CRM management system is a combination of practices, strategies, and technologies to manage and analyze customer interactions. It usually involves the analysis of myriad data collected from several customer touchpoints, such as website visits, telephone calls, live chat, direct email, marketing campaigns, and social media. CRM intends to improve customer relationships, increase loyalty and retention, and drive sales. A good CRM streamlines and automates the processes so that the right data can be collected and the right information at the fingertips whenever need it.
CRM management system is a business philosophy based on heeding customer needs and behaviors and using that information to build stronger relationships with them and generate more leads. It should form the foundation of the business strategy. There are mostly three types of CRM applications – Operational, Analytical, and Collaborative to perform all these activities.
1. Operational CRM
An operational CRM is a common type and covers an extensive range of functions. Operational CRM facilitates the business process that includes Sales automation, Marketing automation, and Service automation. The main purpose of this type of CRM is to generate ads, reclaim them into contacts, capture all required details and render service throughout the customer lifecycle. Its fundamental goal is to help simplify business operations, centralize customer interactions and sales, and marketing processes, and support efforts in one place. Further, it hoards information on customers, leads, and employees using a shared platform to better support existing and potential customers.
2. Analytical CRM
Analytical CRM helps top management, marketing, sales, and support personnel select the better way to serve customers. Data analysis is the main role of this type of CRM application. The primary goal of analytical CRM is to influence customer data into trends and actionable insights the organization can utilize to refine the customer experience. Data from an analytical CRM can contain customer preferences, channels, touchpoints, trends, forecasting, and more. Analytical CRM evaluates customer data, coming from various touch points, to get better insights about the current status of any organization. It helps top management to make better decisions, marketing executives to comprehend the campaign’s effectiveness, sales executives to increase sales, and support personnel to improve the quality of assistance and build strong customer relationships.
3. Collaborative CRM
Collaborative CRM, sometimes called Strategic CRM, as it enables an organization to share customers’ information among various company units like sales teams, marketing teams, and technical and support teams. Collaborative CRM aids to unite all groups to succeed in the goal – using all information from different teams to improve the quality of customer service to achieve loyalty and acquire new customers to increase sales. Organizations that operate across multiple locations or work in siloed teams can use a cooperative Crm management system to streamline how they gather customer information and communicate with them. Whether operational CRM tools often point to marketing and sales, collaborative CRM systems focus mostly on customer service.
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