What is a CRM?
For the most effective sales and marketing, you need to have a total picture of your business: leads, queries, customers, sales, feedback, relationship, and more.
An acronym for Customer Relationship Management, CRMs are designed to improve customer service. While the term refers to a systematic approach to handling customer relationships, it has also expanded to refer to a holistic approach to business strategy.
How does a CRM work?
The bottom-line of a CRM workflow is to (1) Initiate marketing, (2) Process sales, (3) Schedule orders and (4) Provide support.
Essentially, CRM works by collecting leads or consumer information, analyzing the collected information to understand customer or market requirements, and adjusting marketing campaigns accordingly to increase sales.
CRM also serves customer service and support divisions– by making business interactions more efficient and improving customer satisfaction as a consequence.
CRM benefits:
CRM is often misunderstood as an application or a tool, but in the real sense of the term it is a way of doing business. There can be innumerable reasons for businesses to implement CRM. However, let’s take a look at few of the most apparent benefits of using CRM.
  • 360 degree view of business
  • Organizational-level data sharing
  • Reduce cost on customer acquisition
  • Centralized customer interaction
  • Improved customer support
  • Increase customer satisfaction
  • High rate of customer retention
  • Boost new business
  • Increase revenue at low cost
CRM’s are becoming increasingly important among businesses. With an ever increasing customer expectation there is a need for organizations to adopt new business services and strategies – CRM’s provides versatility in enhancing sales, customer support and success in business.