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Advantages of Implementing Customer Relationship Management

CRM, also known as customer relationship management, allows a company to create or maintain contact with its clients or prospects. This allows the business to initially make itself known, especially when it comes to its products and services. However, the CRM’s primary purpose remains customer retention. With increasingly tough competition, keeping its customers becomes complicated. Moreover, the customer is more free to choose a partner company, and its products and services. Thus, it costs a company more to win over new customers than to retain them.

Indeed, a 5% increase in the customer loyalty rate can increase the value of the average customer by 25 to 100%, according to experts. In addition, a loyal customer can also be a prescriber of the brand and the company. In addition, a customer who feels pampered by a company will be more likely to return to it for services rendered. Customer relationship management is a tool that can also serve as a quality service. After the sale of the product or service, it may be wise to look to the customer for satisfaction with their expectations of the product and/or service.

This particular approach allows the company to review its manufacturing, marketing or sales techniques to better match the customer’s expectations in the event that the customer is ever disappointed. If so, the business can try to compensate said client in order to keep his or her business from straying to the competition. Today, new media tools such as social media are used for discussing and nurturing the relationship with business clients in order to determine how satisfied they are.

Despite the considerable benefits of CRM, there are some disadvantages:

First, a poor choice of tools can make the process complicated. This is why it is necessary to think carefully about the type of tool that will suit the structure of the business and that will help it follow its relationship with its customers and prospects. CRM is not easy to implement, either, which means there must be a great amount of care that must be involved. However, the company should also be able to properly implement the process that will be undertaken by said company.