Customer Relationship Management (CRM)

Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.

A good CRM will help find, attract, and win new clients; nurture and retain those the company already has; entice former clients back into the fold; and reduce the costs of marketing and client service.

Measuring and valuing customer relationships is critical to implementing this strategy.

Advantages

  • Quality and efficiency
  • Decrease in overall costs
  • Decision support
  • Enterprise ability
  • Customer Attentions
  • Increase profitability
  • Improved planning
  • Improved product development

Challenges

  • Requires training to use properly
  • Requires the entire team to be consistant in their commitment to use it

CRM Tools