Customer relationship management is the ultimate goal of new marketing trends that focusing on understanding customer as an individual. This is a company-wide business strategy designed to optimize the profitability, customer satisfaction and revenue by establishing customer segments and tracking their interaction with the company. The core difference between CRM and traditional mass marketing can be compared in terms of communicating strategies. To get insights on the customer behavioural pattern, marketers now days are trying to making their communication more customer-specific. (Bukhari & Kazi, 2016). In this blog, we are going to discuss customer relationship management cycle and it’s certain aspects that help the company in making huge profits.
The Customer Relationship Management Cycle
On the surface, CRM resembles a simple customer service strategy though it is a part of the CRM process. CRM is often referred to as closed-loop builds customer and organizational relationship altogether.
The Figure 1 described the closed loop determine there is no predefined starting and end point.
As said by management assignment helper, to initiate the CRM cycle, a company has to ensure they ably identify the customer relationship with the organization. This may simply describe who the customer is and where they are along with giving the detailed structure of the product of services they like. For instance, Recently CRM software became the biggest software market in the world whose revenues expected to reach $80 billion in revenues by 2025. According to buyerZone, 91% of the companies are now using the CRM software to access customer information (Taylor, 2020).
Next company must understand the interaction with the current customer base. Companies are establishing a connection by collecting data from communication with customers. Thus by analysis and accessing the information of customers, the company can capture the relevant data on interaction.
With the inception or installation of fully functional customer Acquisition, Retention and Enrichment (CARE) business can review the growth and improve the decision-making process. This also enables the customer to view the customer product, management payment, track delivery status so that they can interact with the sales force of the company directly (Moorthi et.al, 2018). As opined by essay helpers, such transparency bring out real-time insights simplifies also monitors the sales process. Thus a company can use the knowledge of the customer and their interaction to capture the relevant data.
But how can marketers communicate with individual customers? Thus this answer can be achieved with the implementation of the CRM system. Fundamentally, a CRM technology collects the customer data but also integrate the customer information throughout the company. The firsthand information of customer can get by asking a question from the customers directly. These data can be achieved through a questionnaire, survey responses and warranty cards recorded in the electronic register,
Further to determine the value of the customer data, company analysis the consistency from various elements present in the CRM system. For instance, the giant organization is building a well organized CRM app, so that business can get the most relevant information to maintain a healthy customer relationship. For this, a different kind of database are used ranging from extremely high tech to standardized programs
There is no doubt every customer wants to be the company’s first priority and so as a business do. On that note, a company must be able to identify profitable and unprofitable customers. In various project management life cycle projects, the company is using data mining techniques that comply with actionable data and perform analysis of purchasing power of the firm’s current potential customers.
Using Data mining techniques, essential data is converted into information that can be further used to process decisions. Lets; take an example, since CARE allows the companies to have an access of online debit and credit database of customers, the finance management departments might be simplified the information and will get to know how much payment is due.
Once customer information is analyzed and usable information we extracted, then the information must be leveraged. CRM plays a vital role at this step as it sends the information across all the department of business and interacts with the departments for all the aspects of the business (Zaby et.al, 2018). In this way company ability forms a healthy or enhances the customer relationship by reviewing the right intonation from the right person at the right time.
Many online assignment help experts suggested, obtaining customer information timely increases the transparency, reconciliation and accurate and fast payments procedure,
Implementation Of A Customer Relationship Management System
As it is described by online assignment writer, CRM system assumed two key points
Customer should be present at the centre stage of an organization. Thus learning in CRM, novels collecting information from feedback comments of product and services
Business must be able to manage the customer relationship in all the aspects throughout the organization. CRM much rely on Knowledge management via the customer information is centralized and observed (Das et.al, 2018)
In such a way, we can say that the success of the CRM largely depends on the building long-lasting and profitable relationship with customers. If you have assigned assignments on Customer relationship management or project management lifecycle, feel free to contact with OmanEssay assignment writer team whenever you want.
We started this blog by giving detailed information on CRM cycle that is defined as a company-wide business strategy designed to optimize profitability and productivity. We further discussed that CRM is often referred to as closed-loop builds customer and organizational relationship altogether and illustrated how Companies nowadays are establishing a connection by collecting data from communication with customers. This is also analyzed a CRM technology used to collect the customer data but also integrate the customer information throughout the company. Next, we uncovered how to implement a CRM system within the business which suggested a business has to ensure a CRM system that is customer-centric focusing on learning and building a long-lasting relationship. If you have any pending assignment on CRM system, ask renowned management assignment writer of Oman whenever you want.
Bukhari, A. N., & Kazi, R. (2016). CRM triggers effectiveness through Customer Selection Orientation, Business Cycle Orientation, Cross-Functional Integration and Dual Value Creation: Myth or Reality. Journal of Marketing Management, 4(1), 163-171.
Bibiano, L. H., & Pastor Collado, J. A. (2006). Towards a Definition of a CRM System Life-cycle. In Proceedings of the European and Mediterranean Conference on Information Systems, EMCIS 2006 (pp. 1-8).
Das, S., Mishra, M., & Mohanty, P. K. (2018). The impact of customer relationship management (CRM) practices on customer retention and the mediating effect of customer satisfaction. International Journal of Management Studies, 5, 95.
Moorthi, D., & NALLAMPALLI, D. (2020). e-CRM an overview. Journal of Interdisciplinary Cycle Research, 12(3), 795-801.
Taylor. M (2020). 18 CRM STATISTICS YOU NEED TO KNOW FOR 2020 (AND BEYOND), data accessed on, 10, october, 2020 retrieved from-https://www.superoffice.com/blog/crm-software-statistics
Zaby, C., & Wilde, K. D. (2018). Intelligent business processes in CRM. Business & Information Systems Engineering, 60(4), 289-304.