What is CRM?
CRM stands for Customer Relationship Management
CRM. If you work in sales, marketing, or customer service, you’ve probably heard the term before – but what does CRM mean, and what can it do for your business?
Customer relationship management (CRM) definition: The way businesses interact with current and future customers. Traditionally, this has been done with software that automates and integrates your customer-facing activities: sales, marketing, and customer service. But today, best-in-class CRM systems go beyond that core functionality – providing additional tools for customer analytics, personalization, e-commerce, social media, collaboration, and more. The ultimate goal? To drive omni-channel customer engagement.
Why is CRM important?
Tracking customer interactions can be challenging - especially if you have more than a few names in your Rolodex. That's where CRM comes in. New CRM systems centralize and store massive volumes of customer and prospect data - from contact history to social media activity - and make it available in real time. You can analyze this data and leverage it to dramatically improve:
- customer service,
- and digital commerce activities.
What are the benefits of CRM?
CRM benefits are wide-ranging – from higher levels of customer engagement, loyalty, and revenue to lower costs and smarter customer-facing activities. Explore some of the top benefits of CRM systems below.
Sales and revenue
A next-gen sales CRM system can help you increase sales and revenue with integrated tools for sales force automation, lead management, forecasting, cross-selling, e-commerce, and more. Maximize visibility into your sales pipeline, and give sales reps access to key information – anytime, anywhere.
Access deep customer insights with a few clicks of your mouse. New CRM software solutions let you run real-time customer analytics – so you can quickly identify and seize new sales opportunities, manage highly effective marketing campaigns, and wow customers with personalized service.
Whether your focus is on social media marketing, e-mail marketing, or campaign management, modern CRM features allow you to reach the right people with the right message at the right time. Get to know your customers and deliver highly targeted marketing on their channel of choice.
Customer experience management
Looking for new ways to improve customer service? The latest CRM software can give contact center reps and field service technicians a 360° view of customers – and provide automatic recommendations to help resolve issues on first contact. Boost customer satisfaction and loyalty with better experiences across all channels, including social media.
Internal and external collaboration
The term “collaborative CRM” describes how new CRM software allows a business to share information among teams, departments, and internal and external stakeholders. Everyone can access the most up-to-date information, so customers never have to repeat themselves – even if they jump between departments.