Aspects Of Customer Relationship Management - 1148 Words

There are several aspects of Customer Relationship Management (CRM). The key aspects include the following. Business to business relationship, this includes relationship with suppliers, distributers and partners or retail channels. This is an external network which works as a support system for the internal networks. The second aspect is data analysis, this is the backbone of CRM system. The customer data that should be analyzed is constantly added and then combined with predictive analytics to plan and strategize the targeted marketing campaigns, conceive new strategies and new product models, and finally analyze the success of CRM model. The third aspect is the customer interaction channels. These channels are direct indicators of the†¦show more content†¦Another benefit is the increase in customer revenues. CRM helps the company increase its revenue to a great extent. By using the collected data, the company will be able to popularize marketing campaigns in an effective w ay. This software ensures that product promotions reach different and new set of customers and it will increase company’s customer revenue effectively. The third benefit is that CRM helps the company in maximizing up selling and cross selling. This system gives the customers premium products which fall in same category of their purchase. It also facilitates cross selling on the basis of their previous purchases. This is done through interaction with customers and getting ideas concerning their needs, wants and patterns of their purchase. The obtained details are stored in a central database that is accessible to all company executives. The executives can promote their products to the customers when an opportunity is spotted, hence maximizing cross selling and up-selling (Mauri 2003). . The fifth benefit is better internal communication. If this strategy is followed, it helps in building better communication within the company. Sharing of customer information between different departments will enable the whole company work as a team hence enabling better service to the customers and hence an increase in company’s profitability. The forth benefit of CRM is that it optimizes marketing. It