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.