What is the full form of CRM

CRM: Customer Relationship Management

CRM is a strategy to maintain the relationship with the existing customers as well as future customers and retain them to drive the growth of the organization. It is widely implemented in all growing industries.

CRMs are designed to compile the company's information to contact customers, which includes the company's website, email, phone number, products, services, live chat, etc. It also gives detailed information about customers like their personal details, phone number, purchasing history, comments, advice etc.

CRM Software

CRM software collects all the information and documents related to the customers into a single CRM database. It is a way to manage an organization effectively and effortlessly. It provides an organized view of customer and employee relationships.

Features of CRM

• Customers needs
• Customers response
• Customers satisfaction
• Customers loyalty
• Customers retention
• Customers complaints
• Customers service

Benefits

Improved Customer Experience: It allows you to simplify your processes from beginning to end as per the requirements and expectations of the customers. It improves customers' experience and their relationship with your company.

Focused Marketing Efforts: It provides you with data related to your sales pipelines and existing customers. So, instead of mass marketing, you can focus your marketing efforts on key market segments.

Improved Analytics Data and Reporting: It allows you to track and analyze the buying habits of your customers. You can have automatic access to all reports related to items or products sold out and customers who bought them. Thus, you can analyze your customers and sale in a month, quarter, year etc.

Improved Coordination and Cooperation: It improves the coordination among sales, marketing and customer service departments as they share a common CRM platform and can work more cohesively or as a single unit.

Automation of Tasks: There are a number of smaller tasks associated with a process that must be completed in order to complete a task, e.g. form filling, generating receipts, and sending reports to seniors while selling a product. The CRM can complete most of such tasks that, allow sales representatives to focus their efforts towards convincing customers and closing deals faster.

Examples of CRM in practice

Examples of CRM usage differ depending on the kind and function of the particular CRM system.

Contact facility: Sales and marketing teams, as well as contact centre staff, have historically been in charge of data input procedures for CRM systems. While contact centres collect data and update customer history records through service calls and technical support engagements, sales and marketing teams acquire leads and update the system with information throughout the customer lifecycle.

Social CRM: Social media in CRM refers to the direct interaction between businesses and their consumers via social media sites like Facebook, Twitter, and LinkedIn. Customers may express their opinions about a company in an open arena on social media, whether they are airing complaints or supporting goods.

Businesses utilise a variety of social CRM solutions to track social media discussions, from particular brand mentions to the frequency of keywords used, in order to better understand their target demographic and the platforms they use. Other technologies are made to examine social media comments and respond to client questions and problems.

In order to establish marketing and customer service plans, businesses are interested in capturing consumer sentiments, such as the chance that customers will suggest items and their overall contentment. To create a single picture of the customer, businesses attempt to combine social CRM data with other customer information from sales or marketing departments.

Customer communities, where consumers submit product evaluations and interact with one another to solve problems or do in-the-moment product research, are another way that social CRM delivers value for businesses and consumers. For some issues, customer communities can offer basic customer support, hence lowering the volume of calls to contact centres. In addition to traditional feedback groups, customer communities can offer suggestions for new products or input that businesses can employ.