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Customer Relationship Management

Business success is directly depends on how the business manages its relationships with its customers. Therefore various IT software that help in support and dealing with customers are increasing on a regular basis and growing in demand.

Customer relationship management (CRM) is not just software or the application of technology, but is a policy to learn more about customers' needs, requirements and behaviors in order to develop stronger relationships and indirectly benefits business.

Why CRM?

In the commercial world customer is a king for a business and expanding business is supreme. There are costs that are associated with finding new customers which means that every existing customer could be important. CRM not only helps a business to recognize its value for its customers but also capitalize on enhanced customer relations. The better one understands its customers, the more responsive a business can be to their needs.

Types of CRM solution

In running a successful business, customer relationship management (CRM) is very important. It is easier to conduct business and generate revenue when the relationships are better with customers. Therefore using technology to improve CRM on an regular basis as per needs is making a good business sense.

Wide categories of CRM solutions are-

1.      Outsourced solutions

2.      Off-the-shelf solutions

3.      Bespoke software

4.      Managed solutions

How to implement CRM in a business?

A general six - stage process involves -

Step 1 - Collecting all the relevant information

The first step is to collect all the relevant information about the customers and categorize their behavior.

Step 2 - Storing information

Then store this relevant information in a relational database which is a centralised customer database that will allow you to make it available on all the systems from the same source.

Step 3 - Accessing information

In this you need to make this information available to all staff in a useful format.

Step 4 - Analyzing customer behavior

From here with the help of spreadsheet programs you can begin to profile different customers and accordingly make sales strategies.

Step 5 - Marketing more effectively

You can market more and also generate more revenue from this process.

Step 6 - Enhancing customer experience

This will increase customer satisfaction and hence enhance their experience.