What is the definition and meaning of CRM?
Customer Relationship Management (CRM) is a solution that provides companies with the fundamental customer communication guidelines in order to maximize the organization’s time and productivity.
It’s a process that involves the handling of data which is based on the interaction between an organization and their customers. CRM is not only beneficial in retaining current customers but it also makes it much easier to approach potential future clients.
How would you define a CRM system?
A CRM system is a set of processes that gathers customer data across various communication categories. This includes but isn’t limited to, telephonic conversations between the company and its customers, emails exchanged, notes from meetings, records of video conversations and marketing deliverables shared. What does CRM stand for?
A CRM system also stores information in an organized fashion of every customer that the client has ever interacted with. This data of information contains the customer’s contact number, email address, product requirements and any specific instructions that the customer would like the company to follow. What is a CRM?
Thanks to the CRM system, organizations are better equipped with client information now, than what they were in the past. This makes it easier for organizations to please their customers by appropriately catering to their every need. What is open source CRM software?
What is the definition of CRM software?
CRM softwares are applications that are primarily used by organizations to categorize data, automate processes and streamline sales. These softwares also aid in providing customer service, boosting marketing campaigns, and giving technical support when required.
CRM software solutions can be installed, both, through virtual applications or via direct integration with the company’s firewall. Usually, this sort of firewall approach is preferred by businesses that have a strong IT department that is capable of handling such a system. Find the best CRM for your business here.
Currently, there are three CRM software solutions that have received positive feedback from their users.
- Zoho CRM – A free software with limitations but easy functions. It has premium features that can be purchased and used if desired. Suitable software when used in order to get a hint of what CRM software can do, but not good enough for big businesses
- Insightly – An ideal software for small startups or businesses. It’s available in two versions. One free and another paid application with more features and scalability.
- Salesforce – A cloud based solution, which could benefit both big and small businesses.
What is the definition of CRM Marketing?
The involvement of CRM in marketing is through multiple channels. The main function of CRM is relationship marketing. Its functions include retaining old customers and making them long term and targeting future sales.
The expected result of relationship marketing is to build a powerful communication base between the company and it’s each and every customer.
The other indirect value that CRM adds to marketing is through targeted advertising.
In today’s digital world, people are on the Internet for different reasons. Everyone comes across adverts and promotional messages that either have nothing to do with their interests or are sent so many times daily, that they lead to annoyance.
This is when CRM comes in. CRM marketing is basically a way to provide personalized, relevant content for every consumer. This approach is backed up by the CRM system’s research, data and technology.
This automated process handles small chunks of marketing related admin tasks and helps the marketers focus on bigger duties, like coming up with a profitable strategy for the company. Read more CRM software reviews here.
What is the definition of CRM technology?
It would not be wrong to say that most of the things around the world depend on technology. While we agree that the human touch is irreplaceable, technology sure makes life much easier.
Customer Relationship Management technology can be best defined as a software built using modern technology and innovation, in order to boost company sales and to simplify all business interactions.
At it’s core, the purpose of the CRM technology is to safely gather and securely store customer information. CRM’s organized database gives the companies, an opportunity to store important information regarding their customer.
This isn’t to say that all CRM software based on CRM technology are equally powerful. Some applications are built for simple usage such as for basic information storage while some powerful CRM software created using modern technology can be of great help in solving complex marketing queries for the company.
What is the definition of analytical CRM?
Analytical Customer Relationship Management includes the analysis and accurate assessment of customer’s data using CRM software and systems. The goal of this sort of analytical CRM is to breakdown the existing data into two sections. One that consists of customer facts like contact info, and another that contains relevant information that can be used to better understand the customer.
Analytical CRM is a tool that lets the company notice customer trends, behavior and requirements. This is especially helpful because it also lets companies see if they’ve lost customers to any other competitors.
This extensive information of Customer’s buying patterns would help the company sharpen its communication strategies.
For instance: Analytical CRM, studies Customer A’s purchasing pattern. The study reveals that the customer hasn’t made a purchase in a long time. This is when the marketing department of the company springs into actions and gets in touch with the customer via individualized targeted campaigns.
This analysis also could point out the customer’s brand of preference.
For example: Analytical CRM reveals that Customer A has purchased a product belonging to a certain brand more than one time. Based on this, the company can send marketing collaterals or emailers related to that brand or product to Customer A. The customer is unaware of this complex process and is likely to be pleasantly surprised. This sort of interaction also assists the product creator in understanding whether the customers are happy with their purchases or not.
