What does CRM stand for?

What does CRM stand for and What is a CRM Program?
CRM stands for “” – the process and approach used to communicate and interact with your customers and the frequency of doing that. CRM is about managing relationships with your customers including the frequency of communication, the way of communication (email, phone, meeting…) and the different CRM strategies used for different customer segments.

The main goal of successful CRM program is improving customer relationships and learning and gathering more information about your customers such as customer needs, preferences, budget, requirements, etc.
5 CRM Objectives and CRM Tips

CRM Communication

Identify the most effective communication alternatives for your customers. Is it email, phone, face to face meeting, monthly conference calls – what is the most effective communication for your customers? Who is the individual or team who will execute the CRM communication within your organization? Make sure you define the best communication vehicles and frequency for your CRM, your business and your customers.
CRM Frequency
How often you should communicate with your customers? Effective CRM program will define the most efficient communication processes such as daily, weekly and monthly communications. This will vary depending on your customers and your business – for example how often your customers buy and how often your offering and pricing change will define the communication frequency. The frequency will also change when you have new products, new services or when you have new marketing campaigns attractive to your customers.
CRM Segments

Not all of your customers are of the same size and with the same needs. Develop the best approach to segment your customers based on you sales and such as purchase, volume, order size, location, sales rep, account manager, product type, new vs existing… Different segments will need different CRM approaches, strategies and tactics. For example for one customer weekly newsletter and a weekly call might be effective and beneficial for both your business and the customer’s business while some of the other customers may find this type of communication too much and too often. Customize your CRM tactics based on different customer segments.
CRM Applications

Use of CRM applications, programs and software is critical in order to get organized and be able to execute your CRM strategy. There are many CRM applications available today offered from various vendors – from small to big companies. Before you start using any CRM application make sure you have developed your CRM strategy and define the CRM objectives for your business. The most effective CRM applications are web based tools that allow you to manage your CRM program from any location and update your CRM program by different team members. Having your CRM program up to date at any time and accessible by any team member is critical for success of your CRM program. Look for CRM application that will work for your business.
CRM Culture

While technology is critical for CRM success at the end of the day the culture in your organization will make all the difference between CRM success and CRM failure. The CRM execution and implementation requires customer focused culture – everyone in your company should be able to see the big CRM picture and understand the role of CRM for your small or big business. CRM training is very important and it has to include training everyone on the most important issues such as understanding the CRM strategy, the importance of CRM and the technical details necessary for successful CRM implementation.
Keep your CRM program simple and small and grow the CRM program step by step as you learn what works and what doesn’t work for your business. Pay attention and customize your CRM strategy based on your culture, technology and the people involved in order to develop successful CRM program that will benefit your organization.