Ever since the concept of holistic marketing has been developed the business enterprises across various industry fields have realized that achieving sales targets alone will not help them in surviving the competitive market scenario. The external environment surrounding the businesses today is dynamic and uncertain. Therefore, sustenance and stability of the business enterprises depends directly on the nature of relationship it has maintained with its clients. While the new customers are important for continuous growth of the business at the same time managing and retaining the old customers works as the backbone of the company. Studies show that acquiring new customers costs 6 to 7 times more to the companies. From the marketing and sales point of view the existing clients are also indirectly responsible for generating genuine sales leads through the verbal referrals. A positive recommendation from an existing client will have a lasting positive impression. This is a cost-effective way of indirect marketing for the companies. Thus an essential part of business is to help keep up and grow your customer base to harvest the profits for longer period.
With the focus of enterprises shifting towards customers, there is constant demand for CRM software. The technology companies have developed such effective tools through which companies can handle customers. The following are the benefits of deploying the CRM tool in an organization:
- The CRM tools help in managing the clients more efficiently. The functionalities of the CRM have alerts; follow up activities through which enterprise can check their customers.
- The enterprises can give better customer service through various components of software which improves responsiveness and understanding that builds customer loyalty.
- Sales and Marketing activity can be easily directed towards the customers. Software has the functionality of mass emailing for special offers.
- Usually the dissatisfaction among the customer arises from lack of communication; CRM helps in establishing continuous line of communication with customers.
Travel Industry and CRM
Travel industry is growing every year, the travel enterprises are differentiating and innovating their products and services keeping in the mind the demand from the travellers all across the globe. Today the travel enterprises are altering their business model to suit to customer needs. As per the studies the global travel industry is expecting to record 3.1% growth in 2013. Considering this growth figure the business opportunity that lies in this industry has a huge potential for all types of travel enterprises.
The Travel industry is service oriented industry therefore managing the clients and customers is very important aspect for the travel enterprises. The success of the travel company directly depends upon the level of satisfaction of their clients. This is the primary reason travel technology companies are developing customer relationship management tools. The issue for large travel companies and online travel businesses is how best to start rigorous CRM technology that allows them to check their customers. The right kind of CRM an application which are specifically designed for travel agencies saves a considerable amount of time and therefore productivity increases. This type of tool can help travel agencies in handling better delegation, communication, cover absenteeism and be able to measure individual performance, too. The travel enterprises can set access levels, create teams, automate tasks, manage workload for vacation coverage, and more. A well implemented CRM tool benefits the travel agencies in following ways:
- For Managing and Retaining customers’ collection of information and the quick access to it is required to increase your client portfolio, and it also lengthens their life cycle.
- The CRM tool automates procedures and reports for agents. A large amount of data is processed without hassles and enhances the efficiency of travel agents, allowing them to focus on clients and prospects.
- The Software can generate various useful reports. These reports are very precise and allow the analysis of the agency’s activity.
Considering the 80-20 rule where 80% of revenue is generated from 20% of the customers may not be true as the travel companies need to cater to needs of all customers with same attention. The dynamic buying behavior of travel industry pushes the technology companies cannot just accomplish their needs but also helps them grow, too. The right customer relationship management and sales tracking tool will help with measurement, scrutiny, help analyze loses and wins, and support business owners with strategic planning. Whatever be the size of business, customer relationship management is critical element of customer service, marketing and operations. CRM is all about managing customer knowledge to serve them better.