CRM means a combination of business strategies, software and processes that help build lasting relationships between companies and their customers.

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CRM Definition

CRM stands for “Customer Relationship Management” and refers to all strategies, techniques, tools and technology used by companies to develop, retain and attract customers.

This software ensures that every step of interacting with consumers is smooth and efficient to increase overall profits. The software collects customer data from various channels. Therefore, the CRM stores detailed information about the entire purchase history, personal information and even buying behavior patterns.

Who can benefit from CRM?

The best thing about a CRM system is that almost every organizational unit can benefit from it – from sales and customer service to recruiting, marketing and business development. A good CRM software offers a better way to manage external relationships.

Storing all customer information in one place, capturing service issues, spotting sales opportunities, managing marketing campaigns – these are just some of the possibilities CRM offers.

Since CRM provides easy access to data, it also becomes much easier for users to collaborate on different processes and increase productivity. Another strong argument for CRM is that it is suitable for companies of all sizes.

How does CRM work?

CRM solutions include functionalities that allow users to track customer and business interactions across various available channels. These channels include contact forms, emails, phone calls, and more.

CRM software provides sales and marketing teams with a suite of tools to manage the entire sales and marketing funnel, from lead qualification to opportunity management and forecasting to closing a deal. It enables customer service teams to manage customer requests and automate service operations by following predefined processes for excellent customer care.

CRM systems are packed with tracking features that record numerous customer interactions online. In addition, CRM automates routine processes and gives managers tools to track and measure company performance and productivity. For example, CRM software can remind you of tasks that you need to complete by a specific time. You can have it perform pre-planned activities like sending emails and initiating phone calls. Everything done with the CRM is recorded, giving you plenty of time to make better action plans to close every potential sale. Some CRMs also offer analytics that allow users to track the effectiveness of various marketing efforts to generate leads and conversions. Take a look at the key benefits of Creatio CRM products to get a better understanding of how CRMs work.