Relationship Management Is Crucial To Your Business. Learn Why!

Today’s businesses, formed in the digital era, must know their consumers and how to satisfy them. Having products or services of a higher quality at a lower price than your competitors is not enough in the present-day business environment. You need to create and manage your customer relationships to achieve overall value of your company.

How to manage your customer relationships?

Implement a customer relationship management (CRM). Having an integrated management system is a key benefit for your company.

The main purpose of having CRM system is to help you gain potential customers and build loyalty with your existing ones by understanding their needs and meeting their expectations.

Your CRM should cover these three areas:

1. Automation of marketing management;

2. Automation of business management, channel management and sales management;

3. Customer service management

Processes and management systems allow you to have customer relationships, control and overview of all relevant information primarily for monitoring and recording all interactions within your company available for all departments in your business.

CRM involves people, processes and technology

Customer relationship management allows recording all of your contacts in real time. These types of records serve to gather useful and classifiable information. All relevant information can be recorded and analysed regularly in order to develop your future management reports.

CRM involves people, processes and technology. It helps you create a specific system allowing you to acquire more knowledge about your customers.

CRM is a strategy that allows your company to have a unique vision of your customers. That is something that can help you explore your business opportunities. You can take advantage of each customer interaction with your company and capture the data to transform their information into profit. All departments should have access to the customer information.

Within five years a company loses half of its customers

American studies conclude that within five years a company loses half of its customers and spends five times more to get a new customer base in order to retain the old ones. One satisfied customer can get you 5 new customers, while only one bad experience might provoke loosing up to 9 new customers.

CRM as an ongoing process in business

CRM is much more than a set of software. It is an ongoing process using technology, business strategy and a change of the culture of your organization.

The sectors that benefit most from adopting CRM strategy are areas of marketing, sales and customer support.

Metrics play an important role, since the performance of the sales team is measured in terms of operational efficiency (average waiting time to answer, average time of call duration, number of sales by the company, and so on).

Applying CRM within your business will help you maintain lasting customer relationships, generate automatic processes that will keep your company always organized and knowing what type of customers you serve.