Customer Relationship Management is the process of managing relationships with customers by capturing, analyzing, and storage of customer, partner, vendor details and also internal process information. The key functionality of a CRM solution can be studied under 3 basic modules. They are Marketing, Service and Sales. All these modules are Operational, Collaborative and Analytical.
The marketing module of CRM comprises of functionalities regarding short term execution of marketing related activities and long term planning within a company.
It also helps in activities like Campaign Management, lead management and planning. Marketing module enables your company to run marketing campaigns using different communication channels, which targets potential buyers using a product or a group of products as a message. It generates sales related leads which then can be converted into sales.
The service module of CRM focuses on how effective the system is of managing customer service which is planned or unplanned. It helps in activities like Service Order Management, Service Contract Management, Planned Services management, Warranty Management, Installed Base (Equipment) Management, Service Level Agreement Management, Resource Planning and Scheduling and Knowledge Management
The Sales Module of CRM Solutions focuses on the sales team of the company to manage and execute the pre-sales process, making it more organized. The sales teams in most companies are responsible for capturing any leads or opportunities, capturing customer interaction, the CRM helps them process this data and monitor it in the future. This helps in organizing all relevant data received and captured for a deal to be put into one place, it could hold data as expected budget, total spending, prospective customers, key players, products interested in, important dates and expected closing dates of a deal.
Each of these can be stand alone applications depending on organizational need. It is important that the right software is selected and more importantly implemented correctly for any CRM to be effective.