Customer relationship management
Customer relationship management (CRM) is a system for managing a company’s interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
Characteristics of CRM
- Relationship management is a customer-oriented feature with service response based on customer input, one-to-one solutions to customers’ requirements, direct online communications with customer and customer service centers that help customers solve their issues.
- Sales force automation. This function can implement sales promotion analysis, automate tracking of a client’s account history for repeated sales or future sales, and also сoordinate sales, marketing, call centers, and retail outlets in order to realize the salesforce automation.
- Use of technology. This feature is about following the technology trends and skills of value delivering using technology to make “up-to-the-second” customer data available. It applies data warehouse technology in order to aggregate transaction information, to merge the information with CRM products, and to provide KPI (key performance indicators).
- Opportunity management. This feature helps the company to manage unpredictable growth and demand and implement a good forecasting model to integrate sales history with sales projections
- CRM in developing and maintaining client relationships.