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By: Muhammad Adeel
What is CRM?
CRM (Customer Relationship Management) are the concepts used by organizations to manage their relationships with customers.
“The approach of identifying, establishing, maintaining, and enhancing lasting relationships with customers.”
History of CRM 1980s: Database marketing emerges. 1980s: Database helped larger organizations rather
then small who only got survey type info. 1990s: CRM appears as a two-way communication
device. 1990s: CRM leads to programs such as frequent flyer
miles and bonus points on credit cards. 2000s: Internet has helped expand from stagnant
database and allows off-site information storage. 2000s: Used most frequently in financial services,
high tech corporations and the telecommunications industry.
CRM ASPECTSBasically CRM is Based on three Aspects..
Operational AspectsOperational aspect of CRM is automation to
Customer’s processes including front office sales / service and marketing representative.
Any customer interaction is recorded by CRM, so that any one can retrieve the customer information at anytime without having to interfere about interaction history
Collaborative Aspects
Direct interaction with customers without interference of sales representative. Cost reduction and better customer services through automated voice response, email feedbacks, SMS, IVR etc
Analytical Aspects
Analysis of Customer Data for purposes like optimizing marketing effectiveness, customer retention, behavioral analysis, decision making.
CRM leads to… Identifying prospects and helps them
become customers. Closing sales more effectively and efficiently. Allowing customers to perform business
transactions quickly and easily.Providing better service and support
following a sale.
Key Features of CRMA typical CRM consists of three subModules: Sales Marketing Customer Services
SALESIt improve sales and streamline existing processes.
MARKITINGIt helps in marketing departments identify and target their best customers, manage campaigns as well as discover qualified leads.
CUSTOMERS SERVICESForm individualized relationships with customers.
Benefits of CRMResearch has shown that companies that create satisfied, loyal customers have more repeat business, lower customer-acquisition costs and stronger brand value.Which equals to better financial performance.
CRM Companies in Share Market 2013
Top CRM Companies
Famous Companies Info… Salesforce has greater market share in the West and the
South compared to the Midwest and the Northeast.
While Microsoft Dynamics CRM is number 2 in overall CRM market share, it’s greatest relative share is in organizations with 100 or fewer employees.
Microsoft Dynamics CRM stacks up better against Salesforce in the Midwest and the Northeast.
Oracle and SAP considered as standalone systems by CRM buyers,
Vtiger and SalesLogix and ACT! are hanging tough in five and six overall positions.
At the End….Choosing the right CRM helps Client interaction and understanding efficient initiating process of better service and customer retention.