Functions of CRM:
CRM involves three very important functions.
Attracting New Customers
Organizations have to develop a well-planned CRM strategy and implement it to attract new clients. They may attract new customers by continuously offering latest, innovative services and product. Innovative products have to also be coupled with good customer service. Customers are pleased when there is a quick reaction to their queries/problems. For example, IBM's website gives comprehensive information about its services and products. Customers may fill up an online requisition form for more information about products/services and for sales support. As soon as the online request is get by IBM, the IBM's customer service executive (CSE) calls back to the client. If needed, CSE gives an online product demo as well.
Generating More Business from Existing Customers
Customer relationships may be further improved by cross-selling and up-selling. Cross-selling is suggesting customers to buy products complementary to the purchases created by them. For example, when a customer purchases a camera, suggestions may be made about suitable film rolls. Up-selling adds suggesting a better quality element to customers on what they have purchased earlier.
Retaining Profitable Customers
According to studies conducted by independent research agencies, about 80% of company business is derived from their top 20% customers. Hence, organizations have to give top priority to these customers and put all efforts to retain them.
Making and maintaining customer relationships is not a simple task, but the benefits certainly justify the efforts. Customer retention needs a thorough understanding of customers. For example, the US based State Farm Insurance Company has given few steps with the primary objective of retaining its existing profitable customers. The steps shown as:
- Policyholders with more than two years of relation with the company are charged lower premiums.
- The company pays higher incentives to those agents who have managed to retain clients than those who have acquired new customers.
- The company involves agents in taking decisions that reflect the customers.
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