Customer Relationships

In the commercial world the importance of retaining existing customers and expanding business is paramount. The costs associated with finding new customers mean that every existing customer could be important.
Customer Relationship Management is a method for managing a company’s interaction with current and potential customers, and storing and analysing data about past interactions. CRM promised to allow companies to respond efficiently, and at times instantly, to shifting customer desires, thereby bolstering revenues and retention while reducing marketing costs.

In the commercial world the importance of retaining existing customers and expanding business is paramount. The costs associated with finding new customers mean that every existing customer could be important.

 

Customer Relationship Management is a method for managing a company’s interaction with current and potential customers, and storing and analysing data about past interactions. CRM promised to allow companies to respond efficiently, and at times instantly, to shifting customer desires, thereby bolstering revenues and retention while reducing marketing costs.

It is a strategic process that helps in better understanding of customers’ needs and how to meet those needs along with the enhance of bottom line. CRM systems link up information about customers from a variety of sources, including email, websites, physical stores, call centres, mobile sales, and marketing and advertising efforts. CRM data flows between operational systems (like sales and inventory systems) and analytical systems that sort through CRM data for patterns.

A major benefit can be the development of better relations with your existing customers, which can lead to:

• increased sales through better timing due to anticipating needs based on historic trends
• identifying needs more effectively by understanding specific customer requirements
• cross-selling of other products by highlighting and suggesting alternatives or enhancements
• identifying which of your customers are profitable and which are not

This can lead to better marketing of your products or services by focusing on:

• Effective targeted marketing communications aimed
specifically at customer needs
• A more personal approach and the development of new
or improved products and services in order to win more
business in the future

The final outcome will be:

• Enhanced customer satisfaction and retention, ensuring that your good reputation in the marketplace continues to grow
• Increased value from your existing customers and reduced cost associated with supporting and servicing them, increasing your overall efficiency and reducing total cost of sales
• Improved profitability by focusing on the most profitable customers and dealing with the unprofitable in more cost effective ways