The importance of retaining existing customers and expanding business is paramount in today’s commercial world. It’s the cost of acquiring new customers that proves how important every existing customer could be.
Opening up channels such as direct sales, online sales, franchises, use of agents, etc presents
a gamut of opportunities to the customer to conduct business with your company. However,
this results in a greater need to manage and organize the interaction with your customer
Customer relationship management (CRM) helps businesses to gain an insight into the
behavior of their customers and modify their business operations to ensure that customers
are served in the best possible way. It helps consolidate data from different functional
departments into one system. It’s a onestop shop for employees trying to access data on a
customer or lead. Sales personnel on the road can get the benefit of up-to-date information
before going into meetings thereby giving them the competitive edge needed to close a sale.
Not only is the CRM system a warehouse of information it also serves as a organization tool.
It helps schedule and track sales cycle activities. It provides data on status of sales, task
accomplished, tasks to be taken care of, it triggers alerts notifying the appropriate personnel
of jobs to be done, customers to be contacted, calls to be returned etc.
CRM can help in customer segmentation, enabling targeted marketing plan generation. The
system can be used to keep track of the campaign results and compute the success & ROI of
implemented strategies. Since all details of customer interactions, purchases history, SLA’s
and critical customer issues are all documented, it’s easier to identify cross-sell and up-sell