Customer
Relationship Management
CRM
is an enterprise application module that manages a company's interactions with
current and future customers by organizing and coordinating, sales and
marketing, and providing better customer services along with technical support.
Customer
Relationship Management is a comprehensive strategy and process of acquiring,
retaining, and partnering with selective customers to create superior value for
the company and the customer. It involves the integration of marketing, sales,
customer service, and the supply-chain functions of the organization to achieve
greater efficiencies and effectiveness in delivering customer value.
Why CRM?
To
keep track of all present and future customers.
To
identify and target the best customers.
To
let the customers know about the existing as well as the new products and
services.
To
provide real-time and personalized services based on the needs and habits of
the existing customers.
To
provide superior service and consistent customer experience.
To
implement a feedback system.
Scope of CRM
Advantages of CRM
Provides
better customer service and increases customer revenues.
Discovers
new customers.
Cross-sells
and up-sells products more effectively.
Helps
sales staff to close deals faster.
Makes
call centers more efficient.
Simplifies
marketing and sales processes.
Disadvantages of CRM
Some
times record loss is a major problem.
Overhead
costs.
Giving
training to employees is an issue in small organizations.
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