CRM stands for customer relationship management and a CRM system lets a business keep the information of all its customers, leads and prospects stored and organised in one place. In addition to this, a CRM system also allows a business to track all the interactions it makes with its customers and enables it to build long-lasting relationships with them. Some other features include:
- Reporting and dashboards: A CRM provides its users with the ability to visualise important trends and business metrics. By providing a central, customisable dashboard, it lets managers and administrators get access to the most important information without having to look for it.
- Lead management: With a customer relationship management software, a business can track its leads from the initial prospect stage to the final conversion stage. Some CRM systems also let you customise the different stages in a sales pipeline for better management.
- Campaign management: A CRM allows its users to manage campaigns from the start to the end. You can select different groups of customers depending on the level of the interest or other factors and/or automate workflows wherever necessary.
- Email management and tracking: Modern CRM software also allows you to send and track emails.
- Actionable insights generation: A state-of-the-art CRM tool can also analyse large amounts of data and generate actionable insights from it, for the business to benefit from.
In addition to allowing a business to manage its customer relationships better, a CRM also helps in:
- Increasing revenues by increasing sales opportunities: With a CRM, a business gets its hands on more information and by harnessing the insights generated from this information, it can identify an increased number of sales opportunities.
- Segment customers with ease: A CRM allows you to profile your customers based on purchase indicators like history, demographics, engagement and level of interest etc.
- Cross-departmental alignment: By allowing the sales department to feed real-time data to the marketing branch of a business, a CRM helps in cross-departmental alignment which creates harmony within the workforce and increases productivity.