It is important to maintain continuity with the customers for an organization to boost up their business. It is a crucial aspect that will help them shape their business. Good relation indicates maintaining loyalty. Customer relationship management is all about the processes that help in effective functioning of organization with respect to maintaining relationship with customers.
Features of customer relationship management include:
Customer needs: It gathers all the information regarding the customer needs and designs products accordingly to maintain long term relationship.
Customer response: This is very essential in aspects of understanding and interpreting the queries of customers for maintaining previous and present customers that have a great impact on success of organization.
Customer satisfaction: It indicates to what extent company is able to meet the requirements of customers. Customer satisfaction is important exponent and basic differentiators of business strategies.
Customer loyalty: It is the concept of gaining trust of customers by offering best products. This can be achieved by satisfying customers. It is a crucial aspect for success of business.
Customer retention: Customer retention is a strategic process to retain the existing customer and encouraging them to stay with organization’s product/service. This is achieved if all the requirements of customers are fulfilled. By retaining customers, it makes it easy for enterprise to see better prospects for business, as customers make it easy to get more business.
Customer complaints: Giving a complaint against a product or service indicates dissatisfaction of customer. There may be several reasons behind this fact but if organization gets succeeded in minimizing these errors, it contributes to company success. This can be achieved by responding quickly to complaints, analyzing them and making sure that it is not repeated.
Customer service: It refers to process of delivering information and services regarding products. Providing best services drags attention of most of the customers. This can be done by quality assurance, disclosing all the facts about product and maintaining loyalty.
Customer relationship management applications include:
Financial and insurance markets: It develops processes that has range of criteria for policy tracking, agency management and investment tracking. Introduction of new policies with more benefits and providing customer benefited options in banking aspects.
Enterprise marketing management: It helps in determining support levels of various systems that contributes to introduction of services and products effectively.
Customer care and billing: It deals with utilities, telephony, cable and other services provided by the companies. It involves provisioning, rating, reporting, financial systems, billing for voice and utility services.
Sales force automation: Sales force automation system helps sales and marketing teams with functions related to order taking, general proposals or quotes, managing territories, managing partners, etc. It is mainly involved in analytical and reporting capabilities.
Quote-to-order system: It enables manufacturers to mobilize mass customization initiatives. It helps in cost reduction, time conservation and lowers sales costs. It checks for effective sales and services.
Customers play a major role in deciding the fate of a company. If organizations work on strategies to maintain relationship with customers, it will definitely leave a great impact on their business.