CRM Systems Help Businesses Obtain Which Business Objective? | Business Operation System
This is a great question.
CRM stands for Client Management System.
It should help you in documenting your transactions.
It should keep records. Like the first time a client visited your business.
How? What was the purpose of the visit?
What were their demands? FAQS? Reason for buying?
It should help you organize and sort this data.
Cue cards and shoeboxes were the early CRM systems.
Important details got written on these cards.
A CRM systems should help you organize and process them productively.
Value the customer relationship more than the single sale.
The "unknown universe" are the things you are not sure of. For example, I don't know who or how many people see this video.
The "known universe" are things related to your business. You guarantee. For example, I can count web visits and applications.
Good data helps make predictions about prospects and future clients.
A CRM should help you manage transactions.
Plus the relationship with people to keep them in an ideal path.
Meaning, are they a good lead? Did they buy? Did they use it? Etc..
If they don't follow this 'ideal path', a CRM should help identify why.
That's the business objective.
You should be able to understand your CRM data.
Including value per lead. Cost per sale.
Average customer value and ROI on marketing.
All of these should get tracked, measured and monitored through an effective CRM.