As the name suggests, Customer Relationship Management (CRM) is about how you, as an organization manage your relationship with your customers and clients (both existing and prospective). This can include the way your organization interacts and responds to the customers and clients. Interaction and response may pertain to any of the below:
- Recording of experiences, be it pleasant or not so pleasant which the organization gives to the customers in the course of their working together
- Response to requests for clarifications and queries raised by the customers
- Quick and prompt action on the part of the organization towards its’ sales and marketing activities with respect to verifications, enquiries, suggestions, recommendations and complaints.
- Bolster the customer support provided by the organization
The primary purpose of existence of any organization is profit. The company’s innovative products and services will no doubt help the company win new customers and aid in the growth of business but, the key to achieving consistent growth and profitability lies in the way your organization communicates, interacts and handles the customers. The organization will show signs of thriving when the customers feel happy and satisfied to be engaged with the organization. Attracting and winning new customers is as important as retaining the existing customers and even more important is extracting loyalty from all the customers.
How can the organization make it possible?
The answer lies in CRM. Customer Relationship Management is one of the most widely implemented models’ adopted by organizations’ and is viewed as a best possible way to engage with the customers and not to stop with that, it has many benefits which come as its’ accompaniments.
What makes CRM so universally acceptable?
Every business might have its’ unique ways of recognizing the value of its customers. But, the best and proven way of valuing your customers is by making relentless efforts in trying to improve the products and services you offer to your customers. CRM provides you, as an organization the best assistance possible to improve your communication with your customers which in turn reflects on the improved products and services you offer to the customers. Customer Relationship Management enables the organization to capture all the data pertaining to the customers’ experiences with respect to a particular product, service and business with the organization as a whole. This essentially gives you the necessary thrust to strive for continuous improvement and act in such a way that the customer feels delighted to do business with your organization. When you are in the pursuit of continuous improvement, you are steering towards innovation as you look for innovative ideas to improve your products and services. Innovation is followed by efficiency and when you are always in a pursuit of improved efficiency, it drives you and your employees towards excellence and your excellence gets projected to your customer which ensures that your relationship with them thrives.
Customer Relationship Management enables you to give each of your customers a preferential treatment by providing customized services and from the preferential treatment stems the desire of the customers to build a long lasting work relationship with your organization. CRM positions your business in such a way that it makes your customers love to do business with your organization. The benefits of CRM are immense and by adopting it, you will be giving your customers a chance to start appreciating and valuing your business for the value you bestow upon them.
CRM also equips you with accurate reporting which can be utilized to gauge the business performance. One of the golden rules apart from many, to succeed in business is not just to meet the expectations of the customers but to be a step ahead of their expectations in the products and services you offer them.
What could CRM do to the organization in the long run…?
CRM is all about how you project your organization to the customers which can take the organization a long way in retaining existing customers, winning new customers and attracting potential customers. The adoption of CRM assists the organization in becoming more customers friendly and mind you, customers have the ability to either help the organization reach acme of success or lead to its’ downfall. Happy customers always aid in the development and growth of your business by either giving you more business or by giving you more customers. They always prefer to come back for the feel good experiences you give them. All this can be owed to the adoption of Customer Relationship Management.