What is customer relationship management (CRM) software?
CRM stands for "Customer Relationship Management" and is a software system that helps business owners easily track all communications and nurture relationships with potential customers. A CRM replaces the multitude of spreadsheets, databases, and applications that many companies combine to track customer data. The result: organization, efficiency, better time management and impressed customers.
Improve customer service
A CRM system manages all your contacts and aggregates information about prospects and customers to build profiles for everyone you interact with. This gives you easy access to important information to better understand customer behavior, such as purchase records and past communications with contacts across channels (chat, email, etc.).
Keep more customers
Retention and churn rates are extremely important factors for a company's success; losing customers is a major obstacle to business growth. CRM tools like sentiment analysis, automated ticketing and customer support, and customer service automation can greatly improve your retention by allowing human agents to eliminate problems.
Sales growth
Streamlining and improving your sales process, building a sales pipeline, automating tasks and analyzing your sales data will inevitably lead to one result - increased sales and sales productivity. A CRM system allows you to have access to all your customer-facing voice, chat and email touch points in one place.
Greater efficiency
By having all major day-to-day business functions in one place, you make for better workflow, easier collaboration between team members and better project management. Automating tasks eliminates menial, repetitive work and frees up more time for the cognitive tasks that humans are best at. Dashboards and analytics will help you gain insight into your work and optimize all types of business processes.
Better knowledge sharing
Miscommunication and lack of information transfer are two big time wasters. When people take time to self-learn to do things other team members already know how to do, or work on redundant tasks, you waste a lot of hours per week. Collaborative CRM tools can streamline your teamwork by allowing you to build a knowledge base, establish best-practice workflows, and enable frictionless communication between team members.
A better analysis
CRM analytics tools make your data available, understandable and relevant to your business needs. All your piles of sales data, financial data and marketing data are fed into CRM to become visible metrics, with data warehousing and data mining there to make sense of it all. The net benefit is customer acquisition, customer retention and better data management.
CRM is not just for big companies. In fact, 91% of companies with 10 or more employees use a CRM.
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