Customer Relationship Management- An important factor for developing the business

Customer Relationship Management :

As the name implies customer relationship management means maintaining the relationship with the current or future customers.Customer relationship management includes all the efforts made by an organization to interact with their customers. The interaction may be related to sales or a service.

As per wikipedia: Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.

Characteristics of CRM: 

An effective CRM system can become a main source of revenue for the company. An effective CRM should have the following characteristics :

•  Focus On Customer needs
• Tracks and maintains customer interaction
• Helps in measuring the performance
• Helps in increasing profit for the company
  

Importance Of CRM:

Maintaining relationships with the customers

Maintaining the relationships with the customers is the foundation of CRM. A strong relationship with the customers helps in retaining the customers which ultimately helps in increasing the profits for the company.

   

Client Management

CRM has great importance for managing the clients and formulating strategies accordingly. CRM tool provides more visibility into the client's database which helps in generating the strategies for future business. e.g. if 90% of the customers are in the Banking & finance sector and the rest in the IT sector then the company will hire more candidates from banking & finance background.

For profitability tracking

Through CRM software it becomes easy to track the profit of an organization. It helps in reducing the accounting work.

For improving customer service & for satisfying the needs of the customers

 The main reason behind the CRM is to interact with the customers to mange good relationship with them. To improve the customer service it is essential to get feedback from the customers. An efficient CRM helps in improving the customers service.

CRM Market Forecasts:

Every organization wants to retain its customers from a business point of view. An effective CRM may turn into a prime source of revenue for an organization. Due to its great importance to the business CRM industry is expected to experience high growth in the coming years.  

MarketsandMarkets forecasts the Social CRM Market to grow from $1.91 billion in 2013 to $9.08 billion in 2018. This represents a compound annual growth rate (CAGR) of 36.5% from 2013 to 2018. In terms of regions, North America is expected to be the biggest market in 2013, while Asia-Pacific (APAC) is expected to experience increased market traction in the coming years.

For detailed report visit :

 http://www.prweb.com/releases/customer-relationship/management-market/prweb10843910.htm