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Customer relationship management (CRM)

March 4, 2019

What is CRM?

Customer relationship management is the strategy for managing the organization’s relationship with current and potential customers. It helps businesses stay connected with customers and helps to create customer knowledge and understand their current or potential customers more.

 

Most business use various CRM software and tools to manage their relationship with their customers. Most CRM tools help the business to enhance its relationship with all stakeholders such as the employees, business partners, suppliers and customers which helps the overall communication strategy of the business.

 

In recent years, the concept of CRM has changed massively from being a strategy that focused solely on establishing financial bond with customers to one that promotes both transactional and interactional social relationships with customers.

 

To effectively compete in todays' market, businesses need to develop a customer relationship using social media platforms, regularly engaging customers to achieve positive word of mouth and enhancing brand loyalty.

 

Why is CRM important

 

CRM is vital to build a strong tight relationship with all stakeholder of the business especially with potential and current customers.

Cultivating a good relationship with your customers helps create positive word of mouth, helps your business provide the best customer services and keeps your customers loyal to your business. It will also help you acquire new customers and retain the current ones.

 

Planning an effective CRM strategy will massively help you maintain a better foothold in the market and aid other marketing strategies to be achieved easily by your business.

 

Using various CRM tools to achieve your CRM strategy will make relationship building easier because you can see all the information at one place in the form of a dashboard. This shows all the previous history your business has with customers. It will also notify you when and how often you need to get in touch with each stakeholder, when their last transaction was, the status of their transaction etc. depending on how you set it up.

 

If you are struggling to build the best CRM strategy speak to our marketing professionals at Elby Marketing today.

 

 

Reference

 

Bhat, Suhail Ahmad, and Mushtaq Ahmad Darzi. "Customer Relationship Management." International Journal of Bank Marketing 34.3 (2016): 388-410. Web.

 

Dewnarain, Senika, Haywantee Ramkissoon, and Felix Mavondo. "Social Customer Relationship Management: An Integrated Conceptual Framework." Journal of Hospitality Marketing & Management 28.2 (2019): 172-88. Web

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