There are other complex analytical CRM systems that are used by big companies to gain knowledge on things like; the time spent by a customer reviewing an item, a customers preferred product price range or any other specifications for a product. Using this knowledge, companies can come up with individualized marketing strategies and promotions to boost sales.
A common way of doing this is something that we might have all noticed. It is when while shopping for one product; we are shown the “more products like this one” category.
What is the definition of operational CRM?
Operational Customer Relationship Management is another aspect of CRM that focuses on direct customer and organization interactions. The end goal of this service is to keep the present customers happy while increasing the customer base. It does so by targeting potential future customers.
Primarily there are two ways through which a consumer can directly interact with the organization of choice:
- In person communication
For example: In person communication that involves the customer, and the company’s customer service representative.
- Telephonic or digital communication (website, email, social media etc) between the company and its customers.
This is when customer speaks to the company via automated bots, applications or software systems for purchase, product review.
What are the main factors or segments of Operational Customer Relationship Management?
The 3 main components of Operational CRM are: Marketing, Service & Sales.
Marketing: This consists of marketing campaigns that are produced by the organization in order to gain sales. These campaigns might be product or event specific campaigns that are used to prompt the customers to interact with the organization and in turn inspire sale of the company’s products.
For example: Customer A is a long time user of product X. The company comes up with a marketing campaign that has a new and improved product A. This campaign can either be a digital campaign that’s purely focused on gaining attention of customers through the web or it may be a TV advert for mass communication.
If Customer A purchases this new product after being influenced by the marketing campaigns, then this shows that the campaign is working and is doing it’s job of reaching the right audience.
Service: This area of Operational CRM focuses on the smooth running of the organization’s services. It involves communication between the customer and the company. This may be via mail, websites, call centers or through the company’s blog. Each and every interaction of business nature is stored in the company’s CRM system in the customer history category. This information is easily accessible by all the members of the organization.
Sales: The sales segment consists of the interaction between the customer and the company’s sales team or sales system.
For example: Customer A might be a longtime user of products from Company X. They might come across a marketing collateral created by Company B. If the customer finds the collateral and product from company B, more enticing, he/she will get in touch with the company to know more. That’s when the sales team of company B will spring into action to convert this query into a purchase. They might do so by providing some first time discounts or offers, to get the customer to make the switch to it’s company. If the sales team is successful in turning this query into a sale, then the sales strategy is appropriate for the company.
What is the definition of Mobile CRM?
Since the arrival of smartphones, the usage of handheld devices has taken over desktop systems in a lot of households. Reports made on this showcase that certain countries like India have citizens hooked to their smartphones more than their laptops or desktops.
The sales department of any organization is always on the move. This mobility factor combined with the need of being available to potential customers has given rise to the concept of Mobile CRM.
What exactly Is a Mobile Customer Relationship Management?
Mobile CRM is a CRM solution that is created for cellular devices like smartphones and tablets. Linking your sales force with Mobile CRM will enable them to access customer data through either a cloud based CRM feature or via an application. This makes it much easier for the sales team to smoothly communicate with potential customers while being armed with fresh information constantly. Sharing of data in real time between the sales team also becomes much easier using Mobile CRM.
How to use Mobile CRM:
The first thing to do before jumping in the bandwagon of Mobile CRM would be to determine the end result you’d like to achieve by using this service. This will help you prioritize and figure out the best method or process for your sales force.
Step 1: Discuss Mobile CRM with your sales team. Explain to them the importance of having an application that provides real time update of the customer database on the go. Only if they clearly understand the purpose of using Mobile CRM, will your efforts of purchasing the relevant app and providing training be fruitful.
Step 2: Review their current smartphones for application supportability. You might realize that after purchasing an application for your company, most of your sales team uses an android device while the application you purchased is IOS only. Another easier but more expensive alternative would be to provide inexpensive smartphone or tablets that have the Mobile CRM software installed already.
Step 3: Provide your sales team with the training they require to use the application. This can either be done by providing online tutorials or by giving a live demo of the necessary functions of the app.
Another important thing to keep in mind would be that the Mobile CRM application would contain all your client’s important and sensitive information. The sales team should be capable of handling this data on their mobile device and ensure that the data would be safe.
With Mobile CRM, it is important to focus on the end result that you need so that the sales force can work together to achieve the same. Otherwise, the application will merely be used as a note making service and nothing more.