Customer Relationship Management(CRM) may be referred to as a business philosophy or a set of strategies, programmes, and systems which focuses on identifying and building loyalty with a company.CRM is followed by the retailer to increase there profitability to effective management to sell the product & services.
C.R.M is a continuous process of building a long-term relationship with a customer this is possible through adopting effective inventory management buying system so as to achieve the primary objective of building customer and their loyalty. In recent years the consumer buying behavior has shifted drastically now it is characterized by individual customer expectation their needs
Acquiring new customers every time is very expensive so companies are focusing more on Customer relationship which involves
a) High customer contact
b) Understanding customers needs
c) Fulfilling the needs of customers
d) maintaining a long-term relationship
Benefits Of C.R.M
1.CRM helps in improving customer relation & loyalty
This help to maintain a good relationship with a customer so that they remain loyal to the same company in future also
2. Customer Relationship Management helps in generating high customer profitability to retain customers
Once a customer is loyal to the same organization profit margins are increased and services can be improved to retain customers
3. It reduces cost because it serves existing customers
Focusing on existing customer is much cost saving rather than marketing research for new customers
4.Understanding needs of the customer by their age, gender, purchasing habit
In services like a hotel, tourism, entertainment the customer needs are been focused according to their demographics
5.C.R.M keeps touch with the customer by sending different schemes through mobile
In today’s world of internet, all the companies are connecting with a customer with mobile SMS or sending emails.
6. It Continuously strives to ensure to fulfill promises given to customers.
Every company tries to fulfill all the promises made to the customers to gain the trust of the customers