How CRM Works
Essentially CRM works by collecting leads or consumer information. Analyzing the collected information to understand customer or market requirements. Adjusting marketing campaigns accordingly to increase sales. CRM also serves for customer service and support making businesses efficient and improve customer satisfaction. In any business, the bottom-line of CRM work flow is to (1) Initiate Marketing, (2) Process Sales, (3) Schedule Orders and (4) Provide Support .
CRM-Need for Business
CRM helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers. Any business owes its survival to its customers. Today if a company has to maintain its hold in the market the foremost step to be taken is to maintain and nurture its customer bank. Customer is the king, old or new. And if the customer is loyal to your business it works wonders to the profit of your business. A good strategy will be to integrate every area of touch point with customers like marketing, sales, customer service, and field support. This is achieved with the integration of the people, process, and technology in the business.
CRM (customer relationship management) analytics comprises all programming that analyzes data about an enterprise's customers and presents it so that better and quicker business decisions can be made. CRM analytics can be considered a form of online analytical processing (OLAP) and may employ data mining. Benefits of CRM analytics are said to lead not only to better and more productive customer relations in terms of sales and service but also to improvement in supply chain management (lower inventory and speedier delivery) and thus lower costs and more competitive pricing.