CRM stands for “Custom Relationship Management”. The idea first started in the 90s. When it first began it was meant only for simply managing the relationships with customers. Today, it refers to methodologies, software and internet capabilities that allow companies to manage their relationships with current and potential customers. It also refers to practices, strategies s that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.
Thus, CRM enables you to focus on your organization’s relationships with individual people; whether they are customers, service users, colleagues or suppliers.
Benefits of CRM to your business
CRM system can help you grow your business by helping you track your history with your customers and your interactions with them. So what does it track and how can this be useful? It tracks calls made, emails sent, meetings held, presentations delivered, and even the next steps required to close deals or grow customers’ accounts. Of course this is very important to your business because tracking is the most important thing. By one click you can review every action that took place between you and your customer which enables you to foresee how to continue.
With a CRM system, you can have one place where you can store all data related to your business and your customers. You will be able to store every customer, every lead, every request, all contact information as well as the history which enables you to make personal, relevant and up-to-date approaches with your customers. All of this information is stored in a safe and organized way that makes it accessible to authorized users.
Having a CRM system, also allows you to conduct and follow your work from any place. It also helps you in increasing your sales, as it allows you to follow quality leads and reduce time wastage. This shortens the sales cycles and thus improves your win rates.
CRM systems also allows better team collaboration. All departments will be able to collaborate with each other. They will all have access to the same data. This will also enable them to share marketing ideas that are specifically targeted towards customers and leads.
CRM system can help you in concentrating on your target market. You can apply your marketing campaigns to specific leads who have a higher interest in your products and services. Email campaigns can also be personalized, which makes them more convincing and impactful.
These are some of the benefits that you can get from having a CRM system for your business.
Finally, when you take the decision to get a CRM, you must not be hasty in such decision. First, you must be clear about your objectives, needs, and expectations, and then methodically embark on the selection process. This can will ensure that your purchase decision delivers the cost savings and enhancements you expect. The time invested in research and analysis will not be wasted time, but it will be worth it if you can find a suitable CRM application that delivers the advantages and benefits your company needs.