CUSTOMER RELATIONSHIP MANAGEMENT

A company that has association with a large number of clients, product providers, service providers and has a customer base that is ever growing, has to gather and does gather various kinds of data from multi various sources on a day to day basis.  Even an ordinary telephonic conversation between the company and the customer does involve and exchange of valuable information that needs to be arranged and systematized and stored for further reference in future.

http://whatiscrmsoftwarehq.com/what-is-a-crm-what-does-crm-mean/Storage of such valuable information in an efficient manner is a commendable practice that is necessary to be followed.  Although some companies still follow the olden day methods like using excel sheets or post notes to note down information fast, as the data keeps increasing it becomes severely cluttered and efficient storing of information becomes almost impossible. Click here http://whatiscrmsoftwarehq.com/what-is-a-crm-what-does-crm-mean/

CRM entry

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CRM is like a hero in a feature film who enters the scene when everything is in a mess and who comes and clears up all the mess!  Yes…..  In our case when storing of information becomes almost impossible, CRM or Customer Relationship Management enters the scene and saves the day.  CRM stores everything right from the most small and seemingly insignificant information to very comprehensive and far reaching data.

This tool, CRM, if used to its fullest capability, can change the working mechanism of a company totally and for the better.

CRM inception

The initial administration of CRM can be trailed back to the late 60s and early 70s.  It was at this time that companies had realized the importance of paying total attention to their customers’ wants and needs to let their business grow.

Then, companies were used to functioning in a disorganized and unregulated manner, which led to an unstable and shaky growth of customers.  Small time business houses would earnestly spend their days and nights in an attempt to create innovative services and commodities to attract new customers.   If they thought that all their hard work was getting a reasonably good response from the general public, then they would work still harder in getting the attention of more and more clients.  This would in turn earn them higher profits.  Despite all this, the connectivity between the client and the company was neither a long lasting one nor strong.  Clients opted for other sellers to cater to their needs and very soon the earlier companies were forgotten.  This method worked in those days because companies managed to get their clients through face to face marketing from one person to another.  But as companies grew in number and started providing similar such services, tough competition arose and the older companies got to running into losses.

It is at this point that the companies realized that the key to earning huge profits in the long run is to retain their customers.  Novel marketing techniques were devised to cope with the rising rivalry.  Large as well as small companies started taking initiatives to have a customer base built for them.  This change of procedural modus operandi came to be known formally as CRM, in other words Customer Relationship Management.