It is said that acquiring new customers costs five times more than retaining one. In a world where there are countless companies vying for your attention, it is necessary for a company to develop healthy and mutually beneficial relationships with its clients. Customer Relationship Management (CRM) is a field of study concerned with this very issue and it provides management students with the tools and skills necessary to cultivate and enhance the relationships that a company has with its individual clients. Special treatment and customized services are some of the things that are highly likely to boost the credibility and preference of the company in the eyes of individual clients and that is the primary focus of CRM.
CRM differs from public relations (PR) in the capacity that PR manages the public image and presentation of the company to the market, CRM focuses solely on developing and maintaining relationships with individual clients and modifying the services of the company for greater customer satisfaction. At the same time, CRM can involve development of databanks for prediction of sales trends and the automation of sales force among various other areas of business management.
The diversity and structure of the course would be subject to its duration but the mainstays of CRM courses across universities and institutions in the world are – Customer Relationship Management, Consumer Behaviour, Sales & Distribution Management, Services Marketing, CRM in Service Industry, Advanced CRM, B2B Markets and CRM, Marketing Research and E-Business.
After completing the customer relationship management course students can engage in various corporate designations such as Manager-Client Servicing, Customer Relationship Manager, CRM Specialist, Relationship Manager, Product Manager etc. and forge successful customer relationship management careers.
A course in Customer Relationship Management (CRM) teaches necessary skills one needs to advance in career in this field. With a post graduate degree in customer relationship management like Master of Business Administration (MBA), one may find work options in finance, research and consulting in companies around the globe. One can get lucrative work options in domains like banking, finance, accounting, insurance, legal, sales, marketing, IT, manufacturing, management consulting and public sector.
Career opportunities for Customer Relationship Management (CRM) professionals in India exist mainly in banking, internet services and e-commerce sectors. Companies operating in utility sectors and in chain operations also appoint CRM professionals.
At present there are only few educational institutions in India which offer courses in customer relationship management. But with the growth of the services sector in the country it is very likely that full-time courses in CRM will be started in institutions providing qualifications for business management.