CRM stands for Customer Relationship Management. CRM forges a relationship between a company and its stakeholders, beyond just the transactional. The purpose of CRM is to create and enhance a positive image in the eyes of the stakeholders. (Source: What is CRM)
Relationships hold potential for connecting beyond merely buying and selling. Public Relations can harness this potential to maintain long-lasting relationships with stakeholders. CRM is a way to provide you with additional advantages. The X-factor here is to calculate and predicate the consumer’s demand ahead of time. The end purpose is to reduce the customer effort as much as possible.
Like how someone made you feel? It is most probably because they remember your name and choices. Paying such close attention to a person’s choices, likes, dislikes, and preferences makes them feel valued, respected and considered. This is the secret to relationship building, across businesses too. Pay attention to your customer! It is really not that difficult. Superior value can be created by acquiring, retaining, and partnering with valued and loyal customers in a business.
CRM is an amalgam of both technology and psychology. We tap into both sectors by exploring the psyche of the customer using the technology available at our disposals. Data is communications’ treasure. CRM is both collaborative and cooperative in nature that helps to reduce transactional costs and increase marketing efficiency and effectiveness.
Relationships with customers can be managed easily with CRM, throughout the customer lifecyle.
This software can be used for specifically for marketing campaigns, promotional initiatives, sales, customers service, and field support. With CRM, mutually beneficial relationships are achieved that benefits the organization in turn. Strategy is the aspect where CRM is used greatly. It helps to change the approach from a product-centric strategy to a customer centric strategy. This can help businesses maximise on the concept of shifting in markets from a supply based approach to a demand based approach.
CRM is an effective business tool, which can be used to understand and intelligently manage customer relationships in the process of survival for business. Because, customization is key to stand out from the crowd.