Customer relationship management – managing the relationship of the customer with the company. Isn’t that a relatively simple concept? Then why the entire hullabaloo surrounding it? Because, this seemingly simple concept has changed the way the world does business with its customers. It has taken the most important aspect of a business, the customer and brought it to the spotlight.
If a business has a good relationship with its customers then chances are that it is already mauling its competitors in the face or is on the way to doing it soon. A customer may perceive the entire business as one single entity. But there are different employees in different roles and departments who work synergistically to enhance each customer experience.
Customer relationship management or CRM takes it one step ahead and gives access to a vast amount of customer information to the organization.
Aspects of CRM
There are several aspects of customer relationship management which are related to each other and play a key role in the outcome of the entire process.
- B2B relationships: Business to business relationships which includes relationships with partners, suppliers and distributors or retail channels. This is a completely external network that works as a support system for internal networks.
- Data Analysis: Undoubtedly, the backbone of the entire CRM system. Customer data to be analyzed is added constantly and is combined with predictive analytics to plan out and strategize targeted marketing campaigns, newer product models, conceive new strategies and lastly to analyze the very success of the CRM model.
- Customer interaction channels: Customer interaction channels are a direct indicator of the success or failure of a CRM model and needs to be constantly monitored. A better business has fewer calls/emails, lesser escalations and a high customer satisfaction to dissatisfaction ratio.
There are several types and variations of CRM available in the market today. You can choose one that best suits your needs and requirements.