CRM is the company’s solution to make the most of its customer relationship and organise it's sales teams. However, CRM systems are predominantly used as a sales reporting system and for the segmentation of target groups, to create sustainable and profitable relationships with customers. Embracing all aspects of the relationship between the customer and the supplier, CRM is a structured process with which a company can maximise the efficiency of all customer related activities, ultimately increasing revenues.
For most companies, CRM is a tool for organising a dialogue within their sales environment, strengthening the perception of the company among prospects and customers thus enhancing reputation and brand value. The customer oriented processes of CRM are typically supported and automated by an IT application known as the CRM system.
We think of CRM as a collaboration between marketing, sales, customer service which optimise how a company most effectively interact with its customers. It should be much more than a technology tool and requires a clear viewpoint on value creation. Our experience suggests that those organisations that excel at CRM share a number of characteristics. They invest in superior insights taking a segmented view of customers and have a deep understanding of the value drivers; they use CRM as the basis of focused sales and marketing activity, aligning marketing and sales resource with opportunities, and understanding, which in turn should be optimised to capture those opportunities; they tailor customer service to the needs and value of segments(groups); and they link CRM to overall business unit strategies and continually measure impact.
The main benefit of a CRM system is that it enables companies to increase the efficiency of all customer related activities, enabling them to grow their revenues without expanding their resource spending. For example, a well updated CRM system allows the company to see if its sales efforts are working effectively by measuring both the influence on contacts as well as hard sales facts.
Implementing the right kind of CRM helps coordinate collaboration between Sales, marketing, and regulatory and customer service departments, presenting one face to the customer. This ensures that sales representatives and marketing keep the company in the top of mind of customers and other prospects.
A CRM system is pivotal in maintaining the greatest asset of a company – its reputation. In the business world, the negative experience of one customer that has an interaction with the company may ruin the hard earned reputation of the company for years to come. Having a CRM system that is used optimally will counteract this.
To sum up, CRM is extremely important for the professionalism of communications and a cornerstone in maintaining the company image and brand.