Customer Relationship Management is mainly concerned with the relationship between the organization and its customers. Every organization try to build up customer relationships by determining mutually satisfying goals between organization and customers, establish and maintain customer understanding and develop strong feelings in the organization and the customers. CRM focuses on customer rather than products and take care of what customer requires. CRM helps to provide better services to customers and hence provides an edge over competitors. Apart from this, it reduces the cost, improves interactivity, efficiency and productivity.
Several companies / organizations are now moving for customer relationship management systems to gain a better understanding of their customer's wants and needs. CRM applications allow companies to store and access information about customers, their buying histories, preferences, complaints, and other data. This helps the companies to have a better look of customer requirements and approach to them accordingly.
Key Features of Customer Relationship Management
- Maintain database for both prospect and customers /clients
- Create and maintain customer profiles
- Update profiles with customer survey information
- Create and manage customer cases
- Track promotion and orders
- Manage catalog requests
- Track loyalty: mailing lists and newsletters