Customer Relationship Management
CRM (Customer Relationship Management) is a term for methodologies, software and Internet capabilities that help an enterprise manage business partner (customers, suppliers, agents) relationships in an organized way. For example, an enterprise might build a database about its customers that describes relationships in sufficient detail so that management, salespeople, service technicians and the customer is able to access information, match customer needs with product plans and offerings, remind customers of service requirements, know what other products a customer had purchased and so forth.
CRM is in fact a misnomer when considered in the context of the Adaxa Suite because it provides the management of relationships not only with customers but with anyone that is involved in a relationship with the organization.
The Adaxa Suite incorporates a CRM that eliminates the need to synchronize separate databases of contact, customer, product and trading information. When a new customer record is created in a centralized management system it is immediately available in all other Adaxa Suite components (depending on the attributes associated with the customer information entered).
There are many potential benefits of implementing a CRM system. A major benefit can be the development of better relations with your existing customers, which can lead to:
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 which of your customers are profitable and which are not
This 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
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, increasing your overall efficiency and reducing 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 ofinding new customers and expanding your market. The more you know about your customers, the easier it is to identify new prospects and increase your customer base.
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