More
than ever, in today's challenging
business environment, best-run companies
are staying focused on their most
valuable assets – their customers.
Companies seek to retain their best
customers and maximize the effectiveness
of every customer interaction –
whether it's sales, service, or
marketing.
Unlike other CRM software, the SAP
Customer Relationship Management
(SAP CRM) application, part of the
SAP Business Suite, not only helps
you address your short-term imperatives
– to reduce cost and increase
your decision-making ability –
but can also help your company achieve
differentiated capabilities in order
to compete effectively over the
long term.
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| What
is the goal of CRM?
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The idea of CRM
is that it helps
businesses use technology
and human resources
to gain insight
into the behavior
of customers and
the value of those
customers. With
an effective CRM
strategy, a business
can increase revenues
by:
providing services
and products that
are exactly what
your customers want
offering better
customer service
cross selling products
more effectively
helping sales staff
close deals faster
retaining existing
customers and discovering
new ones
That sounds rosy.
How does it happen?
It
doesn't happen by
simply buying software
and installing it.
For CRM to be truly
effective, an organization
must first understand
who its customers
are and what their
value is over a
lifetime. The company
must then determine
what the needs of
its customers are
and how best to
meet those needs.
For example, many
financial institutions
keep track of customers'
life stages in order
to market appropriate
banking products
like mortgages or
IRAs to them at
the right time to
fit their needs.
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