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Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
Characteristics of CRM
The modern environment requires one business to interact with another via the web. According to a Sweeney Group definition, CRM is ―all the tools, technologies and procedures to manage, improve, or facilitate sales, support and related interactions with customers, prospects, and business partners throughout the enterprise‖. It assumes that CRM is involved in every B2B transaction. Despite the general notion that CRM systems were created for the customer-centric businesses, they can also be applied to B2B environments to streamline and improve customer management conditions. B2C and B2B CRM systems are not created equally and different CRM software applies to B2B and B2C conditions. B2B relationships usually have longer maturity times than B2C relationships. For the best level of CRM operation in a B2B environment, the software must be personalized and delivered at individual levels.
Well-designed CRM includes the following characteristics:
- Relationship management is a customer-oriented feature with service response based on customer input, one-to-one solutions to customers’ requirements, direct online communications with customer and customer service centers that help customers solve their questions.
- Salesforce automation: This function can implement sales promotion analysis, automate tracking of a client’s account history for repeated sales or future sales, and also coordinate sales, marketing, call centers, and retail outlets in order to realize the salesforce automation.
- Use of technology: This feature is about following the technology trend and skills of value delivering using technology to make ―up-to-the-second” customer data available. It applies data warehouse technology in order to aggregate transaction information, to merge the information with CRM solutions, and to provide KPI (key performance indicators).
- Opportunity management: This feature helps the company to manage unpredictable growth and demand and implement a good forecasting model to integrate sales history with sales projections.
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