CRM software is a category of business management software that consists of applications that manage customer relationships. These applications automate and optimize customer interactions to return maximum value to customers and enterprises.
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Key Features of CRM Software
A robust and effective CRM software solution contains several key features, some of which are:
- Campaign tracking and management: Software that can manage and track marketing campaigns is essential in a CRM system. This software must be able to create and deliver highly targeted and personalized messages. It must also be able to measure campaign performance such as click-throughs in an email campaign.
- Multi-channel access: Customers today communicate with enterprises through disparate channels. Email, voice, SMS, online chat, and social media are just a few. It is essential that CRM software can support as many channels as possible to drive effective inbound and outbound marketing.
- Lead generation: Software that can automatically generate sales leads from campaigns provides high value to any CRM system since the ultimate objective of marketing campaigns is to generate sales. Follow-through action is also critical, and this can be aided by analytics.
- Analytics: The ability to predict what customers want and to systematically apply customer data to front-line decision-making provides competitive advantage to any marketing organization. Predictive and decisioning analytics in CRM software provide these abilities. Using analytics, marketers and customer support representatives can deliver the most customer-centric offers that result in high customer interest, engagement, and retention.
Pega CRM Software Powers Customer Intelligence
Effective customer engagement leads to increased revenue. Pega’s Better Business Software® for CRM uses analytics technology to build customer intelligence for high value customer interactions. Analytics enhances CRM software in many applications including the following:
- Marketing: Pega’s CRM software uses predictive analysis and adaptive analytics in decision management to determine the best engagement action for each customer. Pega’s Predictive Analytics Director enables marketers to anticipate customer behavior such as offer uptake and risk when designing marketing strategies. Pega’s Adaptive Decision Manager provides real-time decisioning during customer interactions so that the most relevant actions can be taken with respect to changing customer interests and desires.
- Sales force automation: Pega’s Next-Best-Action technology uses predictive analytics to guide sales representatives’ interactions with customers. Sales force automation empowers sales representatives to sell the right product, at the right time, to the right customer. Coupled with Pega’s multi-channel capability, sales representatives have best-of-breed tools to engage customers resulting in high customer satisfaction and low churn.
- Customer service: Pega’s customer relationship management system uses predictive analytics and adaptive decisioning to anticipate customer needs during service interactions. Next-Best-Action also allows service organizations to up-sell or cross-sell at the most opportune time and situation. For example, in investment banking CRM, a call-in customer enquiring about selling a mutual fund can be offered alternative funds for reinvestment.