When dealing with your customers, does your company's right hand know what its left hand is doing? Have you ever lost a sale to an existing customer because accounting tried to collect a late payment while your deal was in final negotiations?
How is the customer experience for your customers with your company? And what about the cost of losing or acquiring customers?
Studies have found that it costs up to 10 times more to acquire new customers than to retain old ones. Still more studies have shown that most customer defections to competitors are because of service issues, not products or pricing. An effective CRM strategy is a significant step in responding to these issues.
3 Key Elements of CRM
What is CRM? CRM or Customer Relationship Management is a corporate strategy composed of applications, technology and products that fulfill three essential requirements:
- To give your enterprise a 360° view of each customer for consistent and unified contact with that customer whenever anyone anywhere in the enterprise deals with that customer. This knowledge increases the opportunities for sales and the effectiveness of customer service.
- To enable your customers to have a consistent view of your enterprise, regardless of the way the customer contacts you. This improves customer satisfaction and customer retention.
- To enable front office staff to perform sales, service and marketing tasks more efficiently as a team, increasing expertise and reducing costs.
CRM describes a strategy used to manage and report customer/prospect/partner/contact interactions with enterprise contacts including inside and outside sales, marketing, billing, shipping and customer service and support.
Advantages of CRM
CRM is an
CRM
The "e" in eCRM defines Wintouch eCRM as
"Contact Management" or "CRM"?
Contact management describes a tool such as software, PDA, DayPlanner or an address book. CRM is an
- CRM is an
entity-wide implementation of a central data repository of customer information utilized by sales, marketing, customer service/support, accounting, etc.
and… - CRM is integrated with back end LOB (Line of Business) systems including ERP, vertical market and/or custom software applications that provide significant customer data (YTD sales, recent invoices, etc.) to the CRM screens.
If you have any additional questions about "What is CRM?" don't hesitate to call Touchtone Corporation for answers: