Customer Relationship Management Assignment
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CRM or Customer Relationship Management is an approach to managing a company’s interaction with future and current customers. It involves using technology to automate, organize, and synchronize marketing, technical support, and customer service. CRM is a customer-oriented feature with service response based on one-to-one solutions, customer input to customers’ requirements, customer service centers, direct online communications with the customer, that are intended to help customers for solving their issues. It includes the following:
- The sales force automation, which implements the sales promotion analysis, automates the tracking of a client’s account history for future sales or repeated sales and coordinates marketing, sales, call centers and retail outlets.
- Data warehouse technology is used to aggregate transaction information, to provide key performance indicator, and to merge the information CRM products.
- Opportunity management that helps the company for managing unpredictable demand and growth and implement a good forecasting model for integrating sales projections with sales history.
- CRM systems that measure and track marketing campaigns over multiple networks, tracking customer analysis by customer sales and clicks.
CRM is expanding outside the marketing areas and the core sales, and systems that are available that incorporate finance data and support.
As well as recording, tracking and storing customer information, CRM systems in call centers codify the interactions between customers and company by using key performance indicators and analysis. The intention is to decrease churn rate, maximize average revenue per user and decrease unproductive and idle contact with the customers. CRM software can also be used to reward and identify loyal customers over a period.
According to a Sweeney Group definition, CRM is all the technologies, tools and procedures to improve, manage, or facilitate support, sales, and related interactions with prospects, customers, and business partners through the enterprise. It assumes that Customer Relationship Management is involved in every B2B transaction.
CRM systems were created for the customer-centric businesses and can be applied to B2B environments to improve and streamline customer management conditions.
The main differences between B2B and B2C CRM systems are given below:
- B2B companies have lesser contact databases than B2C.
- The sales volume in B2B is relatively small
- Fewer figure propositions are present in B2B, but in some cases, they cost more than B2C items.
- In the B2B environment, the relationship is built over a longer period.
- CRM in B2B must be easily integrated by-products from other companies. Such integration enables the creation of forecasts about customer behavior based on their bills, buying history, business success, etc.
- B2B company application must have a function to connect all the processes, contacts, and deals amongst the customer’s segment and then prepare a paper.
- For B2B products automation of sales process is an important requirement. It should effectively manage the progress and deal through all the phases towards signing.
- Personalization helps the B2B Company to maintain and create a strong and continuing relationship with the customer.
Balaram, among young people in 2010 presented evidence of a significant increase in the use of social networking sites. It has caused companies to use these sites for drawing attention to their services, products, and brands, with the aim of building up customer relationships for increasing the demand.
Some CRM systems integrate social media sites like LinkedIn, Twitter, and Facebook, for communicating and tracking with customers sharing their experiences, opinions with products, company, and services. Enterprise Feedback Management software platforms such as Medallia, Satmetrix, and Confirmit, combine the internal survey data with trends, recognized through social media for allowing businesses to make more accurate decisions on which products to supply.
Some CRM software is available as a software as a service, which is delivered via the Internet and accessed via a web browser without installing on a local computer.
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