Everything you need to know
1. What is CRM Software?
2. Who is CRM software for?
3. The importance of CRM for your business
4. What does CRM systems do?
What is CRM Software
CRM is an acronym for customer relationship management. It’s a technology used by any kind of business or organization, large or small, to manage and support customer relationships. CRM technology helps organizations build and grow relationships across the entire customer lifecycle, including marketing, sales, commerce, service, and IT. It’s used by B2C companies in consumer goods and retail and also by B2B organizations across high tech, manufacturing, financial services, healthcare, and more.
A CRM system allows businesses to manage customer and prospect relationships with data. You can store, track, and analyze customer and prospect information in one central location, including contact and account information, sales opportunities, service cases, and marketing campaigns. With data in one central location, organizations have a complete picture of customers and prospects that can be shared and analyzed by teams across the company in real time.
Who is CRM software for?
A CRM system gives everyone — from sales, customer service, business development, recruiting, marketing, or any other line of business — a better way to manage the external interactions and relationships that drive success. CRM software lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.
The importance of CRM for your business
CRM software is increasing in importance as it is the largest and fastest-growing enterprise application software category. Worldwide spending on CRM is expected to reach USD $114.4 billion by 2027. If your business is going to last, you need a strategy for the future that’s centred around your customers and enabled by the right technology. You have targets for sales, business objectives, and profitability. But getting up-to-date, reliable information on your progress can be tricky. How do you translate the many streams of data coming in from sales, customer service, marketing, and social media monitoring into useful business information?
What does a CRM system do?
A customer relationship management (CRM) solution helps you find new customers, win their business, and keep them happy by organising customer and prospect information in a way that helps you build stronger relationships with them and grow your business faster. CRM systems start by collecting a customer's website, email, telephone, social media data, and more, across multiple sources and channels. It may also automatically pull in other information, such as recent news about the company's activity, and it can store personal details, such as a client's personal preferences on communications. The CRM tool organises this information to give you a complete record of individuals and companies overall, so you can better understand your relationship over time.
Here's how a CRM system can add value to your business today
MAKE IMPROVEMENTS TO YOUR BOTTOM LINE.
Introducing a CRM platform has been shown to produce real results – including direct improvements to the bottom line. CRM applications have a proven track record of increasing
INCREASE REFERRALS FROM EXISTING CUSTOMERS.
By understanding your customers better, cross-selling and upselling opportunities become clear — giving you the chance to win new business from existing customers.
IDENTIFY AND CATEGORISE LEADS.
A CRM system can help you identify and add new leads easily and quickly, and categorise them accurately. By focusing on the right leads, sales can prioritise the opportunities that will close deals, and marketing can identify leads that need more.
OFFER BETTER CUSTOMER SUPPORT.
Today's customers expect fast, personalised support, at any time of day or night. A CRM system can help you provide the high-quality service that customers are looking for.