Customer Relationship Management or ‘CRM’ as it is commonly known is a business strategy for acquiring, managing, nurturing and maintaining the relationships between an organisation and its customers. Technology is an important component when implementing such a strategy. It allows for order, automation and synchronisation of organisational processes. The overall goal in implementing a CRM system is to create synergy within the organisation and increase productivity.
Why do we need it?
The concept of CRM has existed since the exchange of goods and services began. However, until recently, business has been more concerned with the “what’s” rather than the “who’s”. It is now widely known that maintaining positive relationships with customers is an indispensible component of business. Our increasingly savvy society is now more interested in exceptional service than any other differentiator so having an appropriate system to support and manage these relationships is an essential business practice and strategy.
What’s in it for me?
Organisations who implement a Customer Relationship Management system report the following outcomes:
• Increased profitability
• Greater customer acquisition and retention
• Maximised efficiency among staff
• Higher sales yield
• Decreased time and cost spent on administrative tasks
• Improved visibility across the overall organisation
• More-informed decision-making
• Better customer service
• Greater connection between organisational functions
• Increased ability to cross-sell and up-sell