Customer Relationship Management System

What is the importance of the CRM - customer relationship management in a company?

Public Comments

1. In my business (hotel business, Hilton chain of hotels) CRM means Customer Really Matters, and it is very very very important for all employees to understand the meaning of this. So important that we have to hold quarterly meetings just to talk about it. We train our staff on all ways to make the guests feel extremely important.
2. Basically, you want your customers to be happy. The happier the customer is, the less likely the customer is to churn (leave your business and go to another business which offers similar options).
3. It is without a doubt the second most important area to look at for any business that wants to be sustainable and survive in this competitive environment. I am sure you will want more details, however I dont think writing a summary of CRM books will answer your question. So I will give you a scenario answer. If you have no products or service to offer, then you have no business. If the products is really good and everyone wants it, competition will will soon creep into your territory. To avoid customer from moving on to the competition and trying other products, CRM is the answer. Using the pieretto analysis, 20% of your customer will give you 80% of your revenue and 80% of the customers will give you 20% revenue. With CRM you can focus the needs of the 20% that gives your company 80% revenue and ensure that they remain satisfied so that business will go on and bottomline saved. Hope that helps.
4. as getting into top rank is easier than maintaining the top rank, making sure you retain a customer to keep on using your product is also difficult. new products are always going out on the market. newer technology, better features... these are quick stints that will lose you your customers in a snap. however, having a good CRM will help insure your customers are monitored first hand on how they react to these external elements. knowing this, quite a number of control measures can be done by the company to stabilize drops on sales with this events. needless to say, saving a lot of damages small or big as an after effect to not having a direct hand linked to the customers.
5. Without CRM company can't communicate with other sources.