It is a process implemented by a company to handle its contact with its customers.
CRM software support the processes of storing information of current and potential customers
This information can be accessed and entered by employees in different departments like sales, marketing, customer service , training, performance management and HRD policies related to compensation.
Details about the customers are stored in databases in system.
The objective behind storing information is to improve quality of product and services and making strategies for targeting potential markets and increasing sales.
CRM software require proper implementation by employee so they require proper learning and training of s/w
Objective of CRM
Through CRM specific strategy of company is studied and the customer’s need and expectations are analyzed .
Information gathered through CRM s/w is used to develop market by developing organization’s knowledge about the area like segmentation , customer retention, improving features in product & services and identifying profitable segment of customers.
For customers company act as a single entity although they interact with different employee and departments so information giver to them by various employees or department should be same.
CRM helps in framing same policies, processes and strategies to maintain similarity in information and provide a mechanism for tracking customer information.
Front office operation: Direct interaction, face to face meetings ,phone calls, e-mails online conversations.
Back office operations: Operations that affects activities of front office like billing, maintenance, planning, marketing, advertising, finance .
Business relationships: Interaction with other companies and partners like suppliers , retail outlets , distributors , industry networks like trade associations
Analysis: Key CRM data is analyzed to plan target marketing campaigns, framing business strategies, evaluation of framed strategies like market share, number and type of customers, revenue, profitability