We currently operate in a global economy. Competitors are everywhere for a company, and the barriers of market entry have become significantly low. There is increased competitive intensity; commoditization is occurring at a rapid pace. Companies rise and fall with the customer’s response.
This is where customer relationship management (CRM) comes into the picture.
Creating a Future-Facing Business
When it comes to ERP systems, a
Business leaders use
For instance, a sales leader will actually have access to a complete sales reporting tool. They will require viewing the activities of salespeople and teams. They can even trace problems that affect the revenues. These problems include customer calling activity, territory coverage, lead conversion rates along with opportunity close rates.
A marketing leader can trace marketing campaigns and activities. He can adjust the marketing plan accordingly to ensure the success of those activities. A customer service leader can see which of the people are most efficient in closing cases. They can be alerted to cases which exceed the total expected time to close. They can monitor escalations, too. A product manager has to monitor cases. It is required to understand product defects and support trends. It also enables a feature request which improves products and services. Hence a
Enabling Business Growth
Prospecting isn’t only a salesperson activity. It is actually a collection of both manual and automated activities. These activities are spread across multiple channels. This results in a lead or an opportunity.
You can easily use
Improving Risk Management
Sometimes, a customer related to a particular story is left and never contacted back. It happens quite a bit. There is always a sudden account turnover. It results in dropped deals which cause missed sales target. It also leads to dissatisfied prospects who look elsewhere.
Whenever you have a customer service or sales rep turnover, it takes some time. It requires global edit reassignment activity. It also includes territory management functions. It is used to shift both accounts and opportunities to different support and sales reps. It enables the company to offer seamless transfer of responsibilities. A
Improving Customer Intimacy
Customer intimacy is essentially an act to tailor the products and services and even customer engagement processes. It is done to fit the customer’s business. For a lot of companies, it is an effective way to compete with others. It assists the smaller businesses to compete with larger enterprises.
CRM can easily capture various detailed information about customers. It can also capture their behaviors. This helps in targeted marketing. It also helps in product development and even sales activities. It can easily allow the business to create a personal touch with the customers. A
CRM can help in mitigating the risk as well as costs of staff turnover.