CRM stands for Customer Relationship management system. This kind of system is used to extract and manage customer data. It is used to deliver actionable insights and works with social media to extract this information. It also tracks customer interaction to measure satisfaction and customer complaints. It is also used to manage customer accounts and see their preference to use it to determine new product development.
Customer Relationship Management system helps to improve business relationships. It also connects customers and businesses and improves relationships between them. It also assists businesses to focus on organizational relationships with key people.
CRM Incorporates all the business functions and recognizes their contribution to the success of the business. The business functions include amongst others production, finance, marketing, public relations, advertising, purchasing and Human Resources. All these business functions benefit from CRM. CRM help identify sales opportunities which business can target to increase their turnover. The availability of customer information enables the business to tailor their products and services to suit the lifestyle and needs of their consumers. Businesses are also able to classify information according to preferences, age, culture, likes and dislikes. Knowing these factor about consumers can decrease wasting for businesses. Businesses will be able to use only the required resources in their production system. CRM also helps businesses to forecast and determine their financial future. They can also predict how their businesses will function in the future. Customer Relationship management system also helps businesses to monitor and influence buying behaviours. They can create marketing activities that best suit the customer that they have.
Pricing is also determined from the information contained in CRM. Most businesses benefit excessively from these systems.