By now, you’ve probably heard of customer relationship management, and if you’re like most businesses, you question what customer relationship management entails. Customer relationship management requires more than just a great marketing strategy and good salespeople. It requires a full understanding of what your customers want, what they dislike, what they’re pleased with and how they can be better served. In order to provide this, and to better your relationship with them, you must first have a full understanding of what customer relationship management means.
So, What is Customer Relationship Management?
Customer relationship management (CRM) is a system that businesses use to manage their relationship with customers. What a business needs in order to implement customer relationship management differs greatly depending on the industry and company goals.
The term itself encompasses a host of functions that work together to create a better interaction between businesses and their customers. Normally, this would take a team of dedicated and highly skilled individuals and many man hours to do. It requires research on the latest trends; gathering important customer service, sales and marketing analytics; and someone to dictate how to use this data to move forward. Since this way of doing things can be extremely time-consuming, most companies opt to use customer relationship management systems.
What is a Customer Relationship Management System?
CRM systems essentially gather priceless analytics about a company. According to Benefits of CRM, these analytics help business owners to identify how to:
- better target existing customers
- identify new leads
- streamline departmental communication
- personalize their business to ‘identify’ with the customer’s needs
- analyze patterns in distribution
Businesses then use this information to nurture leads, improve existing (or launch new) marketing campaigns and produce better products or services. This saves both time and money.
Benefits of Customer Relationship Management Systems
The benefits of using a customer relationship management system are many.
- transform a small business into a larger one, faster
- increase sales by up to 29%
- accurately forecast 42% of the time
- improve sales efforts by providing much needed information about a business’s customers
- provide a full view of a business’s health, revealing areas that need improving
- automate tasks that could have taken employees away from their work
- organize leads and manage their conversion
- use rich social data to provide important demographics about customers
In short, CRM systems helps to streamline all processes of marketing, sales and customer service into one neat mainframe. Streamlining = time saved and more revenue.
Utilizing CRM Data
There are many CRM systems out there, but most fail to relate to the company and instead focuses on data extraction. ProsperWorks takes a closer look at businesses and its CRM needs.
- integrates seamlessly into any connected device
- requires less than 10 minutes to set up
- extracts data from email, phones and social networks, providing you with a full view of your customer (and offers tips on how to better service them)
With ProsperWorks customer relationship management system, there’s no need to stay on top of trends, chase your competition or stalk your customers. ProsperWorks helps you to understand your customer, which is the best way to succeed in forging better customer relationships.
As you can see, customer relationship management focuses on relationships and not the system itself. It lets you know what you can do to make your customer happier and how to drive down overhead costs at the same time. Using a CRM system as a ‘customer storage bank’ won’t give you the results you’re looking for and may in fact unravel all of your hard work. Use the information to enrich your customer’s experience and solidify your brand.
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