According to Investopedia, "Customer relationship management (CRM) refers to the principles, practices, and guidelines that an organization follows when interacting with its customers. From the organization's point of view, this entire relationship encompasses direct interactions with customers, such as sales and service-related processes, and forecasting and analysis of customer trends and behaviors. Ultimately, CRM serves to enhance the customer's overall experience".
To simply understand, CRM software includes Monday.Com CRM, Zoho CRM, Freshsales, amo CRM, salesforce CRM etc.
https://www.capterra.com
10 Critical Questions in CRM: CRM helps us to understand our business model so company can create and capture value within the value networks.
•Customers
–Who are our customers?
–What do our customers want and expect?
–What is the value potential of our customers?
•The Relationship
–What kind of relationship do we want to build?
–How do we foster exchange?
–How do we work together and share control?
•Managerial Decision Making
–Who are we?
–How do we organize to move value closer to our customers?
–How do we measure and manage our performance?
–How do we increase our capacity for change?
CRM process Cycle
Goal of CRM
Preparation before setting up a CRM system:Companies that don't implement some form of CRM may have a hard time keeping their customers as happy as their competitors who have a CRM system do.
●Plan the details of the information you want to collect.
●Set up procedures and protocols for how the information will be entered.
●Create drop-down lists for common terms and items that everyone would use.
●Agree on report formats and styles and set up templates.
CRM Characteristics
CRM vision : creating a picture of what the customer-centric enterprise will look like, in order to build a competitive market position based on value propositions that are defined, communicated and personified by the enterprise brand.
CRM strategy : developing a strategy to turn the customer base into an asset by delivering customer value propositions. This includes setting objectives and determining how resources will be used to interact with customers.
Consistent valued-customer experience : ensuring that the enterprise's offerings and interactions deliver ongoing value to customers, are delivered consistently and achieve the desired market position.
Organizational collaboration : changing cultures, organizational structures and behaviors to ensure that employees, partners and suppliers work together to deliver customer value.
Processes : effectively managing not only customer life cycle processes but also analytical and planning processes that build knowledge of the customer.
Information : collecting the right data and routing it to the right place.
Technology : managing data and information, customer-facing applications, IT infrastructure and architecture.
Metrics : measuring internal and external indications of CRM success and failure.
Building Customer Relationship(Routledge 2013)
•Under promise, over deliver
•Don't forget the small things.
•Stay in contact
•Listen to the Customer
•Establish a feedback system
CRM Key Activities:
References
Adapted from journals, articles, books available online.
About Writer
Mamata Pathak is a research-based Master student of Migration Studies (Major International Law) at University Cote d’Azur, Nice, France. She is a graduate of master’s in international business at IAE Nice Graduate School of Management, France. She is a personal blogger and content writer.
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