The idea of CRM is that it helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers. With an effective CRM strategy, a business can increase revenues by:
providing services and products that are exactly what your customers want offering better customer service
cross selling products more effectively helping sales staff close deals faster retaining existing customers and discovering new ones.
That sounds rosy. How does it happen?
It doesn't happen by simply buying software and installing it. For CRM to be truly effective, an organization must first understand who its customers are and what their value is over a lifetime. The company must then determine what the needs of its customers are and how best to meet those needs. For example, many financial institutions keep track of customers' life stages in order to market appropriate banking products like mortgages or IRAs to them at the right time to fit their needs. |
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