CRM - Customer Relationship Management
CRM is the abbreviation for customer relationship management. It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. While the phrase customer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
CRM is often thought of as a business strategy that enables businesses to:
Understand the customer
Retain customers through better customer experience
Attract new customer
Win new clients and contracts
Decrease customer management costs
How CRM is Used Today
Customer relationship management solutions provide you with the customer business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up sell more effectively, close deals, retain current customers and better understand who your customer are.
Organizations frequently looking for ways to personalize online experiences (a process also referred to as mass customization) through tools such as help-desk software, email organizers and different types of enterprise applications.
Webopedia CRM Resources
The Impact of Technology on CRM
Technology and the Web has changed the way companies approach CRM strategies because advances in technology have also changed consumer buying behavior and offers new ways for companies to communicate with customers and collect data about them. With each new advance in technology—especially the proliferation of self-service channels like the Web and smartphones, customer relationships is being managed electronically.
Many aspects of CRM relies heavily on technology; however the strategies and processes of a good CRM system will collect, manage and link information about the customer with the goal of letting you market and sell services effectively.
The Benefits of CRM
The biggest benefit most businesses realize when moving to a CRM system comes directly from having all your business data stores and accessed from a single location. Before CRM systems, customer data was spread out over office productivity suite documents, email systems, mobile phone data and even paper note cards and Rolodex. Storing all the data from all departments (e.g. sales, marketing, customer service and HR) in a central location gives management and employees immediate access to the most recent data when they need it. Departments can collaborate with ease and CRM systems and it helps and organization to develop efficient automated process to improve business processes.
Other benefits include a 360-degree view of all customer information, knowledge of what customers and the general market wants and integration with your existing applications to consolidate all business information.
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