Database of Customer Relationship Management Strategies
Customer relationship management, or CRM, consists of all aspects of interaction
between a company and its customers. The primary goals of CRM is to better understand
the customer, attract new customers, retain current customers through better customer
experience, increase profitability by winning over new clients, and reducing customer
management costs. Information is collected from all data sources within an organization
to present the company with one, holistic view of each individual customer in real
time. This allows customer service employees the tools required for the best marketing
strategies and customer relations in areas such as customer support, sales, and
marketing. The following are important CRM strategies that are essential for
CRM analytics is a system of programming that analyzes data about a company’s
customers and organizes it so that more efficient business decisions can be made.
Features of analytics can be incorporated into sales, service, and marketing
applications to allow companies to monitor and understand their customer’s
preferences. CRM analytical tools can be used to benefit many customer-related
activities, such as determining if an ad campaign is successful or if customers are
satisfied with certain products or services. With CRM analytic, companies can also used
advanced reporting software to show trends and build reports.
Segmentation is a technique that is used quite frequently as a way to divide a
company’s population by targeting demographics related to the business that align
products to specific market segments. The market is divided into groups of individual
markets with similar needs or wants that a company divides into distinct groups which
may want different products or services. Markets can be divided by various criteria,
such as private or public. Customer-based segmentation can be developed on a
product-specific basis in order to provide a match between a customer and product or
Business process redesign is the analysis and design of processes with and between
organizations. Generally, the processes have two important characteristics. These
include both internal and external customers and occur between or across organizational
boundaries. The primary objective of process redesign is to take advantage of new
technologies, such as multi-media, the Internet, and wireless telecommunications by
rethinking business practices. This can lead to great improvements in competitiveness,
productivity, profits, and customer service.
Sales Force Automation
Sales force automation, or SFA, is a type of information systems used to streamline
all the phrases of the sales process. This helps to minimize the time that sales
representatives spends completing each individual phrase and allows for more customer
service time. SFA consists of a contact management system used for tracking and
recording the stages of a sale with each customer from start to finish. There are also
a wide range of SFA applications used for sales forecasts, quote generation, workflow
animation, and product knowledge.
Customer Service and Support
Customer service is one of the most important factors in maintaining current
customers and attracting new clients. Businesses continue to search for new technology
to help improve the customers experience while keeping costs at a minimum. Many
companies do not have all the tools to solve the problems of their customers. Customer
service applications manage call center solutions, as well as features such as computer
telephone integration and intelligent call routing.
CRM marketing helps businesses identify and target potential clients. Generating new
leads can be accomplished in several ways, such as with multi-channel campaigns, social
media, email, search, direct mail, and telephone. Prospect Relationship Management
(PRM) tracks customer behavior from start to finish during a sale. Marketing automation
is often used to cut the process of active sales out altogether.
Social media has become increasingly popular with the launch of sites such as
FaceBook, Twitter, and Linkedln. Customers can use social media to share experiences on
specific companies, such as their services and products. Companies look to gain access
into this dialogue to promote targeted sales and marketing communications. While
company involvement in social media can lead to high-quality leads, some customers
resent company involvement in their peer-to-peer discussions.