Customer Relationship Management

1. Report Writing
Customer Relationship Management (CRM)
CRM or Customer Relationship Management is a system by way of which a
business can identify what their customers want and need through the use of CRM
software. This software will not only organize and store customer data it will also
manage, track, and analyse customer interactions.
The software helps in many ways. It automates many of the processes that come
with dealing with clients, and by doing this time is saved and customers issues can
be resolved quickly. It also collects relevant data about clients and potential ones for
future use.
This information can be studied and used to convert leads into clients and provide
customer satisfaction.
CRM benefits for an organization
a) A CRM system consists of a historical view and analysis of all the
acquired or to be acquired customers. This helps in reduced searching
and correlating customers and to foresee customer needs effectively and
increase business.
b) CRM contains each and every bit of details of a customer, hence it is very
easy for track a customer accordingly and can be used to determine
which customer can be profitable and which not.
c) In CRM system, customers are grouped according to different aspects
according to the type of business they do or according to physical
location and are allocated to different customer managers often called as
account managers. This helps in focusing and concentrating on each and
every customer separately.
d) A CRM system is not only used to deal with the existing customers but is
also useful in acquiring new customers. The process first starts with
identifying a customer and maintaining all the corresponding details into
the CRM system which is also called an ‘Opportunity of Business’. The
Sales and Field representatives then try getting business out of these
customers by sophistically following up with them and converting them
into a winning deal. All this is very easily and efficiently done by an
integrated CRM system.
e) The strongest aspect of Customer Relationship Management is that it is
very cost-effective. The advantage of decently implemented CRM system
is that there is very less need of paper and manual work which requires
lesser staff to manage and lesser resources to deal with. The
technologies used in implementing a CRM system are also very cheap
and smooth as compared to the traditional way of business.
f) All the details in CRM system is kept centralized which is available
anytime on fingertips. This reduces the process time and increases
productivity.

2. g) Efficiently dealing with all the customers and providing them what they
actually need increases the customer satisfaction. This increases the
chance of getting more business which ultimately enhances turnover and
profit.
h) If the customer is satisfied they will always be loyal to you and will remain
in business forever resulting in increasing customer base and ultimately
enhancing net growth of business.
Impact of Customer Relationship Management towards
Organization’s growth in Customer Loyalty.
According to a study predict that by 2020, customer experience will overtake product
or price as the key brand differentiator. But it already happens today. Customers
today are more informed. They have access to a massive amount of information via
the internet. And in effect, they demand more. They don't find contentment with a
good-quality product. Customers want a personalized experience
In a study reported that 77% of customers have chosen, recommended, or paid
more for a brand that provides a personalized service or experience. Customers
don't want a generic and bland service. Customers want an experience tailored to
them. And that's what a CRM platform can help you do.
CRM helps companies improve their business relationships with customers. Simply
put, CRM is a database for all relevant information related to the customers (contact
details, transaction history, and more). And companies can use this data to segment
their customers and provide a more personalized engagement.
However, personalized service is not that easy. For instance, when a customer calls,
the agent who answered must manually search for the specific record of the
customer in the CRM. They may have to ask for the customer's name or any other
details. And customers don't want that. They want companies to know their name or
service details the moment they interact with them.
While CRM is such a robust tool, it has its limitations. Companies use a CTI tool to
improve the effectiveness of a CRM and the efficiency of their agents. A CTI tool
like integrates CRM with phone systems. This integration lets companies have the
ability to save all calls automatically in the CRM. It also allows them to have a screen
pop, which is a caller ID-like feature that shows relevant customer information the
moment an agent picks up the phone.
The right tools like the CRM and the CTI combined with highly trained can surpass
customer expectations. And that's what keeps customers coming back for more.
CRM help a customer loyalty program
A CRM Equipped with loyalty program helps a Business person to bring the attention
of targeted customers. It is a kind of incentive or reward that a person got when he or
she makes a purchase with a business.

3. Now cashback loyalty program is in a trend which enables you to give cash back to
your daily customers. Which stimulates more transaction. A Cashback loyalty
program can increase your business revenue by 95%
Loyalty Program is now in the trend to bring the attention of customers and make
them purchase with you. The customer loyalty program is a proven method to grow a
targeted audience and increase business revenue. That’s the magic of the cashback
program, now big brands like Paytm, Goibibo, make my trip are giving cash back.
Role of Technology in CRM
a) Increased workflow efficiency: – A CRM software accommodates
functionalities that helps tracking the various activities & interactions done by a
customer on a various concern. It substitutes the activity of maintaining an excel
sheet and doing double data entry. For example: – A tourism company has the
data of John who booked a hotel, Angella who has booked a flight and David
who inquired about a voucher. Now CRM has everything being accommodated
within objects and all of the data can be accessed in one place without hassle.
b) Better customer relationships: – Customer Relationships can be enhanced
and be made extra porous, eventually chipping more monetary benefits for the
organization. The ability to generate invoices, sending reminder emails,
marketing SMS are a few perks that a CRM holds to enhance the customer
relations. For Example: – Notifications on emails and SMS during the festive
time on any e-commerce site.

4. c)Enhanced Marketing Strategies: – Companies focus on customizing their
products by doing market research on customer needs. Once they complete
these research activities, a CRM lets them achieve their goals as per the output
of the research. Companies even tend to include cross selling into these
marketing practices. For Example: – Timely updates to the potential leads
explaining them about various products of a Bank, eventually targeting the leads
to become opportunities.
d)Data Analysis: – Since CRM’s store data with external databases or cloud
services etc, they offer the feature of generating reports (Some CRMs can even
generate Graphs, Pie charts etc). These reports could be useful in studying the
data trends, patterns and heat areas etc eventually preparing the organization to
take business related decisions. For Example: – A hospital needs to study the
behaviour of returning patients for a certain disease.
e) Targeted Up selling: – CRMs do have the desired functionalities to suggest
high priced products/services to the customer in return of a profitable sale. Since
CRMs track the activities of customers, so to generate more profit, up selling is
a part of the game. For Example: - An e commerce website suggests products
after a purchase, to keep the customer glued to the site and moreover it pops up
with exchange policies with higher range products
Ankit sha
PG19021