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What is Customer Relationship Management?

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As any successful business knows, behind all their achievements are a league of content and loyal customers. To ensure such a following is maintained, technologies such as Customer Relationship Management (CRM) can be implemented to increase sales, profitability and customer service.

Here’s all you need to know about CRM, and with the help of the team at Adoni Media, some of the benefits that arise from the use of this software.

What is CRM?

CRM refers to a combination of technologies and strategies that are utilised by companies to help guide and analyse external interaction with customers. Through the accumulation of data, this software aims to improve relationships by assisting with customer retention and calculating future behaviours and patterns. This is achieved across a variety of different points of contact such as the company’s website, email, advertising channels, telephone and social media.

What are the types of CRM?

While CRM technology encompasses an overall goal of improving customer service relations, there are multiple types of technology to achieve this goal. Three main types include:

  • Operational – this type of system focuses on applying marketing and sales automation to compile various sets of information to give an overall view of a customer’s interaction with a company.
  • Analytical – As suggested, this software will delve into customer interaction from an analytical angle and identifies future trends to help derive marketing strategies that will boost company effectiveness.
  • Collaborative – A system that allows for the collaboration of internal and external stakeholders, to help improve and enhance customer service across all channel.

What are the benefits?

Introducing CRM software can improve customer service relationship across a variety of channels. Here are some of the great benefits:

  • Can increase sales revenue by establishing which customers exhibit the strongest brand loyalty and hence create long-term relationships
  • Encompasses processes for improvement across all channels and points of contact
  • Allows companies to distinguish what works best for customers and then personalise products and marketing to accommodate for their preferences and needs.