NATURE AND SCOPE OF CRM
“ CUSTOMER IS THE KING ”
- TODAY’S SELLER
1. NATURE AND SCOPE OF CRM
The Customer is King! This credo is more powerful, relevant and true today than ever before. In a truly customer driven economy, success depends on a company's ability to be with the customer on a round the clock basis… satisfying all their product and service specific needs. Simply stated, Customer Relationship Management (CRM) is about finding, getting, and retaining customers. Customer Relationship Management is one of the hottest and most talked about topics in the industry today and for good reason. Industry analysts recently reported that CRM expenditures will grow from $2.8 billion in 1999 to $11 billion by 2003. CRM is all about building long term business relationships with your customers. It is best described as the blending of internal business processes: Sales, Marketing and Customer support with technology. CRM solutions empower businesses to more efficiently and effectively manage the activities that affect their relationship with their customers. The ultimate goal of CRM is to meet and exceed customer expectations, create a positive customer experience and build customer loyalty. CRM changes all of this and represents a continuing evolution in managing front office operations. With CRM, traditional departmental applications for sales, marketing and customer service are consolidated into a single unified system capable of managing the entire customer life cycle. This approach allows employees throughout an organization to have immediate access to a complete profile of important customer information. Organizations who are implementing CRM solutions feel confident that providing access to this level of information will assist their sales and support staff in better understanding the needs and buying patterns of their customers. CRM (customer relationship management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way.
CRM is at the core of any customer-focused business strategy and includes the people, processes, and technology questions associated with marketing, sales, and service. In today's hyper-competitive world, organizations looking to implement successful CRM strategies need to focus on a common view of the customer using integrated information systems and contact center implementations that allow the customer to communicate via any desired communication channel. What exactly is the definition of Customer Relationship Management? Ask a dozen professionals, get a dozen different definitions. Here's a general overview: CRM is used to learn more about your key customers needs in order to develop a stronger relationship with them. Customer Relationship Management can be defined as a companies activities related to increasing the customer base by acquiring new customers and meeting the needs of the existing customers. CRM is about building partnerships with your customers. It uses internal business processes from Sales, Customer Service and Marketing. The philosophy of CRM is the recognition that your long-term relationships with your customers can be one of the most important assets of an organization, providing competitive advantage and improved profitability The most important part of CRM is the "customer-focus". CRM uses technology, strategic planning and personal marketing techniques to build a relationship that increases profit margins and productivity. It uses a business strategy that puts the customer at the core of a companies processes and practices. It requires this customer focused business philosophy to support effective sales, marketing, customer service and order fulfillment. Regardless of company size or industry, businesses have begun to recognize the value and importance of customer retention and are embracing new...