The simplest CRM definition
When people say CRM, they’re referring to the software more than 99 percent of the time.
CRM stands for customer relationship management though. And there’s software that helps business owners manage the entire journey from stranger to adoring customer or client.
Different CRMs serve different industries and business models.
Customer Relationship Management
CRM is the combination of practices and technologies used by companies to manage and analyze customer relationships and data throughout the customer life cycle.
The goal is to help customers retain their business and increase sales.
A CRM system collects valuable customer data from various sources, including the company’s website, phone, live chat, direct mailing, and social media.
Customer Relationship Management (CRM) systems can also provide customer-facing staff members with detailed information on their customers’ personal information, purchasing history, buying preferences, and concerns.
Why CRM benefits businesses
A CRM benefits organizations ranging from small businesses to large corporations, through:
- Customer information such as past purchases, interaction histories, and so on can be used to improve customer service.
- Customer data collection and analysis can help businesses identify trends, insights, and opportunities for improvement.
- Automating the mundane, but necessary, tasks of sales funnels and customer service.