customers and potential customers in a transparent way. CRM makes good sales and service people better, helping make sure things don't slip through the cracks and managing basic housekeeping tasks for them. Like most machine based systems, its value is that it allows people more time for tasks that require creativity and initiative by doing the things that don't. 4.The database of the company is its biggest asset. If the organisation can show potential buyers / funders their communication / sales processes in action then it is this that they will purchase / fund. Being able to show clearly repeated sales due to communication processes is gold in business. 5.A CRM is a platform to manage and organize your customers and prospects and your communications with them. It helps you manage your sales cycle; keep in touch with clients, and in market effectively to prospects. 6.The prospects and customers of the organisation are the lifeblood of their business. By better managing your customers the organisation will earn their recommendations and their loyalty. 7.Customers who are dissatisfied will simply leave and do business elsewhere, and an unhappy customer is significantly more likely to share their bad experience with people they know. The organisation need to have quick access to its customers so the organisation can mine its customer database, for up selling, future offers and just to review notes and details about how your company/service is doing. CRM is a tool that makes your company more responsive, intuitive and better informed. Every business should use some form of CRM. 8.Customer Relationship Management is considered to be the strongest and most efficient way of maintaining and creating relationships with customers. It helps business build strong relationship not just with customers but with other people as well or what businesses consider as stakeholders. It helps businesses develop more successful business strategies and also build a lasting and fruitful relationship thereby competing well in the industry.CRM is principally a strategy, though more popularly thought of as technology. One without the other will not achieve the desired results! 9.To be successful, any business within any industry needs to develop a good relationship with its customers; to respond to their requests and target propositions. The way that organisation does this will be directly linked to their level of success. An effective customer facing strategy is probably going to achieve the best results. Of course technology is required to support and implement the CRM strategy.
1.4 HOW WILL A CRM HELP START-UP?
As a start-up, the company has to set its own requirement of the employees which would be different from the other major players and therefore it has to choose the optimum experience set of employees. The employees are working simultaneously on product, marketing, sales, hiring, fundraising, and getting lunch delivered for their team. Most of these tasks require the building and maintenance of relationships with people – and the RM of CRM stands for “Relationship Management”. CRM is ideal for start-up businesses that want to grow their contact lists and plan significant email marketing campaigns because if people have better intelligence about their customers, they can better cater to them. A CRM should thus help the organisation more efficiently develop more productive relationships with a variety of people – not just with potential customers (People Relationship Manager = PRM?). For example, investors are one of the groups the organisation should have in their CRM as they are more likely to invest in a founder with whom they have built a relationship.
CRM lets multiple users collaborate and manage a customer's overall contact history and essentially make notes in the margins. It also helps businesses design targeted marketing campaigns, suggest complementary or add-on products based on previous purchases, track...