While the success of the CRM or the customer relationship model cannot be denied, the basic workings are still not known to many. The fundamental theory on which this model works depends on the following factors of:
- Collection of leads or information regarding potential clients,
- Analysis of this information to gain an insight into market and customer requirements and
- Using this information to realign marketing schemes and strategies to be more customers specific.
The sole intention behind adopting this model is to bring about an increase in the sales of the company thereby contributing to its growth. There are two other areas which are of importance to this business model. They are:
- Ensuring good customer support to bring about customer satisfaction and
- Improving the support divisions to increase the efficiency of the business.
In any business, it has been generally seen that the workflow of CRM follows a four-step process of:
- Initiation of marketing by running campaigns, generating leads, forming a database and increasing visibility etc.,
- Processing sales by
- Assigning leads to relevant qualifies people,
- Qualifying the leads generated and slotting them into groups,
- Converting the leads by generating lucrative client specific schemes and campaigns and
- Further tracking of opportunities so that there is a constant flow of sales.
Schedule orders are then:
- Invoiced depending on the price points agreed upon and implementing the relevant tax structure and
- Finally the products are delivered to the customers.
Providing support in the form of:
- Managing cases,
- Conducting trainings and workshops,
- Providing proper service and
- Developing a knowledge base to benefit all.
While the model itself is very simple, the processes, if followed properly, have the potential to bring about permanence in the growth of the business in a way wherein customer loyalty reigns supreme.