What is CRM?

CRM stands for Customer Relationship Management.

It is a strategy used to learn more about customer’s needs and behaviors in order to develop stronger relationships with them.

Good customer relationships are at the heart of business success.

In an environment where many companies have lost sight of the real meaning of customer relationship management (CRM), it’s critical to remember what CRM is about.

* Acquiring and retaining customers

* Improving customer loyalty

* Gaining customer insight

* Providing information that is relevant, valuable and exclusive

* Implementing customer-focused strategies such as product range and pricing structure

* Allowing elite customers access to products, services and experience otherwise unavailable to the public

* Inviting customer involvement in opportunities such as first access to new products, parties and special events

CRM also enables a company to keep customer information consistent throughout the organisation and makes it available across all touch-points where the company interacts with the customer. Customers in Control - Broadly speaking, Customer Relationship Management comprises of the theoretical analysis and technical processes used to satisfy the equality function of the fundamental economic theory “supply = demand”.

Giving Customers What They Want

Responding to demand requires placing a higher value on customers. Your customer’s needs should come before products, processes, or production. This idea is hardly new; many successful businesses have taken this approach for years. This involves transforming unimportant (less profitable, short-term) customers into highly profitable, long-term business partners.

A true customer-centric approach helps a company drive

* New growth

* Maintain competitive edge

* Attain operational excellence

A highly satisfied customer in turn

* Stays loyal longer

* Buys more new products

* Talks positively about the company

* Is less sensitive to price

* Offers ideas for new product and service to the company

* And costs less to serve than new customers.

Author:.

Nilesh Shah nileshshah@rancelab.com Over 10 years of experience in the field of software development, sales and marketing. He has assisted over 500 Retailers and Restaurateurs in implementing the Retail and F&B software with barcode & pos hardware for their business. He holds a designation of Director, Marketing in Rance Computer Pvt Ltd. He holds the certification from Microsoft Corporation and NIS. His current research focuses on developing and implementing intelligent retail systems...

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