What is the importance of the CRM - customer relationship management in a company?

Answer 1

It is without a doubt the second most important area to look at for any business that wants to be sustainable and survive in this competitive environment.

I am sure you will want more details, however I dont think writing a summary of CRM books will answer your question. So I will give you a scenario answer.

If you have no products or service to offer, then you have no business. If the products is really good and everyone wants it, competition will will soon creep into your territory.

To avoid customer from moving on to the competition and trying other products, CRM is the answer. Using the pieretto analysis, 20% of your customer will give you 80% of your revenue and 80% of the customers will give you 20% revenue.

With CRM you can focus the needs of the 20% that gives your company 80% revenue and ensure that they remain satisfied so that business will go on and bottomline saved.

Hope that helps.

Answer 2

Customer Relationship management is the strongest and the most efficient approach in maintaining and creating relationships with customers. Customer relationship management is not only pure business but also ideate strong personal bonding within people. Development of this type of bonding drives the business to new levels of success. A CRM system consists of a historical view and analysis of all the acquired or to be acquired customers. This helps in reduced searching and correlating customers and to foresee customer needs effectively and increase business.

Answer 3

Management decision making is nimble and well informed supported by real-time reporting across all business teams.

Staff manage their time more effectively. CRM prompts users to follow up on activities and sends automated alerts when important actions occur.

Marketing activity brings higher quality leads through continually improving contact segmentation and targeted campaigns.

Customer churn is minimal as CRM users have access to all the relationship detail they need through multiple channels to engage with clients and deliver great service.

Answer 4

as getting into top rank is easier than maintaining the top rank, making sure you retain a customer to keep on using your product is also difficult.

new products are always going out on the market. newer technology, better features... these are quick stints that will lose you your customers in a snap. however, having a good CRM will help insure your customers are monitored first hand on how they react to these external elements. knowing this, quite a number of control measures can be done by the company to stabilize drops on sales with this events. needless to say, saving a lot of damages small or big as an after effect to not having a direct hand linked to the customers.

Answer 5

In my business (hotel business, Hilton chain of hotels) CRM means Customer Really Matters, and it is very very very important for all employees to understand the meaning of this. So important that we have to hold quarterly meetings just to talk about it. We train our staff on all ways to make the guests feel extremely important.

Answer 6

shopper courting administration, or CRM, is an significant part of present day organization administration. This CRM article is provided with the help of Ellen Gifford, who specialises in helping agencies boost excellence in CRM, and this contribution is gratefully acknowledged.

Answer 7

Without CRM company can't communicate with other sources.

Answer 8

Basically, you want your customers to be happy. The happier the customer is, the less likely the customer is to churn (leave your business and go to another business which offers similar options).