Customer Relationship Management or CRM is a strategy and processes used to learn more about customers' needs and behaviors in order to develop
stronger relationships with them. CRM software systems automate many customer-related business tasks. CRM applications are traditionally
developed as client-server software which incurs higher initial cost of ownership. The proliferation of the Internet and the Web has
fueled the rapid growth of Web-based CRM or online CRM applications. Web CRM systems are widely deployed for web based call center,
contact management, trouble ticket, personal information manager and scheduling.
The life cycle of CRM consists of three phases - customer acquisition, customer relationship enhancements and customer retention. CRM software
streamlines CRM activities at each of those phases of customer relationship management.
Customer Acquisition
Contact management module and direct marketing module of CRM allow companies to effectively promote and market their products and services to
prospects. Those modules help speed up the acquiring processes and reduce the cost of acquiring new customers.
Customer Relationship Enhancements
CRM helps companies better understand existing customers' needs and behaviors and enhance the profitability from existing customers
by cross-selling. They can customize their products and services to individual customers' needs and preferences.
Customer Retention
Customer service module of CRM system gives the organizations the edge in customer support. They can increase customer satisfaction while reducing
the cost of support. Customer retention is critical to the overall profitability of an organization. A customer you spend hundreds of dollars and
months to acquire may leave you in seconds as a result of poor customer services.
Related Topics
How to Select an Internet Help Desk System
Sales Force Automation (SFA)
Sales Automation - Integrate Sales Channels and Automate Selling Processes
Functional Modules of SFA Software Applications
Benefits of Integrating Online Chat Software with CRM
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