Customer relationship management is an approach to manage a company’s interaction with potential clients. It uses data analysis about a customer’s history with a company to improve the relationship with the customers.
One of the positive aspects of CRM is that it collects data from different communication channels. The channels may include a website, phone, email, live chat, marketing materials, and social media.
Today CRM is not just limited for increasing sales and enhancing marketing activities, but it is also about bringing in more customer engagement.
As per study made by Forrester–
- 50 % of teams improved productivity
- 5 % sales productivity was uplifted by adopting CRM.
- Consultation time reduced to 10%
- Revenue increases to 2%
- The reduction in customer service labor cost is 40%
- You will observe an overall decrease in labor cost by 20%
The overall marketing budget saved at least USD 75,000.
Conclusion
Overall adoption of CRM will have a positive impact on CAGR, ROI, sales quote, social CRM and most importantly a better customer relationship management.