Managing customer relationships – managing the customer’s relationship with the company. Isn’t that a relatively simple concept? So why the whole hole abaloo around it? Because this seemingly simple concept has changed the way the world deals with its customers. It has taken the most important aspect of a business, the customer, and brought it to light.
If a company has a good relationship with its customers, chances are it is already mapping its competitors in the face or is on track to do so soon. A customer may perceive the entire business as a single entity. But there are different employees in different roles and departments who work synergistically to improve each customer experience.
Managing customer relationships or CRM takes it one step ahead and provides access to a huge amount of customer information for the organization.
Aspects of CRM
There are several aspects of customer relationship management that are related to each other and play a key role in the outcome of the entire process.
- B2B relationships: Business relationships that include relationships with partners, suppliers and distributors, or retail channels. This is a completely external network that acts as a support system for internal networks.
- Data Analysis: Without a doubt the backbone of the entire CRM system. Customer data to be analyzed is constantly being added and combined with predictable analytics to plan and strategize targeted marketing campaigns, newer product models, envision new strategies, and finally to analyze the success of the CRM model.
- Customer Interaction Channels: Customer interaction channels are a direct indicator of a CRM model’s success or failure and should be monitored on an ongoing basis. A better business has fewer calls / emails, less escalations and high customer satisfaction to dissatisfaction.
There are several types and variations of CRM available on the market today. You can choose one that best suits your needs and requirements.