The most valuable resource of any company is its customers. In today’s economic environment it is important to reduce customer churn as much as possible and increase their profitability. Today it is impossible to achieve this without building trust and loyalty.
The foundations of trust are effective customer management and an individual approach to each of them.
Good knowledge of the customer makes it possible to fundamentally change the business model: move from an ineffective strategy of searching for new customers for proposed solutions to developing solutions for existing customers, taking into account their needs. Such personalized service is a direct way to build loyalty, and thus to increase the value of the customer base and the company’s success.
Effective customer relationship management is facilitated by technological advances, particularly such an achievement as CRM. In a narrow sense Customer Relationship Management, which is translated from English as “customer relationship management system” is a software for storing data about customers, automation, control and analysis of all processes of interaction with them.
But understanding CRM merely as software would be too superficial. It is a whole business strategy aimed at strengthening connections with customers in order to optimize their service, which ultimately leads to an increase in the value of each customer and, therefore, to the growth of the company’s competitiveness.
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In an era of mass sales and fierce competition, the economy’s focus on product has become irrelevant. There are many manufacturers, the quality of goods and services is about the same, and so are prices. Personalization, that is, identifying and meeting the individual needs of the customer, has become the only way to build off the competition.
But this is easy to do when the number of customers does not exceed a few dozen. But what if there are hundreds of thousands of them?
And this is where companies come to the rescue of CRM trade and customer relationship management systems. Information technology allows to collect and store information about customers at all stages of interaction with them, to analyze the data received and on the basis of it to build the most successful models of relations. Thanks to automation the speed of business processes increases many times, which also affects the profit of the company.
What kind of business needs a CRM-system
Tasks solved with the help of electronic client management systems are actual for any sphere of business. At the present time CRM is most actively used in trade and services. Software is still in demand in the financial, insurance and telecommunications industries. CRM is actively introduced by enterprises of different branches of industry, by construction companies. They are widely used in the field of consulting and information technology.
