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VARSHA PRASAD AMITY GLOBAL BUSINESS SCHOOL MBA, 4TH SEMESTER ENROLLMENT NO- A30901910018
Importance of CRM
Important and awareness of customer relation is now increased and more and more businesses understand the value and importance of customer retention. This truth is not only for large enterprise businesses but also true for small and mid size businesses. Theory of keeping Customer Relationship on top of marketing expenses advocate that business should pursue long-term relationships with customers instead of adopting a short-term one time transaction related relationship. Long-term relationships with customers are lower the marketing expense, increase customer satisfaction and retention, and enhance revenues. It is known that customer is king and they have power. Strength of customer relationships, allows businesses to recover from occasional sub-optimal responses to customer needs. For customers, long-term relationships with businesses will provide economic and peace of mind. Overall, there is broad acceptance of the benefits of CRM. Importance of effective marketing campaign to reduce cost of sales and invest saving in customer relation by delivering services or products that customers really want is espoused by most businesses. Acceptance and enthusiasm for CRM has been increased.
"value" from existing customers and reducing costs related to supporting and "servicing" them; increase the overall efficiency and reduce total cost of sales. CRM applications, thanks to the great advantages of technological innovation allows small and medium enterprises to collect and analyze customer data, interpretation of customer behavior, develop predictive models, timely and effective communication and delivery of customized products and services to individual customers. Using technology to optimize interactions with customers of the company has a comprehensive view of customers to learn from past interactions to optimize future.