Introduction Flashcards
(18 cards)
What does CRM stand for?
Customer Relationship Management
CRM is both a strategy and software system used by companies.
What is the primary focus of CRM?
Improving customer service, retention, and driving sales growth.
List the objectives of CRM.
- Build strong customer relationships
- Increase customer satisfaction and loyalty
- Streamline communication and sales processes
- Collect and analyze customer data for better decision-making.
What are the key benefits of implementing CRM?
- Improved customer retention and loyalty
- Better internal communication
- Increased sales through better targeting
- Efficient marketing campaigns
- Enhanced customer satisfaction.
What does CRM help companies understand?
Customer needs and preferences.
What are the types of CRM?
- Operational CRM
- Analytical CRM
- Collaborative CRM.
What is Operational CRM focused on?
Managing day-to-day customer interactions (sales, marketing, service).
What is Analytical CRM used for?
Analyzes customer data for insights and decision-making.
What does Collaborative CRM facilitate?
Sharing of customer info across departments (sales, support, marketing).
Name a component of CRM related to marketing.
Marketing Automation.
What does Sales Force Automation do?
Automates sales tracking and forecasting.
What is the first step in the CRM process?
Customer Data Collection.
Fill in the blank: The CRM process includes _______ to refine strategies.
Feedback and Improvement.
What is a challenge in CRM implementation?
- High initial cost and complexity
- Resistance from employees to adopt new systems
- Data privacy concerns
- Integrating CRM with existing systems.
What does CRM provide regarding customer information?
A 360-degree view of customers.
How does CRM improve marketing?
Enables personalized marketing and service.
What is customer segmentation in the CRM process?
Grouping customers by behavior or demographics.
True or False: CRM reduces customer churn.
True.
