Customer relationship management is
an integrated approach that manages a company's interactions with the existing
and future customers. It helps to identify, acquire and maintain customers for
successful growth of the business. It enables business organizations to plan
& coordinate to reach across different departments and channels. A CRM
model use smart technology for organizing, automating, synchronizing sales,
customer service, marketing, and technical support.
The customer relationship
management models help the businesses to monitor and control the business
activities along with addressing end-to-end customer requirements. Besides, CRM
focuses to –
Create database describing the
customers, their purchasing behaviors and their relationship with the company.
Provide enough details to the business
firm that help in understanding client needs. This is how business enterprise
is able to meet the expectations and offer appropriate products/ services
matching well with their pocket and requirements.
Prepare documentation presenting
information about the past purchases of the customers.
THREE Phases of CRM
Customer relationship management mainly
covers three main aspects of customer life cycle; namely: acquisition, retention
and extension.
Acquisition – This focuses more on
employee promotion, managing their profiles, sending direct emails, customer
service, incentives and services.
Retention – It benefits customers and
add value to the customer selection by adopting loyalty schemes, promotions,
community, extranets and personalization.
Extension – The customer selection is
extended by direct emails, onsite promotions and learning.
In today's competent era, it is
important for every business organization to work on the customer
relationship management model for making the business processes more
organized and profitable. There are countless reasons to implement CRM in
a business environment.