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What is CRM?


An acronym for Customer Relationship Management, CRM is a term originally defined and designed to improve customer service. Today it almost relates to an entire business strategy. So while the term refers to a systematic approach to handling customer relationships, it transforms into providing holistic approach to a business strategy.
Customer refers to an entity that acquires or consumes goods or services from a desired firm (through the process of purchasing or renting) for a mutually decided price and has the ability to choose between different products and suppliers. In this sense a customer is also known as client, buyer, purchaser or user of the products/services delivered or provided by a firm or organization also called the supplier, seller or the service provider.
Relationship in business refers to a state involving mutual dealings between people or parties. It involves interactions with customers or prospects to better understand their requirements and to build an expectation through different channels of communication. The more one interacts, the more chances of building a strong business relationship on the grounds of proper understanding of customers.
Management refers to managing of customer interactions. This does not merely mean customer support but in its true sense aims at mobilizing the entire organization towards management of all interactions with the customers, thus involving a customer-centric thinking and acting .

How CRM Works?


Essentially CRM works by collecting leads or consumer information. Analyzing the collected information to understand customer or market requirements. Adjusting marketing campaigns accordingly to increase sales. CRM also serves for customer service and support--making businesses efficient and improve customer satisfaction.
In any business, the bottom-line of CRM work flow is to (1) Initiate Marketing, (2) Process Sales, (3) Schedule Orders and (4) Provide Support .

Benefits

CRM is often misunderstood as an application or a tool, but in the real sense of the term it is a way of doing business. There can be innumerable reasons for businesses to implement CRM. However, let's take a look at few of the most apparent benefits of using CRM.
    • 360 degree view of business
    • Organizational-level data sharing
    • Reduce cost on customer acquisition
    • Centralized customer interaction
    • Improved customer support
    • Increase customer satisfaction
    • High rate of customer retention
    • Boost new business
    • Increase revenue at low cost

Thus CRM is becoming increasingly important among businesses. With an ever increasing customer expectation there is a need for organizations to adopt new business services and strategies - CRM provides this versatility in enhancing sales, customer support and success in business.
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