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What is a CRM?

Jan 31, 2018 12:52:49 PM / by Justin Weidner

CRM
 
CRM philosophy
 
Customer Relationship Management is an essential aspect of of a business’s engagement with a consumer and/or client. Specifically, the acronym CRM is reflective of a manner in which a company avails itself of analysis, experience, and strategizing in order to improve interaction with current and future consumers over the course of a customer lifecycle. The aim is retaining more of your previous customers and improving sales over the course of new ones.

 Improving on communication

One of the central features of CRM is using the very experience of consumer engagement as a means of improving on current and imminent communications with accumulating data and, ultimately, encouraging sales growth. There are a number of ways a business may implement the principles, both organizational and technological, in the interest of wielding information in the most constructive way available.

 

Using different channels

Using different channels is the most effective means of ensuring a wide reach and, inversely, amassing even more intelligence. Among a variety of avenues are a proprietary website, email, social media, live chat, delivery mail, other marketing materials, and calling on an actual phone: almost any point of contact among customers and companies is a viable resource of a CRM system.

 

CRM software

Inasmuch as Customer Relationship Management refers to principles and practices, a Customer Relationship Management system is one actually doing the work of amassing and compiling information on each phase of consumer interaction in order for further optimization of the process. Inevitably, any CRM will involve making a customer a nucleus in the heart of anything else a company ever conceives of.

 

Hub/Dashboard

The main initiative of any CRM software is to integrate and streamline frequently independent lifecycle stages, including sales, marketing, and customer support. Therefore, the software usually offers a hub in which all of these are interconnected. You’ll be able to view any relevant information on a single customer on each of the three automated intervals: sales force automation, marketing automation, and service automation.

 

Automation of consumer lifecycle

Using the aforementioned CRM, which is known as a Strategic CRM, you’ll use various forms of automation to ensure you’re on top of a customer’s journey, whichever section of the lifecyle they’re in. For sales force automation, this will mean awareness of a client’s purchase record concerning repeat buying and the facilitation of any further engagement in the interest of even larger repetition. This automation will also account for any communication in between.

 

Marketing/Service automation

Marketing automation is used for ongoing repeatable endeavors, like situational emails or social media dissemination. The CRM is also able to keep up on the engagement with your social media activity. Marketing, of course, is most interested in the process of evolving a lead into a customer. Service automation is used for interaction with a customer with respect to any area of communicating, from a contact center with pre-recorded advice to a processing of a request.

 

Analytical CRM

The other major form of CRM is an Analytical CRM, which is predominantly used on the other side of all the activity we’ve covered. Anything you’re doing, automated or no, is fair game for analysis in a myriad of sophisticated granularities. Among the more advanced analyses are using data mining, identifying correlation, and the application of pattern recognition in the interest of giving you useful lines of inquiry and improvement.

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Topics: customer relationship

Justin Weidner

Written by Justin Weidner

Justin is a writing intern for AbilitySEO with a passion for words and a love of both consuming and creating content. He studied philosophy and, outside of marketing, enjoys volunteering and pop culture. Contact him at jbw348@gmail.com

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