The Internet provides unparalleled opportunities for the formation of individual interaction between companies and their customers. These opportunities are closely related to current trends that help in forming various business strategies for establishing and maintaining customer interaction.

Nowadays, when customer is treated like a king, all companies focus on attracting and maintaining relationship with new existing customers. But, from the economic point of view, it is more reasonable to maintain present customers than searching for new. In this race, CRM software helps businesses for creating better customer relationships. Here is how:

Before Proceeding To The Features, Let’s Discuss Some Unknown Facts

  • For the sale of a product, a sales representative on average needs only 2–3 calls to existing customers, compared to a dozen similar to new potential buyers.
  • Getting a deal with an existing client is 5–10 times cheaper than making the same deal with a new customer.
  • The increase in the share of regular customers by 5% is reflected in the overall increase in sales by more than 25%.

The Features of CRM systems

To achieve your company’s objectives, the CRM software should have the following features:

Collection of information: The basic task of CRM software is to collect and store customer’s valid information. This involves the client’s personal information regarding age, marital status, annual income, and property, etc. And the information related to business interaction like detailed study for purchase, and mode of payment etc. The information can be entered either by an employee or by the client himself.

Collection of information
Collection of information

Storage and handling. The CRM system allows you to save the received information in accordance with the specified criteria. You can easily use the information when required. Like, you can send birthday, anniversary or any festival wishes with attractive discounts and offers. Moreover, based on the past purchase, you can also use customer’s data for providing them loyalty points.

Submission and export of information. : Providing useful information to the user is the main job of CRM software. You can know the customer’s past purchase history at any moment. Moreover, CRM system inbuilt program settings also provide your customer’s frequency rate at your store and his eligibility for discount rates.

For the adequate implementation of the CRM software, four main tasks are necessary:

Customer identification
Customer identification

Customer differentiation. Each client has its unique importance for the company. He has the right to present its individual requests & requirements to the company. So, your CRM system must deal accordingly.

Customer interaction. The client needs change and from the viewpoint of CRM, the long-term benefit of working with a customer is important. So, the company needs to have a complete picture of customer information, including knowledge about changes in its social status, marital status, etc. The main goal of CRM is to track customer preferences and needs;

Personalization Thisis a process in which each of the customers is assessed as a unique unit and is served according to these past records. Therefore, with CRM software you can adjust the degree of customer involvement to your company.

Components of CRM systems

Contact Management

Account Management

Sales management

Time management

Customer service

Field Force Automation, Telemarketing/ telesales

Marketing

Lead management

PRM

Knowledge management

e-business

Business intelligence

User support

Summary

Originally posted at RuhaniRabin.com
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Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.

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Ruhani Rabin

Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.