Scribd
Upload
88 views

Customer Relationship Management (CRM)

Customer relationship management (CRM) involves managing interactions with customers to build loyalty. CRM tools collect customer data to recognize and communicate with customers. CRM software totaled $26.3 billion in 2015 and is expected to continue rising through 2018. CRM benefits businesses of all sizes by maintaining customer records to improve interactions, learn about customer needs, and optimize processes. Common CRM types include operational, analytical, and collaborative CRM that focus on marketing, sales, service, data analysis, and sharing customer information with partners.

Uploaded by

Syed Paras
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
88 views

Customer Relationship Management (CRM)

Customer relationship management (CRM) involves managing interactions with customers to build loyalty. CRM tools collect customer data to recognize and communicate with customers. CRM software totaled $26.3 billion in 2015 and is expected to continue rising through 2018. CRM benefits businesses of all sizes by maintaining customer records to improve interactions, learn about customer needs, and optimize processes. Common CRM types include operational, analytical, and collaborative CRM that focus on marketing, sales, service, data analysis, and sharing customer information with partners.

Uploaded by

Syed Paras
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

 customer relationship management (CRM) is all of the activities, strategies

and technologies that companies use to manage their interactions with their
current and potential customers. A saying frequently heard and said in many
businesses is "customer is king."

CRM helps businesses build a relationship with their customers that, in turn,
creates loyalty and customer retention. Since customer loyalty and revenue are
both qualities that affect a company's revenue, CRM is a management strategy
that results in increased profits for a business. At its core, a CRM tool creates a
simple user interface for a collection of data that helps businesses recognize
and communicate with customers in a scalable way.

Leslie Ye, editor at Hubspot’s Sales Blog, describes a CRM in the following


way: “Beyond contact info, CRMs log reps’ touchpoints with their prospects,
including emails, phone calls, voicemails, and in-person meetings. Some
CRMs offer the ability to track deal stages and reasons for closed-lost and
closed-won deals.”

According to Gartner, CRM software totaled $26.3 billion in 2015 and predicts
that that figure will continue to rise through 2018.

At its core, customer relationship management is simple. However, it can be


implemented in a huge array of methods: websites, social media, telephone
calls, chat, mail, email and various marketing materials can all be integrated
into a CRM solution. Due to CRM's diversity, it doesn't only benefit larger
businesses -- using and maintaining a CRM tool is the basis for a scalable sales
and marketing system. Any company will benefit from maintaining a record of
which conversations, purchases and marketing material can be associated
with leads and customers.

Small businesses and even freelancers can benefit from CRM processes as
well. After all, who doesn't want to increase their customer retention and, as a
result, their profits? Some of the major ways in which CRM accomplishes this
goal are listed below.

• Learning. CRM helps businesses learn about their customers, including


who they are and why they purchase your products, as well as trends in
customers' purchasing histories. This allows businesses to better anticipate
their customers' needs and, as a result, fulfill them. Effectively using customer
relationship management can also provide a strategic advantage. Well
organized customer data helps companies select the correct recipients for
promotions and new products.
• Organization. CRM allows businesses to become more efficient by
organizing and automating certain aspects of the business. From sales
processes to marketing campaigns and business analytics as well as customer
data, CRM automates and streamlines these processes for businesses. This
allows the businesses to organize these processes into simpler, easier to
understand data.

• Optimization. Finally, CRM software allows businesses to optimize their


customer interactions. By simplifying and streamlining many of the more
complex customer interaction processes, CRM increases customer
satisfaction.

Types Of Customer Relationship Management

There are many different types of CRM. However, most CRM software
primarily focuses on one major category below.

• Operational. Operational CRM usually has to do with one of the three


types of operations: marketing, sales and service. Operational CRM is an
important tool for lead generation because it frequently deals with past
customer data such as previous marketing campaigns, purchases and service
satisfaction. CRM software also aims to automate these processes to create a
better experience for both the businesses and their customers. Because of its
concentration on efficiency, operational CRM is a great fit for companies with
a shorter sales cycle and high repeat sales like e-commerce or business to
consumer retail verticals.

• Analytical. The main function of analytical CRM is to analyze customer


data so that management can better understand market trends and customers'
wants and needs. The goal of analytical CRM is to improve customer
satisfaction. Analytical CRM frequently uses data mining and pattern
recognition to accomplish this task -- it works well for companies in higher
priced markets with a lot of competition.

• Collaborative. Collaborative CRM is when companies share customers'


information with outside companies and businesses. By pooling their data,
certain businesses are able to create an even greater experience for their
customers by obtaining data which they otherwise would not have had access.
It's an excellent fit for markets where innovation and new product
development is paramount to success because the additional data creates very
detailed pictures of what consumers are currently responding to.
Top 5 examples of CRM implementation in organizations
Here are 5 successful Customer Relationship Management examples that may inspire you to
use CRM in your business.

1. Apple CRM
Customer Relationship Management plays a pivotal role in Apple’s growth strategy.

If you’ve ever used an Apple device, you probably had to register it using an Apple ID. An Apple ID
is an account you use to access Apple services like the App Store, Apple Music, iCloud, iMessage,
FaceTime, and more.

These unique IDs synchronize across devices, save music and film preferences, and
provide bespoke recommendations based on what you like. For users, this is convenient. For
Apple, it’s a tool that provides insights on what customers like and it can be used for
effortless, targeted marketing.

2. Coca-Cola CRM
Coca-Cola uses CRM to promote collaboration and deal with customer issues quickly and
efficiently.

By using CRM software, every member of a Coca-Cola team can identify issues, monitor


customer behaviour and social media to promote offers and promotions.

Moreover, team members can use mobile apps on the go to access customer history anytime and
anywhere, create and update work orders, and send out field technicians in real-time.

3. Amazon CRM
Throughout the past few years, Amazon has become the go-to online platform for online shopping.
One of the main reasons for this is Amazon’s CRM system. Amazon has one of the most complete
CRM infrastructures in the world that harnesses customer data during purchases to
instantly customize users’ online experience.

When purchasing an item from Amazon, you will need to set up a personal account. Then, Amazon
can track your purchases and browsing history to tailor marketing campaigns and email
campaigns based on things you will probably like.

Moreover, you can configure your account to set up purchases in one-click. This is one of Amazon’s
most popular feature and customers appreciate it as it dramatically speeds up the checkout process
when making a purchase.

4. Activision CRM
Activision is a pioneer in the video gaming industry that uses CRM to connect with gamers via social
media websites such as Facebook and Twitter. By using a cloud-based CRM solution, the
company was able to:
 reduce customer service related expenses by 25%,
 assess and resolve 82 % of customer-related issues through online self-service,
 improve communications with its gaming community,
 reduce overhead costs,
 increase user satisfaction rates,

5. Tesco CRM
Like most retailers today, Tesco uses a Clubcard to reward its most loyal customers. For every
pound spent, you earn a point. These points can then be traded in for Tesco Clubcard ‘vouchers’
and vouchers can then be traded in for rewards. Tesco has partnerships with many restaurants,
hotels and gas stations thus giving users more opportunities to earn points.

There are programs available for all family members: Tesco Kids Club, Tesco Baby and Toddler
Club, Tesco Healthy Living Club, World of Wine Club.

Tesco uses this for targeted marketing actions and there are over four million variations of its
quarterly mailing to ensure that discounts and offers are personalized for each customer.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy