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CRM - Customer Relationship Management
1. By: Sahadev Singh Tomar
Assistant Professor
Dewan Institute of Management
Studies, Meerut
2. CRM or Customer Relationship Management is
a strategy for managing an organization's
relationships and interactions with customers
and potential customers. A CRM system helps
companies stay connected to customers,
streamline processes, and improve
profitability.
3.
4. In CRM (customer relationship
management), CRM software is a category of
software that covers a broad set of
applications designed to help businesses
manage many of the following business
processes: customer data. customer
interaction. access business information.
automate sales.
5. Develop better communication channels
Collect customer related data
Create detailed profiles of individual
customers
Increased customer satisfaction
Access to customer account history, order
information, and customer information at all
touch points
Identify new selling opportunities
Increased market share and profit margin
Increased revenues
6. More effective reach and marketing
Improved customer service and support
Improved response time to customer requests for
information
Enhanced customer loyalty
Improved ability to meet customer requirements
Improved quality communication and networking
Reduced costs of buying and using product and
services
Better stand against global competition
7. To simplify marketing and sales process
To make call centers more efficient
To provide better customer service
To discover new customers and increase
customer revenue
To cross sell products more effectively
8.
9. An Operational CRM assists businesses in
managing their day-to-day marketing, sales,
and customer service operations. It includes:
Marketing automation
Sales force automation
Service automation
10. Analytical CRMs make it easier to manage the
processes of customer acquisition and
retention, as well as keep track of customer
details. This is an ideal solution for
companies that want to collect and analyze a
large amount of data.
The three main functions of an analytical
CRM system are:
Customer Acquisition
Customer Retention
Managing Data
11. This third type of CRM system is designed to
improve the customer experience.
Collaborative CRM features streamline
communication for all parties - both
between the customer and your company
and between various departments and
stakeholders.
These CRMs enable companies to track and
share customer data with everyone from
vendors and suppliers to tech support and
marketing managers.