Customer Relationship Management (CRM)
Customer Relationship Management (CRM) is all about finding the customers. Collecting their information along the way and using that information to enhance their experience and foster long term relationships. Basically, it is a process by which relationship with customers are built and maintained.
CRM involves E-Mail marketing and integration, documents, sales call, relationship management etc.
Role of CRM :
- It sets bold aspirations i.e, a clear vision for the development of the relationship.
- It sets and executes the client relationship strategy.
- It creates, manages and leads the team.
Functions of CRM :
- Acquiring and storing information.
- Increase sales.
- Improve quality.
- Customer Management.
- Proper communication network.
Advantages of CRM :
- Customers are motivated to return again and again as they receive good customer service and continue to do business.
- It enables an organization to create detailed profiles such as customer likes/dislikes.
- It decreases the cost.
- It highlights the poor operational processes.
- It increased accessed to a source of market and competitor information.
Disadvantages of CRM :
- Security and privacy in the cloud.
- Limited control and flexibility.
- Increased vulnerability.
- It needs additional management to maintain.
- It may result in duplication of tasks.