What is CRM?

in terms of better customer approach

customer relationship marketing enables companies to provide excellent real time customer service by developing a relationship with each valued customer through the effective use of individueal account infomation. there are numerous ways of gathering this account informations and the effective ness of each methode depends on the industry u r operating in and the business model u follow

the basic philosophy of CRM is

1)
reduce the rate of customer defrection

2)increasing the longevity of customer relationship

3)increasing hare of wallet

4) making low value customer more profitable or terminating them

5) focussing on high vlue customers

Customer Relationship Management (CRM) includes the methodologies, strategies, software, and web-based capabilities that help an enterprise organize and manage customer relationships. It is the collection and distribution of all data to all areas of the business. The general purpose of CRM is to enable organizations to better manage their customers through the introduction of reliable systems, processes and procedures for interacting with those customers.

A successful CRM strategy cannot be implemented by simply installing and integrating a software package, a holistic approach is needed. This approach may include training of employees, a modification of business processes based on customers' needs and an adoption of relevant IT systems (including software and maybe hardware) and/or usage of IT services that enable the organization or company to follow its CRM strategy. CRM services can even replace the acquisition of additional hardware or CRM software licences.

The term itself is meant to describe the whole business strategy (or lack of one) oriented on customer needs. The main misconception of CRM is that it is only a software, instead of a whole business strategy. To be effective, the CRM process needs to be integrated end-to-end across marketing, sales, and customer service. A good CRM program needs to:

Identify customer success factor
Create a customer-based culture
Adopt customer-based measures
Develop an end-to-end process to serve customers
Recommend what questions to ask to help a customer solve a problem
Recommend what to tell a customer with a complaint about a purchase
Track all aspects of selling to customers and prospects as well as customer support.
Major areas of CRM focus on service automated processes, personal information gathering and processing, and self-service. It attempts to integrate and automate the various customer serving processes within a company.

Acronym for Customer Relationship Management. CRM is an industry term for software solutions that help enterprise businesses manage customer relationships in an organized way. An example of a CRM would be a database containing detailed customer information that management and salespeople can reference in order to match customer needs with products, inform customers of service requirements, etc.
in other words

The entire process of a pre-sales, sales and service relationship with a customer. Many software applications are now available that permit you to record this relationship from the time the clients asks their first question. Good CRM software is much more efficient than fragmented records as it can save time in tracking communications and transactions with a particular person.

for more information visit
http://www.google.com/search?hl=en&lr=&q=define%3Acrm&btnG=Search

Customer Relationship Management

Millions of companies use millions of shortened versions of their versions of things. In my company a CRM is a Client Relationship Manager. Depends on the culture of the company that you heard it from. If youre looking for a good read on customer approach from a sales standpoint look at "Large Account Management"

In a nutshell, CRM is the decision of your company to focus on deriving more value from customers by increasing the customer experience and therefore satisfaction.

While most correlate CRM with software, the strategy is what drives success here. You can use the best CRM products out there, but unless your companyâ€™s strategy and your employeeâ€™s motivation is behind it, CRM initiatives are bound to fail.

Oh, it stands for Customer Relationship Management!

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.024
Copyright (c) 2011 Financial Crisis Saturday, May 26, 2012 - Terms of use - Privacy Policy