Question

Explain in detail the concepts CRM Benefit, CRM Cost and CRM Value.[

Answer 1

It allows you to have a more targeted and cost-efficient marketing program. By understanding your customer needs and behavior, you will be able to identify the correct time to promote your product. A CRM will also help you segment your customers and give you insight into which are the more profitable customer groups.

Answer 2

Answer:

A CRM system maintains and manages data obtained from multiple sources and touchpoints, including email, the company website, live chat, telephone, and social media, etc.

Reporting and dashboards: A CRM provides its users with the ability to visualise important trends and business metrics.  

Sales management: With a CRM software, a business can track its sales process from the initial lead, or prospect stage, to becoming opportunities, through to the final order conversion stage.

Marketing campaign management:  A CRM system allows you to manage campaigns from start to end using automated workflows wherever necessary.

Service management: A CRM system allows you to manage service delivery from before purchase, to contract delivery and renewal, and whether your service is preventative or reactive, and delivered on site or remotely.

Insights generation: A CRM tool can also analyse large amounts of data and generate actionable insights from it.

CRM Cost: The Professional version for online use is priced at $65 per user per month. This is the full version, with all sales, marketing, and custom applications, such as customer service automation, marketing campaigns and lists, and customization of the entire system. The online Basic version is $30 per user per month.

CRM Value: The amount a customer is willing to pay for a product or a service is its value. The revenue for a business is the total value less the cost that it has incurred in providing the product to the customer. CRM Value Chain Model is a set of strategies that a business ought to follow when developing their CRM strategies.

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