What is the meaning of CRM?

 

CRM is short for customer relationship management which is a technology that lets businesses store information about its customers and the interactions it makes with them, with the objective of establishing long-term customer relationships. A CRM system maintains and organizes data obtained from multiple conduits including email, the company website, live chat, telephone and social media etc. In addition to this, a CRM also stores customer-specific data like buying history, level of interest, purchasing preferences and financial demographics.

 

The most important component of a CRM system is its contact management feature, but in addition to that, it can help a business achieve the following:

  • Marketing automation: Modern CRMs can allow a business to automate the most monotonous tasks and enhance the efficiency (and often productivity) of marketing activities.

  • Lead management: By having a holistic view of the sales pipeline at all times and by being able to track leads and prospects, a CRM allows a business to do efficient and more productive lead management.

  • Automating workflows: By setting reminders, managing scheduled appointments, notifying when important events occur and automatically synchronizing data with your data sources, a CRM allows your workforce to get rid of the mundane activities and focus on doing more creative tasks.

  • Analytics: A CRM can also scavenge important insights and key business metrics from your extensive sales data that can help in strategy formulation and sales analysis.

 

How to choose the best CRM solution for your business