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Q2. Briefly explain the functionalities of CRM sub modules. List out the benefits of CRM Systems.


Answer:
Sub Modules in CRM
We already know that CRM is the process of managing relationships with customers by capturing, analyzing, and storing customer information. The functionality of a CRM system can be studied under three sub modules.
They are Marketing, Service and Sales. All these modules are Operational, Collaborative and Analytical.

Marketing module
The functionalities of marketing module of CRM comprises short term execution of marketing related activities and long term planning within a company. It also helps in activities like campaign management, lead management, and planning. Marketing module enables your company to run marketing campaigns using different communication channels. This targets potential buyers using a product or a group of products as a message. It generates sales related opportunities which then can be converted into sales.

Service Module
The service module of CRM focuses on managing planned and unplanned customer service. This module helps in activities such as Service Order Management, Service Contract Management, Planned Services management, Warranty Management, Installed Base (Equipment) Management, Service-Level Agreement Management, Resource Planning and Scheduling and Knowledge Management

Sales Module
The sales module of CRM focuses on managing and executing the presales process of the company by making it more organised. The sales teams in most companies are responsible for capturing opportunities and customer interaction. The CRM helps the sales team in processing this data and following-up it in the future. The CRM also helps in organising all relevant data received and captured for a deal, into one place. Some of the captured data can include expected budget, total spending, prospective customers, key players, products interested in, important dates and expected closing dates of a deal.
Each of these modules can be stand alone applications depending on organisational need. It is important that the right software is selected and implemented correctly. Then only any CRM can be effective.

Benefits of CRM
An excellent CRM is the heart of every business success. With CRM, you can easily understand customer requirements, meet those needs effectively, predict market trends and enhance your business bottom line. A properly implemented CRM system can bring significant benefits to your organisations. System means, the complete consortium of 3 P's, People (employees, culture), Procedures (way of doing business), and Programs (supporting applications and not just an application running on a computer).

The advantages that a CRM can bring are:
Shared or distributed data: Customer relationships are happening at many levels and not just through customer service or a web presence.
They start to understand the need for sharing all available data throughout the organisation. A CRM system is an enabler for making decisions and follow-up at levels.

Better customer service: All data concerning interactions with customers is centralised. The customer service department can greatly benefit from this because they have all the information they need. And through the use of push-technology, customer service representatives can lead the customer towards the information they need. The customer experience is greatly enhanced.

Increased customer satisfaction: The customer feels that he is more "part of the team" instead of just a subject for sales and marketing.
Customer service is better and the needs of the customer are anticipated and addressed. Many companies believe that more satisfied customers means a good predictor for repeat business.

Better customer retention: If a CRM system can help to fascinate customers, it increases customer loyalty. Customers keep coming back to buy again and again. Hence, higher customer retention is assured

More business: If you are delivering the ultimate customer experience, this seeds the word-of-mouth buzz, which brings in more new business.

More profit: More business at lower cost equals more profit. Customer relationship management tools have also been of great help to companies in attaining their business objectives.
The CRM systems help in collecting data that help in enhanced customer satisfaction. The types of data CRM systems can collect are:
• Responses to campaigns
• Shipping and fulfilment dates
• Sales and purchase data
• Account information
• Web registration data
• Service and support records
• Demographic data
• Web sales data

1 Business Benefits of CRM
Implementing a CRM solution might involve considerable time and expense. However, there are many potential benefits. A major benefit can be the development of better relations with your existing customers. This can result in:
• Increased sales through better timing by anticipating needs based on historic trends
• Identifying needs more effectively by understanding specific customer requirements
• Cross-selling of other products by highlighting and suggesting alternatives or enhancements
• Identifying profitable customer companies
This in turn can lead to better marketing of your products or services by focusing on:
• Effective targeted marketing communications aimed specifically at customer needs
• A more personal approach and the development of new or improved products and services in order to win more business in the future Ultimately this could lead to:
• Enhanced customer satisfaction and retention, ensuring that your good reputation in the marketplace continues to grow
• Increased value from your existing customers and reduced costs associated with supporting and servicing them. This increases your overall efficiency and reduces total cost of sales
• Improved profitability by focusing on the most profitable customers and
• Dealing with the unprofitable in more cost effective ways Once your business starts to look after its existing customers effectively, efforts can be concentrated on finding new customers and expanding your market. The more you know about your customers, the easier it is to identify new prospects and expand your customer base.
Customer needs change over time, and technology can make it easier to find out more about customers and ensure that everyone in an organization can exploit this information.

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