Customer Relationship Management (CRM)

Posted On August 4, 2021 and By Rinkaj Solanki

A set of strategies, techniques, tools, and technologies used by businesses for developing, retaining, and gaining customers.CRM is a system/software that ensures smooth and efficient customer. CRM collects and stores customer data from different sources regarding- overall purchase history, personal info to understand customer purchasing patterns.

CRM provides a complete package focused on organizational relationships — including customers, service users, colleagues.

This helps to keep track of relations between your business and individuals in terms of sales, marketing, customer support, and activities were done together.

How do CRM works?

CRM has various components that track customer performance and interactions with the business through contact forms, emails, phone calls, etc.

CRM software is equipped with sales and marketing tools that are customized for opportunity management, forecasting, and deal closure for various mediums like websites, social media, etc.    

Helps to manage customer requests and automates service operations and routine processes.

CRM also helps in maintaining the company’s performance and productivity. It reminds of pending tasks, performs scheduled activities- sending/replying to emails and making phone calls.

The best part about the CRM software is that while doing these activities, it analyses which marketing method is generating more leads and getting significant responses.

What are the Types of CRM Systems?

A. On-Premise CRM System

1. This requires the buyer to purchase the licenses in advance.
2. Since the on-premise CRM is set up on the company’s servers, it is more secure.
3. But it takes more time and IT resources to set up such a system.
4. The main focus of on-premise CRM is that the buyer is in full control of the software’s working i.e. once the installation is done the vendor is not responsible for constant maintenance or flexible operation of the CRM system.
5. However, vendors still provide technical support to deal with critical issues.

B. Cloud-Based CRM System

1. This includes – software-as-a-service (SaaS), cloud, or on-demand CRM.
2. In this CRM, the data is stored in the vendor’s cloud.
3. Cloud-based CRM provides the users full access to the database anytime, anywhere as it is not placed in any particular office location rather on the cloud.
4. The best part about on-cloud CRM is that most importantly, the vendor takes all the responsibility for the flexible operation of the CRM software and also takes care to provide regular updates and support.
5. Also, a cloud-based CRM software extends the functionality to expand CRM services as when business requirement grows.

        All of these characteristics of Cloud-based CRM leads to: –

1. Faster distribution of services
2. Automatic software updates
3. Cost-effectiveness and adaptable
4. Available anywhere from any device
5. Easier Collaboration

Conclusion

Overall, a customer relationship management system enables businesses to go to the depth of their data and metrics. This helps them maintain neat and error-free data. 

A CRM software/system is the best platform for customer data organization. CRM collects and stores customer data from different sources regarding- overall purchase history, personal info, etc. which helps in understanding customer’s purchasing patterns.

Written by – RINKAJ SOLANKI

Content Writer at Futurios Technologies