Customer Relationship Management is one of the fundamental strategies of any business. We have various CRM tools in market to assist a company with identifying, engaging and nurturing customers. CRM essentially means managing the relationship with the customers. There are 3 key elements or what I call “3 Pillars” which are the fundamentals of CRM.
The Pillars are Customers, Relationship with Customers, and Management of information and knowledge related to interactions with customers.
Customers (Soul of CRM)
Customers decide a company's future. The more the customers; the more the profits. Current market scenario is so dynamic and it challenges the organizations to get new customers and clients on a rapid manner. There is a growing amount of fight between the competitors in today's market to capture customer's mind share.
CRM tools help an organization to understand the nature of the customer. Using CRM tools, one can find similar customers who may turn out as potential customers. These tools also let us know why a customer preferred one brand over the other and one offer over the other. Customers are the heart of CRM and it takes serious and dedicated personnel to understand the nature of customer's decision making process.
Relationship (Heart of CRM)
What relationship does an organization holds with the customers? Is it consultative or servant? The level of relationship with customers determines the possibility of success of an organization. CRM tools help in engaging better relationships with the customers. One can study the customer buying behavior and buying decision making using the customer knowledge, to enhance the relationship and create new relationships.
Enhancing the relationship with the customers increases the possibility of turning the customers into clients. The more the clients, the more the probability of success.
Management (Brain of CRM)
Ultimately all the knowledge about the customers and the relationship between the customer and the organization boils down to measurement and management. Effective adoption of employee training, necessary hardware & software, dedicated team with backups, a clear cut CRM strategy, and Disaster Recovery are a must for any organizations and we are proud to be front runners in customized CRM solutions.
Karthikeyan Palanisamy has his M.B.A. in Marketing & Operations, and his B.Tech. in Production Engineering. He currently works for Mindtree, Ltd.