“CRM” stands for Customer Relationship Management. A CRM system is the processes and technological tools that are used to manage relationships with current and prospective customers.
It can be used for managing contacts, sales, and customer service, among other things. Its purpose is simple, to increase business connections and encourage organizational growth. In essence a CRM system will assist you in managing customer connections across the customer lifecycle, including marketing, sales, e-commerce, and customer support interactions.
Having a single CRM system will assist businesses in streamlining procedures and improving customer interactions, allowing them to boost sales, enhance customer service, and increase profitability.
Customer acquisition and retention (which is a great part a CRM function), is enhanced and enables your organization to deepen its relationships with customers, service users, colleagues, partners and suppliers.
With everything (data, features and functionalities) is in one place, you are aware of all the interactions between you and your clients, the progress of their purchases, any outstanding customer support concerns, and more.
It is predicted that the CRM technology will be the single largest revenue area of spending in enterprise software. If your organization is going to thrive, you need a strategy for the future – CRM must be the framework for that strategy.