CRM or Customer Relationship Management System is a term used to refer to the set of practices and technologies utilized by companies to manage and analyse customer interactions and data throughout the customer lifecycle. It allows you to see the big picture by stringing together relationships in your contacts so you know exactly how to interact with the someone the next time you communicate with them.
Why do companies need to use CRM?
The purpose of using CRM can vary from company to company depending on what their goal is. The more common uses of it includes: organizing customer information, increasing sales, improving customer relationships, and enhancing customer retention. CRM systems are also used as database for information that serve as the point of contact between the customer and the company. This includes channels like email, live chat, telephone, website, and social media.
It’s also a means of consolidating the myriad of connections that is bound to become more sophisticated as a business grows. A CRM system can help members collaborate with their colleagues as well as get in touch with customers, gain insights from social media platforms, and get a preview of a company’s overall health.
What is CRM software?
A CRM software is software that is used to consolidate information so businesses can easily access and manage it whenever it’s needed. In the recent years, various CRM software has become available for businesses to use. Some of its common functions include: automating marketing tasks, automating sales follow-ups, customize marketing campaigns based on location, automating customer service, and more.
Using a CRM has allowed companies to foster relationships with customers and grow their business while still maintaining the opportunity to use valuable insights gained from these interactions in helping the organization improve itself.