Customer Relationship Management (CRM)

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CRM is an enterprise application module that manages a company's interactions with current and future customers by organizing and coordinating sales and marketing, providing better customer services along with technical support.

Atul Parvatiyar and Jagdish N. Sheth provide an excellent definition for customer relationship management in their work titled - 'Customer Relationship Management: Emerging Practice, Process, and Discipline':

Customer Relationship Management is a comprehensive strategy and process of acquiring,retaining,and partnering with selective customers to create superior value for the company and the customer.It involves the integration of marketing,sales,customer service,and the supply-chain functions of the organization to achieve greater efficiencies and effectiveness in delivering customer value.

Need of CRM:

  • To keep track of all present and future customers

  • To identify and target the best customers

  • To let the customers know about the existing new products and services

  • To provide real-time and personalized services based on the needs, wants and habits of the existing customers

  • To provide superior service and consistent customer experience

  • To implement a feed-back system

Scope of CRM

crm_scope

Advantages of CRM

  • Provide better customer service increased customer revenues

  • Discover new customers

  • Cross sell and up-sell products more effectively

  • Help sales staff close deals faster

  • Make call centers more efficient

  • Simplify marketing and sales processes

Disadvantages of CRM

  • Some time record loss is major problem

  • Overhead costs

  • Giving training to employees is issue in small organizations



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