Customer Relationship Management
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Customer Relationship Management (CRM) basically refers to a system used in managing the interactions between a company and its current and future clients. This process use different variables such as technology, automation and subsequent synchronization of the company’s sales, customer’s services as well as providing technical support to the customer base. Customer Relationship Management process tracks and measure the levels of marketing campaigns through an extensive network. CRM systems may also track customer analysis through customer clicks as well as sales. Indeed, CRM systems could be used in call centers, social media, direct mails, customer interviews as well as banking (Baran & Strunk, et al. 2008).
Essentially, CRM systems forms extensive customer relationship management basis. Indeed, it forms a platform for the propelling payments among other questions related to management. The main idea behind the latter is to track, store and record information in a manner that promotes customers’ relations. Indeed, the process also codifies mutual interactions between the business and the customers with a view to maximizing the gross organizational sales as well as profits using analytical prompts. This move ensures that users are accorded as much information regarding the organizational products and services as possible with the intentions of identifying the market segment. Furthermore, CRM information reach and maximization enhance the maximization of customer service and subsequently maximizes the profit margins. Furthermore, the storage and manipulation of extensive information concerning the customers minimizes idle contact as well as futile interaction with business’ customers (Brink & Berndt, 2008).
Indeed, for CRM to be used in the business’ development, the call centers are equipped with CRM software which helps in directing customers to their respective agents besides proving self-empowered knowledge. The software may also be employed in identifying as well as subsequently rewarding loyal clients over given time frame. A CRM soft ware program may also be automated to provide synchronized suitable appointments with respect to time, dates as well as generating regarded mode of customers’ contact with the organizational personnel. Indeed, once the management has prepared the appointments and saved in the system, the automated system calendar can recall such appointments and establish the right time for their discharge (Kracklauer & Seifert, et al. 2004).
Customer Relationship Management in B2B market
Modern business environment demands that business interaction with other business can be manipulated through the web. As Sweeney asserts, CRM involves any method or actions including procedures for managing and improving sales as well as subsequent customers and other business partners across the scope of the business enterprise. Consequently, Sweeney provides that CRM is essential in every aspect of B22 transactions. In most cases, CRM systems are taken to have the impression that they were created for the sake of customer-centered businesses. However, CRM techniques could also be applied in B2B cases with a view to streamlining and improving the overall conditions for customers’ management. However, the CRM focusing on B2B and B2C scenarios are created differently since they are destined to achieving different tasks but later converge to customer relations improvement. Indeed, B2B relationships generally have relatively longer maturity period compared to their B2C relationship counterparts. Personalization and individual employment of CRM operations could be essential in promoting B2B relationships (Fjermestad & Romano, 2006).
As a matter of facts, any effective CRM have the following features: customer-oriented; automated sales force; active use of technology in enhancing efficiency of the process as well as managing opportunities effectively. With respect to the quality of opportunity management, this characteristic enables any company to cope with volatile growth as well as demands besides implementing sustainable forecasting models with a view to integrating history of sales with the respective sales projection. Indeed, CRM use technology in optimizing business processes through automation, synchronization as well as organization of business operations. The process of optimization basically involves activities pertaining to business sales though may also incorporate elated customer services, technical support and marketing (Brink & Berndt, 2004).
The main objective of Customer Relationship Management pertains to the discovery, engagement and subsequent signing on new customers besides maintaining concrete relationships with already established customers to the business. Furthermore, the prospects of Customer Relationship Management may also comprise other mechanisms that promotes reconciliation and subsequent restoration of broken customers relationship with past business customers. As a matter of facts, the inputs of Customer Relationship Management may also be essential in minimizing the costs of marketing and customers’ service delivery. It is therefore implemented at business level with the involvement of all business departments relating to customers. Active implementation of Customer Relationship Management characterized with consistency between inputs of technology, profit maximizing processes as well as personnel lead to achieving business’ objectives while reducing overall costs of business management (Peelen, 2005).
Benefits of CRM
Effective implementation of CRM may help a company in achieving high productive capacity while streamlining both sales and marketing processes. Furthermore, it may lead to improved mode of service delivery. Additionally, customers’ loyalty also increase in both up and cross selling prospects thus increasing the business’ efficiency among all business call centers. CRM also promotes the move to cost reduction and enhanced profiling and targeting profits in business operations. As a matter of facts, efficient CRM may also promote business market shares as well as subsequent marginal costs (Raab, 2008).
Limitations of CRM
Despite having numerous benefits, Customer Relationship Management is not used by most companies in promoting sales, service delivery and marketing in general. Indeed, there are numerous barriers to effective implementation of proactive customer relationship management. For instance, there are several complexities involved in implementing work flows as well as tools especially in the case of large corporation due to bureaucratic issues. Previously, the latter tools have had been employed in recording, contact management, tracking communication as well as interactions. Nevertheless, software solutions have been incorporated in restructuring the sales pipelines with the inducement of certain tools towards promoting business activities pertaining to clients’ relations. Consequently, these advancements have led to the individualization of customer relations to the confinement of each department (Buttle, 2004). However, Customer Relationship Management can be very essential in promoting business performance in the long-run.
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