Measuring Customer Response
After emphasizing on customer response and its advantages it is also important to know how to measure these responses and what can be achieved after accurate measurement. For this it is necessary for an organization to incorporate following performance indicators: Productive Performance Indicator- The productive performance indicator determines the number of customer orders processed per […]
Newsletters, Press Releases, and Writing for the Press
Press Releases and their Importance The previous articles discussed the various aspects of media and the role of media in shaping public opinion. We had also discussed how press conferences and press meets are to be organized and listed some points for the successful media management strategies. Continuing in the same vein, this article discusses […]
Catch Them Young and Watch Them Grow: CSR Initiatives in Primary and Secondary Education
CSR Initiatives in Primary and Secondary Education CSR or Corporate Social Responsibility initiatives can extend to the realm of primary and secondary education. This entails close engagement and involvement of corporates in the schools, colleges, and universities where the corporates provide for funds, training, and associated programs with a view to educate the future workforce […]
Broadening the Corporate Governance Agenda: The Corporate Social Responsibility
In recent years, there has been an increasing emphasis on governing corporations according to social and environmental norms and ensuring that the negative externalities associated with them are minimized. When we talk about negative externalities, what we mean are the social and environmental costs that corporations impose on society and which are not factored into […]
Competitor Analysis – Meaning, Objectives and Significance
Organizations must operate within a competitive industry environment. They do not exist in vacuum. Analyzing organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. While formulating an organization’s strategy, managers must consider the strategies of organization’s competitors. Competitor analysis is a driver […]
Every business unit emphasizes on spurting a long term relationship with customers to nurture its stability in today’s blooming market. Customer’s expectations are now not only limited to get best products and services, they also need a face-to-face business in which they want to receive exactly what they demand and in a quick time.
Customer Relationship Management is an upright concept or strategy to solidify relations with customers and at the same time reducing cost and enhancing productivity and profitability in business. An ideal CRM system is a centralized collection all data sources under an organization and provides an atomistic real time vision of customer information. A CRM system is vast and significant, but it be can implemented for small business, as well as large enterprises also as the main goal is to assist the customers efficiently.
Usually an organization consists of various departments which predominantly have access to customer’s information either directly or indirectly. A CRM system piles up this information centrally, examines it and then makes it addressable within all the departments.
Lets take an example of an international call center which uses a CRM tool called ‘XYZ’ and is integrated with a phone and a computer system or laptop. Now this system automatically perceives which customer is calling.
Before the executive attends the phone the CRM system brings forth the customer details on the computer or laptop screen and also indicates what the opportunity of deals is with that particular customer, what the customer had already purchased or ordered in past and what is the probability of buying in future. Not only this, it can also highlight what all products best suit this customer.
For finance department it may show the information regarding the current balance and for accounting department it may pop out the information regarding the recent purchases by the customer. All these pieces of data are stored in the CRM database and are available as and when it is needed.
According to this example, CRM system provides a well defined platform for all business units to interact with their clients and fulfill all their needs and demands very effectively and to build long-term relationship.
Wangling this kind of relationship with customers is not easy to manage and it depends on how the systematically and flexibly a CRM system is implemented or integrated. But once it’s accomplished it serves the best way in dealing with customers. In turn customers feels gratitude of self-satisfaction and loyalty which results in better bonding with supplier and hence increasing the business.
A CRM system is not only used to deal with the existing customers but is also useful in acquiring new customers. The process first starts with identifying a customer and maintaining all the corresponding details into the CRM system which is also called an ‘Opportunity of Business’. The Sales and Field representatives then try getting business out of these customers by sophistically following up with them and converting them into a winning deal.
Customer Relationship Management strategies have given a new outlook to all the suppliers and customers to keep the business going under an estimable relationship by fulfilling mutual needs of buying and selling.
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