(12) What are the key benefits of CRM module?

Answer: Following are the Key benefits of a CRM module:

(1)Improved customer relations:

• By using CRM, all dealings with customer for servicing, marketing, and selling can be carried out in an organized and systematic way. 
• This in turn helps in increasing customer loyalty and decreasing customer agitation.

(2)Increase in revenues:

• By using a CRM strategy for any business, the revenue of the company can be increased.  
• Using the data collected, marketing campaigns can be popularized in a more effective way.

(3)Maximize up-selling and cross-selling:

• Up-selling and cross-selling can be improved by interacting with the customers and getting an idea about their wants, needs, and patterns of purchase. 
• The details are stored in a central database, which is accessible to all company executives. So, when an opportunity is spotted, the executives can promote relevant product to the customer.
• Up-selling is the practice of giving customers premium products that fall in the same category of their purchase. 
• Cross selling is the practice of offering complementary products to customers, based on their previous purchases.

(4)Better internal communication:

• CRM helps in building up better communication within the company. 
• The sharing of customer data between different departments will enable them to work as a team. And thus help in increasing the company’s profitability and enabling better service to customers.

(5)Optimize marketing:

• CRM helps to understand most profitable customer groups, ideal marketing timing and correct product. 
•  In this way, marketing resources can be optimized efficiently and time is not wasted on less profitable customer groups.