Customer Relationship Management is a business strategy aimed at reducing costs and increasing profitability by improving customer loyalty. CRM Software brings together information from different data sources within an organization to provide a holistic view of each and every customer in real time. This enables the sales, customer support and marketing divisions to make quick and informed decisions when cross-selling or upselling to the customer.
There are 3 key elements to a successful Customer Relationship Management initiative, which are people, technology and process. Business processes must be re-engineered to bolster its CRM initiative, the people within the organization ranging from the CEO to each and every customer representative need to be involved and support CRM. Once this is in place, the organization must then choose the right technology to drive these improved processes and provide accurate data to employees, and be easy enough to operate such that users don’t complain. If one of these 3 elements is not properly implemented, the whole CRM structure will collapse.
What CRM can do for your Business
- A well implemented CRM will create better communication channels within the organization.
- The organization is able to collect crucial data such as order histories and customer details.
- CRM delivers instant, company-wide access to customer histories.
- Using a CRM, a business is able to identify new selling opportunities.
Business Benefits of Implementing CRM Software
The main benefit of implementing a CRM is the development of better relations with existing customers, which then leads to:
- An increase in sales through better timing by anticipating customer needs based on historic trends.
- Ability to understand specific customer requirements, which makes it easier to identify customer needs more effectively.
- Ability to cross-sell other products or services by highlighting and suggesting enhancements or alternatives to customers.
- Ability to identify which customers are profitable and which ones are not.
Ultimately, the implementation of a Customer Relationship Management (CRM) Solution will enhance customer satisfaction and retention, ensuring growth of the companies’ reputation. Profitability is improved through focusing on the most profitable customers. A CRM System will enable the organization to increase value from its existing customers and reduce costs associated with servicing and supporting them.
If you are looking for a CRM Solution that is right for your business, find out more about our MS Dynamics CRM 2011