(d)    To discover new customers and increase customer revenue
(e)    To cross sell products more effectively
(f)    Attracting present and new customers
(g)    Acquiring new customers
(h)    Serving the customers
(i)    Finally, retaining the customers

Benefits of CRM

The following are the benefits of adopting CRM processes:

(j)    Develop better communication channels
(ii) Collect customer related data
(iii) Create detailed profiles of individual customers
(iv)    Increased customer satisfaction
(v)    Access to customer account history, order information, and customer information at all touch points
(vi)    Identify new selling opportunities
(vii)    Increased market share and profit margin
(viii)    Increased revenues
(ix)    More effective reach and marketing
(x)    Improved customer service and support
(xi)    Improved response time to customer requests for information
(xii)    Enhanced customer loyalty
(xiii)    Improved ability to meet customer requirements
(xiv)    Improved quality communication and networking
(xv)    Reduced costs of buying and using product and services
(xvi)    Better stand against global competition

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