Customer relationship management (CRM)

Customer relationship management (CRM)

The art of managing the organization’s relationship with the customers and prospective clients refer to customer relationship management.

Customer relationship management (CRM) is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and

ultimately driving sales growth.

One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials, and more recently, social media.[2] Through the CRM approach and the systems used to facilitate it, businesses learn more about their target audiences and how to best cater to their needs.

Customer relationship management (CRM) refers to the principles, practices and guidelines that an organization follows when interacting with its customers. From the organization's point of view, this entire relationship encompasses direct interactions with customers, such as sales and service-related processes, and forecasting and analysis of customer trends and behaviors. Ultimately, CRM serves to enhance the customer's overall experience.

With the growth of the internet and related technologies, customers are concerned about the privacy and safety of their personal information. Therefore, businesses need to ensure the storage and analysis of their customer data have the highest levels of protection against cybercriminals, identity theft and other breaches of security.

Need for Customer Relationship Management

1. Customer Relationship Management leads to satisfied customers and eventually higher
   
   business everytime.
2. Customer Relationship Management goes a long way in retaining existing customers.
3. Customer relationship management ensures customers return back home with a smile.
4. Customer relationship management improves the relationship between the organization and customers. Such activities strengthen the bond between the sales representatives and customers.

Steps to Customer Relationship Management

1. It is essential for the sales representatives to understand the needs, interest as well as the budget of the customers. Don’t suggest anything which would burn a hole in their pockets.
2. Never tell lies to the customers. Convey them only what your product offers. Don’t cook fake stories or ever try to fool them.
3. It is a sin to make customers waiting. Sales professionals should reach meetings on or before time. Make sure you are there at the venue before the customer reaches.
4. A sales professional should think from the customer’s perspective. Don’t only think about your own targets and incentives. Suggest only what is right for the customer. Don’t sell an expensive mobile to a customer who earns rupees five thousand per month. He would never come back to you and your organization would lose one of its esteemed customers.
5. Don’t oversell. Being pushy does not work in sales. It a customer needs something; he would definitely purchase the same. Never irritate the customer or make his life hell. Don’t call him more than twice in a single day.
6. An individual needs time to develop trust in you and your product. Give him time to think and decide.
7. Never be rude to customers. Handle the customers with patience and care. One should never ever get hyper with the customers.
8. Attend sales meeting with a cool mind. Greet the customers with a smile and try to solve their queries at the earliest.
9. Keep in touch with the customers even after the deal. Devise customer loyalty programs for them to return to your organization. Give them bonus points or gifts on every second purchase.
10. The sales manager must provide necessary training to the sales team to teach them how to interact with the customers. Remember customers are the assets of every business and it is important to keep them happy and satisfied with the successful functioning of an organization.