Customer Relationship Management (CRM) is a company-wide business application designed to reduce costs and increase profits by strengthening customer loyalty. CRMs gather information from all data sources within the organisation, providing one, holistic view of each and every customer in real time. This allows employees based in areas such as customer support, sales and marketing to make quick, well-informed decisions.
CRM is an systematic approach used to learn more about the needs and behaviours of consumers to develop stronger relationships with customers. Good customer relationships are at the heart of business success and CRM is the valve that pumps the ‘relationship’ lifeblood of the company. CRMs are best suited for businesses using workforce, processes and technology to gain insights about the behaviours and value of customers.
Once considered just a type of software, CRM has evolved into a customer-centric approach that permeates entire organisations.
There are three key elements to a successful CRM initiative: the workforce, processes and technologies.
From a Chief Executive Officer to the customer service representatives, those within an entire company should rely on and support their CRM initiative.
A company must make its processes more efficient to strengthen any CRM initiative, putting emphasis from the view on how any process can better serve a customer.
CRM has technological components like hosted telephony technology, but CRM goes far beyond that. It is a process that can efficiently gather crucial pieces of information about customers, sales, marketing effectiveness, responsiveness, and trends.
A company must choose the most suitable technology available to support their CRM initiatives, like hosted VoIP, to drive process efficiency and make production operate properly. If workforce, processes and technology are not properly managed, the entire CRM structure can become very inefficient. To achieve a successful, company-wide CRM initiative, it is crucial to keep each aspect in mind to utilise each most effectively.