A STUDY ON CUSTOMER RELATIONSHIP MANAGEMENT (CRM)

Abstract

The CRM generally functions as a technique that is used in all industries to carry out certain duties. It's a critical improvement to how businesses handle clients and consumers that wasn't offered by any B2B platforms. CRMs have likely been very successful because they maintain increasing levels of accuracy in forecasting, sales management, and contact management. However, each business has its own method of keeping track of its clients' names and contact information, which is then accessible whenever necessary by the authorised individual. Because of the poor targeting, which resulted in the wrong message being sent to the wrong individual, the marketing channels have succeeded. The implementation of a successful CRM system involves the integration of technology, processes and people to manage customer data and analyze it and use it to improve customer experience. Some of the effective key features of a CRM system includes as follows 1. Customer segmentation 2. Lead management 3. Marketing automation 4. Sales forecasting 5. Customer service management The benefits of a CRM system includes 1. Increased customer engagement 2. Improved customer retention rates 3. Increased customer satisfaction 4. Increased revenue To implement a successful CRM strategy organizations need to have a customer centric approach invest in the right technology and train their employees effectively, By doing so strong relationships with customer can be maintained which can help them to gain a strong market.