The key to a flourishing business is customer satisfaction. This has led to the enhancement in Customer Relationship Management Systems. They are no longer an option, but a necessity for every growing business. Customers no longer remain anonymous now. In fact, through these CRM systems, the presence of each customer is acknowledged individually and all the relationship details are duly maintained. Even customers appreciate getting recognition by the companies. CRM systems have made it possible to convert a potential buyer into a regular customer.
Today, we cannot imagine any business without a customer relationship management system. But, the point worth noting is, that they were not always here. They have evolved gradually and carved an extremely important position for themselves in the businesses. It can be easily made out from the present scenario, that they are here to stay. Let us have a brief look on the journey of CRM from its birth to where it is now.
First Appearance in 1980s
With the dawn of database marketing , the CRM took birth. The organizations gathered the information from among the customers and analyzed it. Based on it, they altered their further communications with other new customers. Though the information then, was not properly organized and maintained, the way it is done today.
Rising Demand in 1990s
The companies began to acknowledge the importance of CRM. They felt the importance of treating their customers well to benefit their business. This paved a path for two way interactions and companies started to pay attention to what their customers expected of them. The demands and feedback of the customers were well taken care of by the companies, who were now keen on satisfying their customers for their own profitability and productivity.
Near Death Experience in Early 2000s
The CRM systems collapsed in the early 2000s when the investors stopped splurging finances on the dot.com technology due to the Y2k scare. E-CRM vendors were the ones who faced the major loss.
In the middle of the decade, more comprehensive CRM systems were suggested which could handle all the business relationships. It was felt that the CRM systems need to be more sophisticated and analytical so as to get a deep insight of the views of the customers. This led to positive enhancement in the CRM systems and they found their way back into the market, though still not given the recognition, they deserved.
In 2007, there came a huge change in the CRM industry, which revived it again in the market and it still holds its position firmly, till date. Cloud based CRM was introduced to the world by Force.com and this time, giving a blow to the belief that cloud based systems couldn’t be customized.
Today CRM is at its peak, allowing the businesses to explore their potential to the maximum. With the generation becoming more tech-savvy, the companies regularly customize the CRM systems and their functionalities to meet the growing demands and desires of the customers. They leave no stone unturned, to make CRM more interactive and customer-friendly. Online chat service for customers has reduced the gap between them and the companies.
This system is helping the businesses to keep an eye on the impacts of their work systems on their customers and to make suitable changes, whenever required, without causing any great harm to the profits. This keeps the business flourishing and most importantly, keeps the customers delighted and loyal to a company.