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.