Why CRM?
Customer relationship management (CRM)
In the commercial world the importance of retaining existing customers and expanding business is paramount. The costs associated with finding new customers mean that every existing customer could be important.
The more opportunities that a customer has to conduct business with your company the better, and one way of achieving this is by opening up channels such as direct sales, online sales, franchises, use of agents, etc. However, the more channels you have, the greater the need to manage your interaction with your customer base.
Customer relationship management (CRM) helps businesses to gain an insight into the behaviour of their customers and modify their business operations to ensure that customers are served in the best possible way. In essence, CRM helps a business to recognise the value of its customers and to capitalise on improved customer relations. The better you understand your customers, the more responsive you can be to their needs.
Key CRM benefits
- Increased sales through better timing due to anticipating needs based on historic trends
- Identifying needs more effectively by understanding specific customer requirements
- Cross-selling of other products by highlighting and suggesting alternatives or enhancements
- Effective targeted marketing communications aimed specifically at customer needs
- Increased value from your existing customers and reduced cost associated with supporting and servicing them
- Enhanced customer satisfaction and retention, ensuring that your good reputation in the marketplace continues to grow
What are you looking for from CRM
- Improve Sales Effectiveness
- 72%
- Improve Customer Service
- 43%
- Improve Communications
- 42%
Source: FrontRange Solutions, 2000