Customer Relationship Management Terms & Buzzwords
Customer relationship management, also known by its acronym CRM, has taken the business world by storm. While there are many thousands of companies that have adopted these helpful technologies, there are countless thousands of others who have not yet availed themselves of them. There are a variety of reasons for this fact. Among them is the reality that many business owners and some management teams simply do not fully understand customer relationship management and what is involved with the concept. In the following paragraphs, ten different customer relationship management concepts are detailed and explained.
1. Software as a Service – Also known as SaaS, this is a concept regarding the licensing of a particular program which a business may utilize on a number of different computer terminals and from multiple locations. Using only an Internet browser and a secure Internet connection, these software programs can be simply and effectively utilized. CRM programs like to implement these solutions to benefit sales person in the field, who may require access to a database of information to both download from and upload to in advance of and following a sales call.
2. Cloud Computing – This proves to be another Internet based tool. It refers to keeping the data of a firm located in a central location which is accessible from any individual Internet connection with the proper security credentials. As with SaaS, the subscription costs for these types of services turn out to be only a fraction of the cost of buying the software upfront. Similarly, expensive computer servers and other hardware do not have to be bought and maintained by the company.
3. Sales Force Automation – SFA works by utilizing a program to streamline and simplify every stage and element of the process of sales. It permits the amount of time that sales personnel have to spend on every phase of sales to be reduced. In such a way, sales persons are capable of going after more clients in less time than would typically be possible.
4. Contact Management Systems – These systems for managing contacts are truly useful for recording and tracking literally all stages in the process of working with any prospect. This starts with first contact and runs all the way up to final results.
5. Marketing Automation Systems – This is similarly known as a system for marketing. Marketing automation systems are useful for assisting with the targeting and discovery of the most profitable clients for the particular company’s efforts. They also help to create qualified leads for member of the sales force. The ability to follow and quantify the success of campaigns pursued through multiple channels, like search results, email, direct mail, and social media, is critical for marketing teams.
6. Computer Telephone Integration – Also known by its acronym of CTI. Comprehensive call center protocols are a core part of many customer relationship management programs. Intelligent call routing works hand in glove with computer telephone integration, as well as the ability to escalate problems and opportunities, so that the data exchanged is seamless throughout the company.
7. Predictive Analytics – These are commonly packaged with marketing applications in customer relationship management applications. Predictive analytics are useful for bettering targeting and segmentation of marketing efforts. They also prove to be helpful in quantifying the efficiency of offline, online, and search marketing campaigns.
8. Web Analytics – Originally, web analytics was the ability of a firm and its IT department to simply track and follow their web sites’ users’ individual mouse clicks. They are far more sophisticated today. Nowadays, marketeers are able to actually evaluate buy signals to learn which of their prospective customers are the most likely to purchase goods or services. They can also ascertain which customers are struggling with the sales process and need help completing their purchase.
9. Social CRM – Social customer relationship management commonly refers to integrating the varieties of social media with a CRM program or software package. The most popular of these social media sites which are increasingly being worked into CRM packages are Twitter and Facebook. These as well as other social media communities are predicted to have increasingly greater impacts on the ways in which firms choose to work with and manage their customers.
10. Data Security – Data security and privacy are two functions which have become increasingly more important as a result of customer relationship management programs. As more and more customer data is collected which is sensitive in nature, companies have to pour more time and resources into protecting this sensitive and critical information of their clients. Many customers will want assurance that their information is protected from illegal accessibility of Internet and computer hackers.