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What is CRM ?

Written by Girijalaxmi Mishra on Aug 11, 2016

Customer relationship management refers to practices, strategies and technologies use to manage and analyzes customer interactions and data throughout the customer lifecycle, with the goal is to improving business relationships with the customers. It examine the information from customer data and enhance the sales and make the product/service more productive for the owner and efficient from the customer.

The CRM approach tries to examine data about customer's history with a company, to improve business relationships with customers, specifically focusing on customer confinement, and ultimately to drive sales growth.

One important aspect of the CRM is to compile information from different communication channels, including a company's website, telephone, email, live chat, marketing materials, social media, and more.

Types

  • Operational

  • These systems typically have a dashboard that gives an overall view of the three functions on a single page .Operational CRM is made up of 3 main components:service, sales force and marketing automation.

  • Service automation is a part of the CRM that focuses on customer service technology. Through service automation, customers are connected through multiple channels such as phone, email, knowledge bases, ticketing portals.

  • Sales force automation is a system that automatically records all the stages in a sales process. It is a type of program that automates business tasks like inventory control,tracking and sales processing of customer interactions, as well as analyzing sales forecasts and performance.

  • Marketing Automation refers to software platforms and technologies designed for marketing departments and organizations to more effectively marketing on multiple ways online and automate repetitive tasks. For example, by scoring customer behavior and how engaged customers are with a business.

  • Analytical

  • The role of analytical is to analyze customer data and collected through multiple sources, and present it so that business managers can make more informed decisions.

  • Collaborative

  • The third aim of CRM is to incorporate external stakeholders such as suppliers, vendors, distributors and share customer information about organizations. For example, collection of feedback from technical support call, marketing products and services to that particular customer in the future

CRM benefits for customer

  1. Decision making is nimble and well informed supported by real-time CRM reporting about all business areas.

  2. Effective time management as CRM prompt users to follow up on activities and alerts when important events are occur and actions are missed.

  3. Higher quality lead generation from marketing activities by breaking CRM customer segmentation to send targeted movements and personalised messages that resonate

  4. Connected business process by manage all key plans in a single application, including distinct processes like contracts, projects, events and applications.

  5. Improve customer services

  6. Increased personalized service or one to one service

  7. Responsive to customer’s needs

  8. Customer segmentation

  9. Improve customization of marketing

  10. Multi channel integration

  11. Time saving:- CRM will let companies to interact with customers more frequently, by massage and communication which can be produced rapidly and timely basis, and lastly they can better understand their customers and therefore look forward to their needs