Tweet

CRM - an intelligent investment

Guest post by: Nick Thomas

Article Overview: Customer Relationship Management (CRM) is a process that makes you understand more about customer’s needs and behavior in order to develop strong relationships with them. Customer Relationship Management helps bringing together huge amounts of information about customers, sales and marketing, responsiveness, and market trends for better understanding of customer’s requirements.

CRM - an intelligent investment

Customer Relationship Management (CRM) is a process that makes you understand more about customer’s needs and behavior in order to develop strong relationships with them. Customer Relationship Management helps bringing together huge amounts of information about customers, sales and marketing, responsiveness, and market trends for better understanding of customer’s requirements.

CRM consists of:

Helping an enterprise to enable its marketing departments in identifying and targeting their best customers.

Managing marketing campaigns.

Generating quality leads for the sales team.

CRM does not involve direct interaction with the customers. This makes it very important for outsourced software development. CRM helps in improving telesales, accounts and sales management by optimizing information shared by multiple employees. It emphasizes individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the best service.

Many organizations that are into software product development have now started using CRM software to manage their customer relationships efficiently. Management is interested in improving productivity and profitability, enhancing operational information, and reducing cost of handling customers. CRM aims in providing employees with the information necessary to know their customers, understanding and identifying customer needs, building relationships between the company, its customer base, and distribution partners, improving the ability to plan and use finite resources, increasing customer support, and reducing the cost of providing service and support. CRM integrates all the different requirements of different functions to that of customer's requirements by coordinating all points of interaction to provide a better picture on customer satisfaction.

Customer Relationship Management helps an enterprise build a database about its customers. Hence, management and functionaries of management can access information about all areas for value addition. An effective CRM is the one that enables development services gather critical information that becomes a valuable resource for improving sales and market effectiveness as well as by reducing service times and costs, and by improving the general productivity of the staff. Practicing CRM requires an efficient and integrated internal business system. Many businesses benefit from the organizational discipline CRM imposes, as well as from the technology itself. CRM as a set of tools will help you to do more for, and get more from, your customer that will help your business grow.

Related Articles
  Six Conversations for Team Success - Look Outside First
  Six Conversations for Team Success - Making Team Away Days More Valuable
  5.1 Investment is vital for an economy to diversify: Economic Report on Africa 2007
  How to Say Your Price Without Choking
  Emotionally Intelligent Job-Related Feedback
  Six Conversations for Team Success - What To Talk About
  Emotions Matter for Leadership - An Action Plan
  The Business Case for Executive Coaching - The International Coach Federation ROI Study
  Leadership Character and the Greater Good – Character Matters
  Office Space by the Hour
  Start a Recession-Proof Home Business Today
  5 Secrets To Gain Insight To Successful Email Marketing Trends
  How to Effectively Maximize start up business loans and Get the Best Results
  Six Conversations for Team Success - The Key Questions
  Six Conversations for Team Success - How Most Team Development Meetings Get It Wrong
  Where Do You Get The Most Bang For Your Buck
  Investing Your Money in Financial Institutions
  Ten Tips to Build a Culture of Trust
  Rates of Return: The Effects of Human Capital on Economic Development
  Capital Investment or High Yield Investment: Which is the Better Way to Invest Money?

Article Tags: Custom application Development, custom software development, Mobile application development, Mobile software Development, offshore software development, Offshore software development company, offshore software development services, outsourced software development, Outsourcing Software Development, q3 technologies, software development services, Software Product Development



Related Forum Posts
Re: How`dy from Calgary, Alberta - hi, you will get all the help you need here.welcome to the forum of friendly and intelligent people.
Re: Would you buy a house for a dollar? - Investors with their long term planing always be looking forward for such cheap investment projects. This is not a bad idea I think. One can take initiative on it and can earn handsome amount by doing small investment.
Risking friendship for business - Hi Kevin It depends on the personality of your friend and whether the relationship would remain the same no matter how much money you make or lose. If you feel the relationship would take a beating if you lost a lot of money or your friend is hoping for a doubling of his investment in 1 year, maybe it isn't realistic to consider the investment for your new business. Money can always be replaced but a friendship can't always be repaired if a major event comes between 2 people. If the trust or bond between two people cannot be broken on financial matters and the 2 parties can simply "write it off" as a bad experience should the business not work, you could seriously consider the investment offer.
Re: Getting *back* to the next step - For a lot of people (like those working directly in the investment industry), getting back on track may even require career changes to industries that are less impacted by the "bad times". Do you think now would be a good time to go back to school as a long term investment?
Multiple phase capitalization model - Thank you for responding, Evan. What I’m really looking for is a model – ideally a spreadsheet model – that links the various capitalization phases and identifies and perhaps even quanitifies the appropriate variables. You asked about investment amount – let me give you two numbers, $ 5 million and $ 10 million (although presumably the model is identical for both). The business is already established and requires this initial investment for growth. Best regards and thank you, Terry


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

12 Principles to Spark Innovation

Soda Vending Machine = Energy Hog

Link Pyramids

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.