Since its inception Customer Relationship Management (CRM) has modified the process of storing and managing customer information for the companies. Companies now have every record of each and every customer and their transactions, stored into perpetuity.
What is CRM?
CRM or Customer Relationship Management is software that helps companies analyze and track customer data in order to improve the organization’s relationship with present and future customers.
3 things that a CRM should do:
- Gathering Customer Data
- Aggregating Data from multiple locations
- Delivering Usable Data
A good CRM solution will typically provide:
- Methods to identify and target their best customers.
- Create efficient marketing campaigns.
- Methods to share useful customer information across your organization.
- Tools to improve customer satisfaction.
- Policies to segment and analyze each customer and serve them in the most appropriate way.
Real Estate CRM:
Client satisfaction is the first priority for every real estate worker. The Best CRM for real estate has the ability to deal with tons of information in an organized manner. It also helps to personalize and customize one’s services. CRMs can also be used to keep in touch with past clients.
How CRM helps
Dollar Shave Club believes in using technology to understand and analyze its customers better. They use their in-house CRM, integrated with a customer support platform. The company now has over 1.5 million satisfied customers, who not only enjoy their products, but also share a successful relationship with the said company.
Etsy gave its customers a platform to explore and buy unique items. According to the Senior Vice President of the company, Mike Grishaver, the team has its main focus on the functionality that can recommend products and items based on certain factors that go beyond what customers have searched for. This idea led to the development of a platform that surprises shoppers with a variety of unique items and gains their attention.
The marketing team of StumbleUpon realized that customer engagement required better aggregation across its data and products. The engineering team worked more closely to methodically testing how different features and static functionality affected customer engagement over time. Meanwhile the marketing team focused on issues regarding publicity and customer satisfaction.
Usability of CRM
The primary goals of a CRM software has been security, reliability and stability. Usability was not the primary focal point for the CRM, which often resulted in a variety of difficulties. With the increase in use of CRM software, vendors have made it mandatory to make usability a part of the software leading to further benefits in usage.
Statistics show that SAP and Oracle jointly hold more than 50 % of the total CRM software market. In the study of different CRM software implementations, it was found that companies had the capability to experience a minimum increase of 10 percent in gross sales during the first three years of the CRM implementation. Thus it can be easily concluded that CRM delivers exactly what it promises.