CRM means Customer Relationship Management. CRM is a method used for attracting new customers for increasing business profits as well as reducing the cost of marketing services. It provides information about customers and responsiveness and effectiveness in marketing and sales. The main process in CRM is to develop a better relationship between the customers and partners.
The key business process areas of CRM (Customer Relationship Management) are:
- Partner Channel Management
- Web Channel Enablement
- Running an Interaction Center
- Real time Offer Management
The CRM has the ability to drive profitability with the support of marketing and sales service. It also drives service revenues. It is very effective in managing orders, contracts, returns and complaints. It also manages depot and in house repairs, planning of resources, warranties, analytics and e – services. It offers flexible options for delivery by supporting field service, e – service and call centers.
The CRM enables the gain, retain and grow profitable relationship by functioning sales forecasting and planning. It also manages the accounts, activities, billing, contacts, contracts, quotations, pricing, orders and product configuration.
The customer demands and marketing processes are aligned by CRM using some functions to improve. They are the management of marketing analytics, marketing resources, lists, segments, leads, campaigns and trade promotions.
4. Partner Channel Management:
Managing partner relationship using loyal indirect channel, gaining more profits and giving authority to channel partners can be done by the use of CRM. It also increases processes for managing and recurring partners, forecasting and marketing of channels, communication, service of channel, order management for partner, collaborative selling and analytics for partners and managers of the channel.
5. Web Channel Enablement:
The Web Channel Enablement maximizes sales and minimizes cost of transaction by the use of the integrated web channel. It increases more profits and also helps to reach new markets. It includes the support of e – commerce, e – marketing, e – service and analytics of the web channel.
6. Running an Interaction Center:
The customer interaction center maximizes customer cut cost, revenue, and loyalty by transforming into the strategic delivery channel. It also helps to handle some activities effectively. They are tele sales, telemarketing, interaction center management, IT support, customer service and human resource.
7. Real time Offer Management:
The CRM changes interactions of customers into opportunities for developing relationship and producing revenue. It helps to plan, improve and perform cross selling, up selling and retaining offers and so on. It offers appropriate following actions to improve the relationship between customers and personalizing and ensuring relevant customer interactions.