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Objectives Of Customer Relationship Management

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CRM systems can bring operational benefits and improve company performance; this, in turn, will increase customer satisfaction and long-term success through better customer and company interaction. The objective of building a customer relationship is to increase the customer 's commitment to the organization through the process of offering better value in the long run at a reduced cost. One of the unique aspects of customer relationship management is that it is a value-added activity through mutual collaboration between suppliers and customers. The system provides fast service to customers and growth in profit to a company.
At the base, the CRM software is a comprehensive database which compiles customer information from various sources. …show more content…
The ability to connect to CRM through various devices effectively allows the user to receive the most up-to-date data about current or potential customers. Sales people can update customer profiles or follow up right immediately after client meetings using mobile CRM.
CRM provides data management. A centralized database system can help with both, nurturing existing relationships and acquiring and building new ones. Many sales opportunities may be lost because no one has kept in touch with prospects through follow-up calls or lead nurturing messages. CRM task management and tracking features will assist a sales team with following up leads, offering reminders about upcoming meetings and phone calls, and staying organized and on top of important tasks (Akrim, 2015). Thus, constant and real-time interaction with customers will increase a project’s success.
CRM provides reporting and analytics solutions. Reporting and analytics allow a company to analyze trends, track team performance, and provide future sales forecast. Moreover, CRM allows managers to dive into analytics for customer service, sales, and marketing teams. The system …show more content…
However, publicly available data show that 55% to 75% of companies fail to meet expected return on their CRM investment. The main reason to this problem is companies using the software without customizing according to company objectives. A successful CRM investment starts by developing and adjusting necessary improvements according to company goals. To implement CRM, organizations must apply policies and technology to provide a personalized and engaging experience that is consistent across all customer interactions (West,

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