What is CRM?
Every great business starts with a great relationship. Every great relationship starts with You. The strategy you take in establishing, developing and maintaining these relationships is your CRM (Customer Relationship Management) strategy. In a nutshell, a CRM system is designed to help your company sell more and take better care of your existing customers.
With CRM, your company will gain insights across marketing, sales and support so everyone is working toward common goals. A CRM solution also helps you manage the details of your customer relationships all in one place, and build relationships with profitable clients for sales success. A CRM system will help your sales team create sales opportunities, deliver better customer service, and helps target the right people.
Successful CRM implementations can benefit from:
- Better Sales/Marketing Information such as customer names, customer background, customer needs, and competitive positioning are just some of the information that is collected as a result of implementing a CRM system.
- Increased Productivity such as effective target market identification, reduction in the number of cold leads, and the ability to provide accurate quotations, ability to look up inventory availability, and enter orders directly from the field. All of these help to shorten the sales cycle.
- Enhanced Customer Care such as more time to spend with customers from less administrative workload, an ability to monitor customer service levels, and ability to highlight existing or potential customer service problems and to react more quickly to customer needs.
- An increasingly important objective, and an area that is related to the aforementioned benefits, is improved customer retention/loyalty. Corporations in the U.S. lose approximately half of their customers within 5 years. If a CRM system really focuses on the customer and the above benefits are realized, a company can expect to retain more customers over time. It has been shown that the longer a customer is retained, the greater the profitability will be for the retained customer.