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What is CRM
What is CRM? Benefits of customer relationship management for all sized businesses
What is CRM? CRM stands for customer relationship
management, defined as a software technology and overall
business strategy that enables companies, large and small,
to manage their sales leads, accounts, orders, and case
management. The benefits of CRM software include increased
revenue from managing accounts and orders efficiently, more
satisfied customers, and reduced costs stemming from less
administrative tracking time and greater turnaround time.
However, in order for companies to achieve their greatest
results, they will need to expertly train their staff and
have their IT departments (if they have one) integrate CRM
onto their current software and hardware technologies.
CRM solutions can either be hosted or licensed, meaning
that a company can buy the license for a CRM solution and
run it themselves, or they can lease a CRM solution, and
have that company be responsible for monthly maintenance and
training for employees.
CRM benefits companies of varying sizes: enterprise
through home-based businesses
- Large enterprise businesses -- These global
companies require CRM systems that integrate customer
service management, sales force management, and IT
management into the CRM package. For instance, customer
service CRM helps these large companies keep track of
extensive customer databases so that customer service
support personnel can easily locate accounts, track and
analyze orders, as well as track helpdesk tickets so
that the questions get answered. Examples of CRM vendors
that serve enterprise companies include
Oracle and
Microsoft Dynamics CRM. Usually large companies purchase
a license from these vendors so that they can customize
their CRM solution into their IT systems.
Many enterprises are realizing that CRM is an integral
part of their business and that it is worth every
investment penny, but executives must align their people
and processes across their business to prevent CRM from
becoming just a technology issue. Says Annie Bloin, VP
of client service at RBC-Centura, "RBC recognized early
on that the success of our CRM would mean the creation
of new processes and the transformation of employee
behavior. We've formed a cross-functional team to
continually evaluate processes and make recommendations
for improvements."
- SBE (Small Business Enterprises) and SME
(Small/Medium Enterprises) -- Since serving existing
customers is always more profitable than spending
resources for new ones, CRM helps small and medium sized
businesses track and manage opportunities like sales
leads, phone calls, and report generation. CRM allows
smaller companies to keep abreast of customer needs and
trends, while looking like a large business that
operates 24/7. The right CRM package can provide a
self-help, automated program that answers customer
questions outside of normal business hours.
Historically, small and medium businesses do a better
job at servicing their customers than enterprise firms,
so an efficient and capable CRM solution should make
sense for them. Examples of CRM solutions for SBEs/SMEs
include
Salesforce.com (starting at $65 a user per
month) and
Goldmine 6.5 by FrontRange Solutions ($
179.95 for the package). Both of these solutions are
scalable which allow companies to add in areas where
their business needs the extra support.
- SSB (Small Small Businesses) and SOHO (Small
Office, Home Office) -- It used to be that the
smallest businesses used Microsoft Outlook for basic
customer contact information, and users shared a
centralized contact list. Today, however, many SSBs are
learning the value of affordable web-based CRM solutions
like FreeCRM.com and
SalesProCRM, which increase the
productivity of a small company's sales team, so that
more revenue can be earned with fewer salespeople.
Because of their small staff sizes and service-based
businesses, SSBs/SOHOs need to maximize their time with
a CRM solution that target customers and prospects most
likely to buy their products and services. CRM software
assists growing businesses by organizing customer data
by initial lead, to the sale, plus any ongoing follow up
service or support. The software also accesses activity
reports, generates labels for mailings, and allows the
user to easily update customer information.
CRM is a worthwhile investment
Using CRM is a smart solution for any sized business to
stay competitive. Fortunately, there are as many CRM
solutions as there are businesses that need them.
Enterprises can more easily afford CRM than smaller
businesses, which must resist the urge not to update their
customer systems. For instance, many smaller business fight
CRM because of lack of time, employees, lack of capital, and
inadequate IT resources. However, if smaller businesses do
their research, they will learn that a CRM software solution
can give value back to their customers, can retain those
customers, plus increase profits and customer satisfaction.
Also See: [ Top 7 Benefits of CRM Software Solutions ]
[ History of Customer Relationship Management ]
[ How Customer Relationship Management Software Works ]
Home Page:
[ CRM-Software-Guide.com ]
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