CRM stands for Customer Relationship Management. CRM works on the base of managing interaction of company with the willing and current customers. CRM promotes the sales growth of a company by analysing the customer’s interaction or history with the company. It helps in building business relationship of company with its customer, thereby giving a new height to the company.
- WORKING OF CRM:
CRM works by collecting the data from number of communicating channels which also include a company’s website, telephone, email id, marketing materials, live chat and the most important social media. So the approach of CRM by compiling the data about customers helps the company to target number of people and to fulfill their needs.
2. HISTORY OF CRM:
CRM came into existence in the 1970s when an annual survey was made on customer satisfaction. Customer Relationship Management gained popularity in 1997 because of the work of Siebel, IBM and Gartner. And by 1997 to 2000, CRM was enriched with work of shipping and marketing capabilities.
The first mobile CRM app called Siebel Sales Handheld was introduced by Siebel in 1999 while the first open source customer relationship management was introduced by SugarCRM in 2004. From that CRM was turning towards the cloud, thereby it became accessible by small entrepreneurs and teams.
The primary motive of CRM is to integrate customers towards the company by promoting sales, marketing and support of customers. Types of CRM:
- STRATEGIC: It aims in developing customer centered business tradition.
- OPERATIONAL: CRM works on the base of 3 main components:
- SALES FORCE AUTOMATION: This works in all stages of sales cycle. By making a formal contact or customer to an actual client. Using sales promotion analysis, sales force tracks the history of its customer for repeated sales and future sales, call centers, retailers and marketing.
- MARKETING AUTOMATION: It helps in making the marketing process easy which makes it efficient and effective. It helps in doing repeated tasks. For example sending automated marketing emails to the audience and post information to the customers on social media. Customer engagement through social media is the base of CRM working.
- SERVICE AUTOMATION: Service automation works on the principle of direct user technology. Through this, audiences are provided with multiple options like phone, email, knowledge bases, FAQs, ticketing portals and many more.
COMPONENTS OF CUSTOMER RELATIONSHIP MANAGEMENT:
The main components of CRM are building and managing customer relationship with the company with the help of marketing, observing relationships. CRM systems include:
- DATA WAREHOUSE technology helps in promoting transaction information for merging the information with products of CRM.
- OPPORTUNITY MANAGEMENT helps in the maintenance of unexpected growth in the demands and need of CRM products and laying better good forecasting models for projecting sales growth.
- CRM systems tracks the customer analysis by customer clicks and sales.
- The software of CRM is available in the form of SaaS (Software as a Service).
- For a small business, the CRM system has contact manager system which helps in integrating emails, documents, faxes, schedule of individual account and jobs.
- CRM systems on e-commerce implement focus on topics like cart rescue, personalization and re-engaging users with email.
BENEFITS OF USING CRM:
- It improves pricing.
- Provides customized products and services.
- Helps in connecting the audiences and all channels on a single platform.
- Its best feature is to target profitable customers.
- Promotes effectiveness and efficiency of sales force.
Some of the best Customer Relationship Management (CRM) tools are:
- Salesforce essentials
- HubSpot CRM
- Monday.com CRM
- Bpm’online CRM
- Zoho CRM
CRM is the nucleus of business management., a primary source of sales and revenues. The best CRM for small business is Salesforce. It is the best CRM software for enterprise and its cost $25 per month The best overall CRM software is Zoho. It costs 12$ per user a month. Zoho is easy to implement and use. The best fact of it is having a decent price and its full support to its customers.
Hubspot is the best freeCRM software. The paid plans is $50 per user a month. Hubspot helps the small teams and entrepreneurs to enter easily in the world of CRM solutions. It has one of the most extensive online training libraries.