CRM , Customer Relationship management is the broadly recognized and widely implemented strategy for managing and nurturing a company's interaction with clients or building the relationship with them for the sales or profit . This is to survive in the market for a longer period of time with healthy profits in hand. In other words " This is the process of managing detailed information about the individual customers and carefully managing all customers touch points to maximize customer loyalty. A customer touch point can be any occasion where customer encounters about the brand and product from his or her actual experience. For example: For a Automobile show room it includes servicing of vehicles, Behavior of Employee, Bill payment, Hospitality and so on.
Customer relationship management enables companies to give a real time experience of customer service through the proper utilization of available resources that is the Individual data.It is most Important for the company as the profit only comes from the customer , if the customer is loyal then there will be a smoother and healthier flow of profits for a long term of the company. For a good CRM there are few steps which will really hep out the organizations.
1. Identify the exact customer: With out wasting time on unnecessary things , finding out target customer and collecting all the information from any of the resource will really help out the company.
2. Differentiate Customer in terms of their needs, value to your company, from where you can find out customer lifetime value. Spending patterns and so on which will really help you out for your structured way of CRM.
3.Customize the products,services,and messages to each customer.
4. Increase the Interaction with the customers.
5.Focusing more on high valued customer.
So , by implementing some of the techniques as above the company can really take its account towards the profits for long term.
The more useful way to think about CRM is as a process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends.CRM helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers. So by doing this the companies can really work at their best to maximize the shareholders wealth ,in layman terms profit of the company with loyal customer for a long term.
About Author / Additional Info:
An MBA from GITAM University, India.