Customer Relationship Management | Main Components of CRM | Great Learning

About this Video

• Video Title: Customer Relationship Management | Main Components of CRM | Great Learning
• Channel: Great Learning
• Speakers: Edwin Thomas
• Duration: 00:49:06

Introduction

This video provides a comprehensive overview of Customer Relationship Management (CRM). It covers the definition and importance of CRM, its benefits, main components (including people management, lead management, salesforce automation, customer service, marketing, workflow automation, business reporting, and analytics), the CRM process, the role of a CRM manager, and real-world examples from Apple and Amazon.

Key Takeaways

• Definition of CRM: CRM is a collection of approaches, methodologies, and technologies used to manage and analyze customer interactions and data to improve customer service, relationships, sales, and client retention.
• Benefits of CRM: Better customer knowledge, better segmentation, better customer retention, better anticipation of needs, improved customer service, and speedier communication.
• Main Components of CRM: People management, lead management, salesforce automation, customer service, marketing, workflow automation, business reporting, and analytics. Each component plays a crucial role in optimizing customer relationships and business performance.
• CRM Process: A five-step process: 1) Identifying the target market and value proposition; 2) Defining the overall CRM strategy; 3) Deciding on customer handling priorities; 4) Selecting CRM software; 5) Re-engaging customers.
• Role of CRM Manager: Maintaining lucrative customer connections, overseeing consumer relations, resolving customer problems effectively, enhancing sales, understanding customer demands, strategic planning, and understanding competitors.
• Examples of CRM in Action: Apple uses CRM to personalize user experiences and target marketing; Amazon uses CRM to track purchase history, understand buying habits, and personalize marketing campaigns.