In the current market scenario, catering to the customers’ satisfaction has become one of the prime objectives for the biggest firms. After all, the popularity of any particular brand and the stability of the global market at large depends on the consumer’s willingness to repeatedly buy the offered products and services. Not surprisingly, forming a strong consumer relationship has become a priority.As such, Customer Relationship Management (CRM) is fast gaining popularity as an area of specialization among MBA candidates. But it is first necessity to be familiar with the concept of CRM itself and its relevance in business.
What is CRM?
Customer Relationship Management or CRM is usually defined as a firm’s efforts to connect with consumers purchasing their products or using their services. These efforts are focused at the acquisition of new consumers, as well as towards the retention of existing customers. For this reason, executives strive to build a reliable system that allows the company and customers to easily interact easily with each other.
How is it Useful?
On one hand, CRM is certainly beneficial to consumers. It gives them a reliable channel to voice their opinions, complaints and suggestions, and thereby acquire better quality products and services. On the other hand, it is equally helpful for different businesses, as they can stay attuned to the needs and opinions of their customers, thereby improving their offerings and shaping public opinion. This allows them to retain and subsequently expand their existing base of customers.
Means of Implementation
Many institutes offer a CRM course in order to familiarize candidates with the different the ways in which to connect with their customers. Some of the popular tools of a CRM strategy are given below.
- Digital Disruption -With mobile phones, laptops, and internet connectivity becoming commonplace, digital media offers the easiest way of reaching out to customers. A CRM program trains you in the optimum utilization of these digital channels, so that you can establish a strong connect with them, without much inconvenience.
- Customer Expectations -Understanding the consumers’ expectations from a brand is crucial when determining a CRM strategy. It is important to study various aspects, such as target group of customers, the emotional response of customers, or brand loyalty expected from them, as this helps you form better plans.
- Customer Experience -In addition to customer expectations, an organization should also consider the customer’s response to existing policies. Analyze consumer feedback regarding the products and services offered by the company so that you can introduce the necessary changes.
Difference between CRM & Business Relationship Management
Business Relationship Management aims to maintain a positive relationship with customers. It identifies the needs of existing and potential customers and ensures that appropriate services are developed to meet those needs.Some see CRM as a sub-set of BRM because CRM only deals with customers, who are only one type of stakeholder. Others see BRM as being the IT service management equivalent of CRM. Many organisations will have a CRM process or similar already embedded in customer service, marketing and sales functions – and it’s good to be able to make a link between this and BRM.
Now that you are aware of the basics, be sure to enrol in a CRM course so that you can develop the necessary skills to form a strong public response for your brand.
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