The Evolution of CRM during the 21st century

In olden times, traditional businesses held their trading practices in an inherently old fashioned manner which involved the use of pen and paper to keep track of their customer interactions and transactions. But even in those times, people focused on building long lasting relationships with their existing and potential customers to drive business growth. They used various methods of accounting that involved the use of notations, mandates, journals etc to track customer information. 

As times changed, manual record keeping could no longer sustain businesses as the volume of data collection increased. This is when an automated customer relationship management (CRM) software came into being. It helped firms in understanding the needs of their customers better and ultimately catering to their needs in a more holistic manner.

Early stages of CRM development

In the beginning of the 20th century, the introduction of commercial computers brought a massive transformation in the way data was collected, stored and used by businesses. With the presence of automation, companies could adopt improved methods of accounting records to follow up with their clients in an efficient method. The period of 1980s saw the emergence of a progressive and automated customer relationship management software. 

In 1982, Kate and Robert D. Kestnbaum introduced the concept of database marketing which aimed at applying statistical tools in order to gather and analyse consumer data. Following this, Pat Sullivan and Mike Muhney came up with a customer evaluation system in 1986 named ACT! that offered contact management services and could be considered as the first automated CRM. The rest of the industry followed in their footsteps and started trying to maximise their potential of retaining old clients and gaining new ones. 

The market for CRM got substantially competitive when enterprise resource planning (ERP) companies such as Oracle, SAP and Navision stepped in. After realizing the importance of an effective CRM software, they started providing extended customer services in the form of an embedded CRM module. Tom Seibel popularized the idea of a stand alone CRM system by bringing the mobile CRM application to the market called Siebel Sales Handheld in 1999. The app enabled the concept of a cloud hosted and portable customer base available at the disposal of the user which could be used anytime and anywhere.

Evolution of a customized CRM

The initial decade of the 21st century saw its first open source CRM system developed by SugarCRM in 2004. During this period, CRM evolved with the introduction of cloud systems which made it accessible to small as well as large businesses. The industry saw the arrival of customized CRM software that focused on providing company specific services. This allowed firms to adapt and change their products to suit the individual taste of their customers by tracking consumer behaviour and their interactions with the firm.

The dynamic technological environment that the world resides in today is witnessing a move towards social CRM solutions that aim at increased interaction with consumers on various social media platforms. CRM software is witnessing rapid changes in these modern times ranging from chatbots, AI and machine learning in order to create an effective two way channel of communication between the firm and its clients.

CRM is not just a software, it is a strategy to learn more about your target audience and understanding their needs and desires. Firms can then accordingly devise products that serve the interests of their customers best and help them have a carefree and fulfilling digital experience.

How CRM can take customer satisfaction to the next level

Relationships are the driving force of any business. Knowing your target audience and understanding their needs is an essential factor in the growth of any firm. The more you are acquainted with your clients, the better you’ll be able to fulfill their requirements. While maintaining strong customer relationships is vital, it is a seemingly difficult task to keep track of all the communication happening with thousands of clients through multiple channels. This is where CRM comes in to take the load off from your company’s workforce and provide a fully automated and comprehensive solution to maintain healthy and long-lasting customer relationships.

CRM (Customer Relationship Management) is a tool that a business uses to improve relationships with its customers by creating a consolidated contact management solution. The software compiles client data obtained from multiple communication sources such as company’s mails, telephone, website and social media to build a central database which helps you keep track of your customers, vendors, leads, partners etc. CRM is a beneficial software for businesses as it assists them in data storage and analysis to help them get an extensive look at their customer relationships and subsequently focus on customer retention and growth in sales revenue.

Customer satisfaction has a lot of bearing in a company’s economic performance. A company that engages with its target audience in an effective and efficient manner witnesses increased customer loyalty and reduction of customer complaints. A good CRM system allows you to view your client’s preferences, purchasing habits, communication history and much more which ultimately helps you to gain useful insight into their respective journeys in the online world and accordingly customize your services to serve their needs better. Some other attributes and benefits of a robust CRM system includes:

Customized CRM software

Firms collect client’s information through customer interactions and process this data to observe hidden patterns and habits. By analysing these patterns, CRM helps the firms to customize their services to correspond to the needs of their clients, therefore, providing a personalized approach to suit their individual preferences. As a result, customer satisfaction increases as clients don’t have to reach out to the company for different problems.

Enhanced customer service

A CRM system helps firms in providing support and assistance to their customers in a more efficient way. When customers face any problems or present any concern or request, CRM arms the company with enough ability to allocate and manage customer requests or queries, resulting in faster problem solving and overall management of operations.

Improved customer knowledge

A CRM software gives a competitive edge to firms who wish to obtain new customers, retain old ones and at the same time want to drive sales growth. Through the process of tracking customer behaviour, their tastes and needs, CRM lets the firms customize and improve their products and services so that in the end, the goal of fulfilling all their customers’ needs is achieved. 

Successful firms aim at building a loyal customer base who believe in the company’s ability to provide quality services that accommodates their own individual style and choices. MAG Studios understands these needs of its customers and offers such customized CRM softwares in a bid to maintain lifelong associations with people who expect nothing less than outstanding customer service.

What to keep in mind while getting your CRM developed from an outsourced team

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